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Flanks Secures €14m to Propel European Expansion in Wealth Management Automation
Barcelona-based FinTech powerhouse, Flanks, has just unveiled a significant €14 million funding boost aimed at accelerating its footprint across Europe.
In a funding round led by Motive Ventures, with notable contributions from Battery Ventures, as well as existing investors Earlybird, JME Ventures, and 4Founders Capital, this latest investment underscores the growing interest in innovative financial solutions, as highlighted by EU-Startups.
Launched in 2019, Flanks is revolutionizing wealth management with its cutting-edge, data-driven platform that simplifies the process. The company’s technology adeptly compiles high-quality data to produce bespoke 360-degree wealth reports for its clients.
With this fresh capital injection, Flanks is set to enhance its product lineup, introducing features like order execution and automated investment proposals to better serve its growing customer base.
Flanks is on an impressive growth trajectory, having made inroads into France and the UK, while also pivoting to cater to enterprise-level clients. The firm now manages a staggering 500,000
portfolios monthly, and is capable of processing both structured and unstructured data, including non-financial assets. Over 100 banks, advisors, and financial institutions have embraced Flanks’ platform, which oversees portfolios exceeding €37.1 billion.
In his remarks, Flanks CEO and co-founder Joaquim de la Cruz expressed enthusiasm, stating, “This fundraise is a testament to Flanks’ remarkable journey since inception. The wealth management industry’s transformation is driven by data at its core.”
Highlighting the industry’s need for genuine change, de la Cruz emphasized that while many solutions focus on superficial innovations, the true advancement lies in tackling the fundamental challenges of data aggregation. “Delivering a complete 360-degree view of portfolios with high-quality data is paramount,” he concluded.
Adding to the excitement, Ramin Niroumand, head of Motive Ventures, remarked, “Flanks addresses a critical challenge in wealth management by revolutionizing data collection and utilization for enhanced financial advice. At Motive, we are committed to supporting trailblazers like Flanks who are instigating genuine progress in the industry. With their innovative use of data, Flanks is poised to lead the next growth wave in wealth management.”
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