Flanks, an end-to-end wealth management platform, 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. The funding will be used to further accelerate the company’s growth into Europe and develop Flanks’ technology platform.
Flanks is a wealth management solution provider that automates the aggregation and consolidation of clients' global asset data, enabling wealth managers to focus on strategic growth. Their flagship product, Flanks LUME, offers an all-in-one platform that gathers high-quality wealth data from diverse sources—including financial and non-financial assets—and transforms it into actionable insights.
This process involves data standardisation, reconciliation, and enrichment with market data to ensure consistency and quality. Flanks delivers this information through customizable online portals, APIs, or downloadable reports, tailored to meet the specific needs of banks, family offices, portfolio trackers, and solution providers.
Headquartered in Barcelona, Flanks was founded in 2019 by European Finance Forbes 30 Under 30 honoree Joaquim de la Cruz, former Global Head of Santander Private Banking Álvaro Morales, and software engineer Sergi Lao. Following its last funding round, Flanks has expanded into France and the UK, and moved into the enterprise segment.
"This fundraise demonstrates the trajectory of Flanks and the progress the company has made since inception." said Joaquim de la Cruz, CEO and Co-founder.
"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 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," said Ramin Niroumand, Head of Motive Ventures.
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