Recently, Barcelona’s very own open wealth platform, Flanks, secured an impressive €7.5 million in its Series A funding. This significant round was headlined by Earlybird Venture Capital and saw participation from JME Ventures, 4Founders Capital, and other notable angels like Raffaele Terrone from Scalapay and Martin Kassing of Upvest.
The Power of Aggregation
At its core, Flanks offers an innovative API that digitizes and aggregates global wealth data. By consolidating this information into one seamless stream, Flanks has positioned itself as a transformative player in the global wealth management space. Their approach? Offering clients a real-time, 360° view of their investment portfolios, tapping into data from hundreds of global custodians.
A Vision Powered by Passion and Regulation
Behind this groundbreaking service are two tech-savvy software engineers, Joaquim de la Cruz and Sergi Lao. They are complemented by the expertise of the private banking executive, Álvaro Morales. Together, this trio has a dream: Make Flanks the gold standard for global wealth services, allowing data-driven, intelligent investment choices.
Their vision aligns beautifully with Europe’s regulatory landscape. The EU, already leading with Open Banking regulations like PSD2 and the proposed PSD3, is now broadening its horizon with Open Finance (under the FIDA regulation). This regulatory push is all about giving consumers control over their financial data while ensuring that financial institutions provide accessible customer data.
On this, Joaquim de la Cruz, the driving force and CEO at Flanks, shared, “The funds we’ve raised will further catalyze the transformative wave we’ve initiated in wealth management. With our incredible team at the helm, the horizon looks promising.”
Beyond Basic Wealth Management
Flanks isn’t content with just revolutionizing how we view our wealth. They have their sights set on automating various elements of the wealth management chain. Think automated profiling, smart reporting, and insightful investment memorandums. They’re even venturing into intelligent alerts for investment decisions.
Álvaro Morales, a strategic powerhouse at Flanks, remarks on the evolving role of financial advisors. He emphasizes that with upcoming regulations like MiFID III, there will be a significant shift in advisors’ approach. They’ll need a clearer view of an investor’s assets before dishing out financial advice, and Flanks, with its tech prowess, is ready to facilitate this change.
On the Rise: A Market Leader
Within a short span, Flanks has stamped its authority in Spain and France, witnessing a whopping 4x growth in revenue over a year. With the recent injection of funds, they’re gearing up to expand their global footprint and amplify their product’s capabilities.
Tim Rehder of Earlybird is all praises for Flanks. He believes in the potential of Open Wealth and sees Flanks as the cornerstone of future automation in wealth management. His sentiments echo the industry’s sentiment, “The Flanks team has impressed us with their industry insights, tech expertise, and vision. We’re thrilled to be part of their journey.”
In Conclusion
The way we perceive and manage wealth is changing. With platforms like Flanks, a future with automated, intelligent, and efficient wealth management isn’t just a dream—it’s the reality we’re stepping into.
