Wealth management has long struggled with fragmented data, manual processes, and inefficiencies in client advisory. Spanish wealthtech management startup Flanks aims to solve these challenges with an end-to-end platform that aggregates, reconciles, and enriches wealth data across all asset classes worldwide.
Raises €14M funding
In a recent development, the company has raised €14 million in an equity round led by New York-based Motive Ventures, joined by Battery Ventures and existing investors Earlybird, JME Ventures, and 4Founders Capital.
Growth and global expansion
The funding will be used to further accelerate the company’s growth into Europe and drive continued development of its technology platform. Flanks is planning for expansions into France and the UK. The company has also moved up-market into the enterprise segment, helping Tier 1 banks automate and enhance client advisory.
Comprehensive wealth data platform
Flanks was founded in 2019 by Joaquim de la Cruz, a European Finance Forbes 30 Under 30 honoree; Álvaro Morales, former Global Head of Santander Private Banking; and software engineer Sergi Lao. With expertise spanning fintech, banking, and software development, the founders set out to digitise and scale wealth management. Their goal is to enhance efficiency, transparency, and client relationships in a rapidly evolving financial landscape shaped by generational wealth transfer and regulatory changes like PSD3.
Originally launched as a wealth data aggregation solution, Flanks has since evolved into Flanks LUME, an advanced platform that automates workflows and provides deep insights. By turning complex data into actionable insights, the company empowers financial advisors to make faster, more informed investment and risk management decisions.
The platform processes structured and unstructured data from both public and private markets, offering services such as:
- 360º client reporting
- Portfolio insights and projections
- Automation of advisory workflows
- Planned expansion into order execution and automated investment proposals
By integrating automation and intelligence across the wealth management value chain, Flanks enables financial institutions to offer more holistic and efficient advisory services.
Currently, over 100 banks, advisors, and financial institutions use Flanks’ solutions, managing portfolios worth more than $39 billion through its platform. The company processes more than 500,000 portfolios per month and supports a wide range of asset classes, including non-financial assets.
What holds for the future?
Flanks is redefining wealth management with its Flanks LUME platform, automating manual processes and transforming complex financial data into actionable insights. The company serves banks, family offices, and tech firms by combining cutting-edge technology with deep financial expertise.
“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 of Flanks. “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.
“In contrast to the rapid technological advances we’ve seen in financial services across lending, payments and insurance, wealth management has remained a massive traditional sector that is, as of yet, largely underserved by modern technology”, said Shiran Shalev, Partner at Battery Ventures. “Flanks is doing the hard work of creating critical, modern data infrastructure and software the industry needs to enable the next phase of growth for European asset and wealth managers.”
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