Barcelona’s Flanks raises €14M to automate wealth management with AI: Here’s how

Barcelona-based Flanks, a wealth management technology company, announced that it has raised €14M in an equity round led by New York-based Motive Ventures, joined by Battery Ventures and existing investors Earlybird, JME Ventures, and 4Founders Capital.

Based out of New York, Motive Ventures is the early-stage investment arm of Motive Partners, focused on financial technology investments in North America and Europe.

“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,” says Ramin Niroumand, Head of Motive Ventures. 

The Spanish company funding will be used to further accelerate its growth into Europe and drive continued development of Flanks’ technology platform.

Since the last round of funding, the Spanish has expanded into new geographies such as France and the UK, helping global Tier 1 banks offer holistic and highly automated advisory to their clients. 

Joaquim de la Cruz, CEO and Co-founder of Flanks, says “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.” 

Flanks: Automate wealth management

Founded in 2019 by Joaquim de la Cruz and Sergi Lao, Flanks is a wealth management technology company.

The founding duo plans to transform the industry by helping advisors improve their services in light of upcoming trends like generational wealth transfer and new PSD3 regulations.

The company’s solution — Flanks LUME, an end-to-end platform that combines cutting-edge technology and automation into actionable workflows.

The platform automates tasks and turns complex wealth data into useful insights.

This allows advisors to have a complete view of their client’s wealth, helping them make quicker and better investment and risk management decisions.

Flanks LUME uses this data to streamline workflows in wealth management. It offers comprehensive client reports, portfolio insights, and personalised projections.

The company now processes more than 500,000 portfolios per month and can handle both structured and unstructured data, including non-financial assets.

Over 100 banks, advisors, and large financial institutions use the company’s solutions, managing portfolios worth more than $39B through their platform.

The company plans to expand its offering to include order execution and automated investment proposals.

The company has grown to over 75 employees globally since 2019, bringing together expertise from leading financial institutions and fast-growing unicorns in Europe.