Flanks, which has constructed an API for computerized wealth services and products, secured $8 million in Collection A capital to democratize get admission to to wealth control throughout Europe.
Earlybird Challenge Capital led the spherical and used to be joined by way of current traders JME Ventures and 4Founders Capital. Scalapay co-founder Raffaele Terrone and Upvest co-founder and CEO Martin Kassing supported the spherical as angel traders.
The Barcelona-based corporate used to be based in 2019 by way of tool engineers Joaquim de l. a. Cruz and Sergi Lao and personal banking government Álvaro Morales. Their imaginative and prescient used to be to digitize world wealth knowledge throughout custodians and collect it underneath one API in order that purchasers may have a whole view in their funding portfolio in actual time and make extra clever funding selections.
Flanks, whose purchasers span from massive monetary establishments to circle of relatives workplaces to impartial monetary advisors, is leveraging the regulatory shift occurring in Europe round open banking. Newer proposed law, together with the Markets in Financial Instruments Directive (MiFID III), is specializing in open finance to ascertain rights and tasks to regulate monetary knowledge get admission to past fee accounts.
As de l. a. Cruz explains it, with open banking there used to be no longer up to now a method to proportion monetary knowledge with a 3rd birthday party or for monetary advisors to grasp the worldwide asset allocation in their shoppers. That’s why the corporate created its “open wealth” tool.
“Open wealth method a motion within the business to empower purchasers to proportion their knowledge with 3rd events,” de l. a. Cruz advised TechCrunch. “Monetary advisors can attach the guidelines in their purchasers with two clicks at the platform, after which they are able to get all of the wealth data — a 360-degree view — of the buyer in one supply of fact.”
Flanks operates in Spain, France and 8 different international locations. It connects with greater than 300 banks across the world and aggregates greater than part one million funding portfolios per thirty days. Over the last yr it doubled the collection of purchasers to 100 and enthusiastic about larger purchasers with the possible to get Flanks in entrance of thousands and thousands of finish customers.
In the meantime, the corporate grew its earnings by way of greater than 4x up to now twelve months.
The Collection A investment will assist the group proceed to amplify places across the world and spice up their product pipeline. Final yr, Flanks created merchandise on most sensible of the information. As an example, a no-code procedure in order that monetary advisors may just use and analyze knowledge. Any other used to be if a shopper moved to a brand new financial institution, the monetary guide may just trade that on their lead to two clicks.
“That is the most efficient alternative for knowledge in years as a result of now you’ll be able to combine your knowledge with AI and create a large number of vertical merchandise,” de l. a. Cruz stated. “We wish to proceed development end-to-end use circumstances now and are growing a use case with OpenAI to glue the information so the monetary guide truly can paintings with the information to assist purchasers develop their portfolio.”