Technological advances and new digital trends are demanding a transformation in many sectors of the economy, including finance and banking. In this way, we have seen the proliferation of neobanks and the fintechs, companies specializing in financial technology. In the latter, a new subcategory has been developed focused on pushing the limits in the field of investment and wealth management, known as wealthtechs.
Precisely in this category, develops , a new Spanish that has recently raised 2.3 million euros in financing. This round has been led by Spanish investment funds JME ventures Y SeedRocket 4Founders Capital. To which the group of business angels has also joined, dedicated to investing in disruptive proposals and with a scalable profile.
What is Flanks proposal
Flanks defines himself as a «B2B wealthtech services platform that helps financial advisors, family offices and financial institutions to manage their clients». Flanks technology is based on a massive data extraction engine that uses a variety of different engines that use different advanced scraping techniques. Said technology extracts, with the due authorization of the investor, information about their investments in different entities. Thus, Flanks helps financial advisers to manage all this information centrally, collecting it from all sources and classifying the different types of products and transactions.
Apart from being a pioneer in this innovative model, the startup born in Barcelona has also managed to position itself as a leader in the market, managing more than 7,000 portfolios distributed among almost 200 entities in Spain, Andorra, Switzerland, Luxembourg, Monaco and the United States. Flanks already has more than 30% of the financial institutions with the largest volume in the Spanish market among its clients and performs more than 200,000 portfolio updates.
As we can see, the company is establishing itself within the Spanish market, thanks to the varied contribution of its three founders: Alvaro Morales, Joaquim de la Cruz Y Serge Lao. Morales, who currently chairs the company, offers Flanks years of experience in the banking sector as a former CEO of Banco Santander Internacional. On the other hand, Joaquim supports his current position as CEO with his experience in extracting information, after leading different startups in this regard. Finally, Lao, the company’s CTO, is a specialist in cybersecurity, making up a balanced work team that provides the necessary security and knowledge to drive the growth of this project.
Flanks plans to continue revolutionizing the industry by expanding its reach into new markets.
This new injection of capital will serve to triple the work team of 7 people that currently makes up the company. Likewise, it will also serve as a support to achieve the goals set for its growth in the next year and a half. Among these we find a internationalization plan to 4 new markets: , Switzerland, Mexico and Germany. With Barcelona as a base of operations, Flanks will open offices in each of the new countries.
On the other hand, within this period of time they plan to position themselves as leaders in each of the new markets they enter. An ambitious goal with which the company plans at the same time to raise its current billing up to six times the current one. Technological development is also a priority for the company, as they expect to launch three new value products for their clients over the next year, which will be added to their tool.
“Right now we are just reading information, but the idea is to also be able to send it. We want to include in our application the ability to send investment orders, without depending on any financial institution. Have the ability to buy and sell against any of them and totally democratize access to both writing and reading information to private banking or banking in general. We want to be a global suite”.
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