Flanks funding news -Barcelona-based Flanks Secures €14 Million in Equity Funding

The funding round was led by Motive Ventures, with support from Battery Ventures and existing investors Earlybird, JME Ventures, and 4Founders Capital.

Joaquim de la Cruz, CEO and Co-founder of Flanks said, “This fundraise demonstrates the trajectory of Flanks and the progress the company has made since inception, Data is the foundation of the wealth management industry’s transformation. Many solutions focus on surface-level innovation; emphasising data visualisation without addressing the deeper challenges of data aggregation, or ensuring a 360-degree view of portfolios with high-quality and complete data which can then be delivered effectively to clients. True change in wealth management requires building from the ground up, with data at its core and workflows on top.”

The founders aim to transform the industry by helping advisors improve their services, especially with trends like the transfer of wealth across generations and new regulations like PSD3.

Since starting, Flanks (regulated by the Bank of Spain) has changed from a simple wealth data aggregation tool into Flanks LUME – a complete platform that combines technology and automation to simplify tasks.

The platform collects, organizes, and enhances data from both public and private markets worldwide, providing valuable insights. With this data, it LUME improves workflows through automation and intelligence, offering full client reports, portfolio analysis, and custom projections.

The company plans to add more features, including order execution and automated investment suggestions.

Ramin Niroumand, Head of Motive Ventures said, “Flanks solves a key challenge in wealth management by automating how data is collected and used to provide better financial advice. At Motive, we focus on backing companies like Flanks that are driving real change in the wealth management industry. With their ability to scale advisory services through smarter data use, Flanks is well-positioned to lead the next phase of growth in the industry,”.

After its recent funding round, it has expanded into new markets like France and the UK and started working with larger businesses.

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The company now processes over 500,000 portfolios every month and can handle both organized and unorganized data, including non-financial assets. More than 100 banks, advisors, and large financial institutions use it's platform, managing portfolios worth over €37.1 billion.

Shiran Shalev, Partner at Battery Ventures said, “In contrast to the rapid technological advances we’ve seen in financial services across lending, payments and insurance, wealth management has remained a massive traditional sector that is, as of yet, largely underserved by modern technology, Flanks is doing the hard work of creating critical, modern data infrastructure and software the industry needs to enable the next phase of growth for European asset and wealth managers.”

Since 2019, it has grown to more than 75 employees worldwide, bringing in experts from top financial institutions and successful companies in Europe.

About Flanks

Flanks was founded by Joaquim de la Cruz, Álvaro Morales (former Global Head of Santander Private Banking), and software engineer Sergi Lao. The company provides wealth management solutions, making it easier for banks, family offices, and portfolio managers to simplify and improve their tasks.