Wealth management is associated with laborious and complicated tasks. With the idea of reducing most of the manual work performed by financial advisors and managers, and automating it, computer engineer Joaquim de la Cruz decided to found Flanks in 2019 at just 23 years old; together with Sergio Lao, also a computer engineer, and Álvaro Morales, a former private banking executive. The fintech has now raised 14 million euros to continue improving its tool and include functionalities such as order execution or the creation of automated investment proposals.
The company's solution, Flanks LUME, offers an integral platform that allows automated connection of complex financial data of any type of asset and from anywhere in the world. The tool manages to transform this data into reports with valuable and actionable information that allows advisors to make faster and more informed investment and risk management decisions, as well as personalized projections.
Wealth management remains a traditional sector, based on paper and laborious tasks performed manually, which Flanks now replaces with software capable of collecting and analyzing that data to make financial decisions based on it. "Data is the basis of the transformation of the wealth management industry," says Joaquim de la Cruz, CEO of Flanks, recognized in the Forbes Under 30 list as one of the most influential young leaders in the field of finance in Europe.
Currently, the fintech works with more than 100 clients, ranging from large banks and financial institutions to independent advisors or family wealth managers, managing more than 500,000 portfolios per month.
With the 14 million euros raised in this new financing round, the company wants to improve its technology so that it can be upgraded and include functions such as the automatic generation of investment proposals. The round was led by Motive Ventures funds, followed by Battery Ventures, in addition to the participation of existing investors Earlybird Venture Capital, JME Ventures and 4Founders Capital.
This financing adds to the 7.4 million euros raised in its previous round in 2023, led by Earlybird Venture Capital and with the participation of JME Ventures and 4Founders Capital, a round that allowed Flanks to enter new markets such as the United Kingdom and France. Based in Barcelona and with a team of more than 70 employees globally, the purpose of the startup is to continue expanding throughout Europe, as its technology is already compatible with 95% of financial institutions operating in the European Union, as well as continuing to increase its workforce.