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Flanks , which has build an API for automated wealth services , assure $ 8 million in Series A capital to democratize entree to wealth direction across Europe .
Earlybird Venture Capital led the round and was joined by existing investors JME Ventures and 4Founders Capital . Scalapay Centennial State - beginner Raffaele Terrone and Upvest carbon monoxide - founder and CEO Martin Kassing patronage the round as angel investor .
The Barcelona - base company was found in 2019 by package engineers Joaquim de la Cruz and Sergi Lao and private banking executive director Álvaro Morales . Their vision was to digitize orbicular wealthiness datum across custodian and gather it under one API so that clients can have a pure view of their investing portfolio in real clock time and make more sound investing decisions .
Flanks , whose customer sweep from large financial establishment to fellowship power to independent fiscal advisors , is leverage the regulative displacement fail on in Europe around open banking . More late proposed statute law , including theMarkets in Financial Instruments Directive(MiFID III ) , is focus on open finance to prove rights and debt instrument to manage financial data access beyond defrayal account .
As de la Cruz explains it , with open banking there was not previously a way to share fiscal data with a third company or for fiscal advisor to experience the worldwide asset parceling of their customers . That ’s why the company created its “ undefendable wealth ” software package .
“ Open wealth mean a drive in the manufacture to authorize clients to share their information with third parties , ” de la Cruz told TechCrunch . “ Financial adviser can relate the data of their clients with two clicks on the platform , and then they can get all the wealth selective information — a 360 - stage purview — of the client in a single root of trueness . ”
Flanks operates in Spain , France and eight other land . It connects with more than 300 bank internationally and aggregates more than half a million investment funds portfolios monthly . Over the preceding year it double the number of clients to 100 and focused on bigger clients with the electric potential to get flank in front of zillion of terminal substance abuser .
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Meanwhile , the company grew its taxation by more than 4x in the past 12 months .
The Series A backing will help the squad continue to expand locating internationally and boost their product word of mouth . Last year , Flanks created product on top of the data . For model , a no - computer code physical process so that financial advisors could use and psychoanalyse data . Another was if a client moved to a new cant , the financial advisor could alter that on their ending in two clicks .
“ This is the upright opportunity for data in days because now you could mix your data with AI and make a flock of vertical products , ” de la Cruz enunciate . “ We want to continue build end - to - end use cases now and are developing a use case with OpenAI to connect the data so the financial advisor really can work with the datum to help clients develop their portfolio . ”
European startups on track to raise $ 51B this year , down 39 % from 2022
