Flanks, a Barcelona, Spain-based provider of API for automated wealth services, raised $8M in Series A funding.
The round was led by Earlybird Venture Capital, and followed by the existing investors JME Ventures and 4Founders Capital and angels such as Raffaele Terrone, Co-Founder of the Italian FinTech unicorn Scalapay, and Martin Kassing.
The company intends to use the funds to further internationalize and boost their product vision.
Founded in 2019 by software engineers Joaquim de la Cruz and Sergi Lao, joined by the private banking executive Álvaro Morales, Flanks provides an open platform covering the entire value chain of the wealth management industry. It is compatible with more than 300 banks internationally and aggregates more than half a million investment portfolios monthly.
By digitizing and aggregating global wealth data across custodians into a single API, Flanks has built a fully automated data stream to hundreds of custodians globally, allowing a 360° view of one’s investment portfolio in real-time. Based on an API layer for global wealth data, the company helps its clients to improve wealth services at scale.
The startup plans to tap into further parts of the wealth management value chain, i.e. through automating manual processes (from profiling, reporting, to investment memorandums), and by adding algorithms for intelligent alerts and investment decisions.
Flanks is actively present in ten countries and serves clients from large financial institutions to family offices and independent financial advisors.
FinSMEs
18/10/2023