Flanks, an open wealth platform based in Barcelona, secured €7.5 million in a series A Round. Earlybird Venture Capital is the lead investor in this round, with JME Ventures and 4Founders Capital follows. The round involved angel investment help from Raffaele Terrone, co-founder of the Scalapay, an Italian FinTech unicorn, and Martin Kassing, co-founder and CEO of Upvest.
The way financial data circulates within the global wealth management sector is being reimagined by Flanks, which converts and combines global wealth data across custodians into a single API.
A regulatory change, with Europe in the vanguard, will fuel this vision. The EU established a framework for Open Finance more widely (FIDA regulation), establishing stated rights and obligations for regulating financial data access beyond payment accounts, following the trend of Open Banking (PSD2 and the proposed PSD3 regulation).
Joaquim de la Cruz, CEO of Flanks, said: “This funding round will allow Flanks to accelerate the disruption process already underway in the wealth management sector. We have an exceptional team, and are excited about the opportunities that the future holds.”
Álvaro Morales, Chief Strategy Officer of Flanks and former Global Head of Private Banking of Banco Santander, commented: “Up until now, many financial advisors did their job without knowing the global asset allocation of their customers. The upcoming MiFID III regulation will likely require more detailed attention to the investor’s pre-existing wealth prior to giving financial advice. The technology offered by Flanks, powered by this funding round, is going to transform the interaction between financial advisors and customers.”
The Barcelona-based business grew its revenues by more than 4 times in the previous year, establishing the industry leader in France and Spain. The team’s product vision will be enhanced and expanded by the Series A funding.
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Tim Rehder, Partner at Earlybird, added: “The opportunity for Open Wealth is building the foundation for automation and intelligence in the wealth management sector. Flanks is perfectly positioned to become the de facto standard for various B2B partners who transact with the implied customer data. We were impressed by the current impact that Flanks has on its customers, as well as by the founders’ deep industry knowledge, technical depth, and vision. We can’t wait to work with the entire Flanks team!”
The wealth management business is undergoing a change thanks to Flanks, a revolutionary Open Wealth Platform. Flanks is an automated wealth service provider founded in Barcelona in 2019 by software engineers Joaquim de la Cruz and Sergi Lao, along with private banking executive lvaro Morales.