Barcelona, Spain, March 16, 2020 --(PR.com
)-- Flanks, the startup located in Barcelona, which provides and develops technology-based on financial data for the wealth management sector (WealthTech), is positioned as the first and only company in Europe specialized in the aggregation of investment accounts.
The Financial Advice Sector
This circumstance is not an accidental event, it is a consequence of the search to solve a need demanded in the market of financial advice. The great technological and big data revolution has affected the finance industry, demanding new tools and solutions to the needs of users and markets. The financial advice sector, after suffering the global recession of 2008-2009, it has recovered and is growing in recent years. By 2020, total financial assets and not financial globally is estimated to reach 101.7 trillion dollars, with a compound annual growth rate of almost 6%. This huge market presents numerous opportunities, both for current companies as for the new disruptive, to create and capture the market.
Investment Aggregation Solution
In this context, Flanks has been detected a clear need in the market for management and advice of financial assets. The automation of the data collection for holistic customer advice, a modality of advice only within reach of high incomes and that allows offering global customer advice regardless of the custodian where you have the investment. Flanks has developed an aggregation solution, fully integrable with any system that allows you to automatically add the positions of customers’ investments.
In this regard, Joaquim De La Cruz, CEO of Flanks commented that: “The financial sector, especially the wealth management or private banking sector, is found anchored in tools and solutions 10 years ago. The new user demands and market needs along with the new legislation such as PSD2, GDPR, MiFID II, and Sandbox makes the companies must integrate and aggregate data more effectively to provide better solutions and retain their customers.”
All this could be seen reflected during the Fintech Spirit Day event held at the Barcelona Stock Exchange building on February 26th and 27th. During this event, Flanks was a participant and moderator of two of the talks, “PSD2, Open Banking and Sandbox” and “Discovering how to retain your users.”
3 Key Concepts
But how does Flanks provide this solution? We can summarize the innovation technology in 3 key concepts:
- Technology of standardized extraction of financial products.
- Integration with other software used in the day to day of companies.
- A holistic platform to visualize the distribution, evolution, and detail of the portfolio and be able to print reports.
The great interest aroused in Spain in the wealth management sector is not a coincidence. Robo Advisors, EAFIs, AFIs, Family Offices, Private Banks, and Wealth Managers have shown interest in this solution. That’s why estimates that in the coming months a new round of investment can be closed which can allow the startup to grow faster and be able to continue developing new functionalities for this new market. Flanks, the startup of financial data solutions, was founded by Joaquín De La Cruz, Sergi Lao and Álvaro Morales in December 2018 and the startup received initial financing of € 200,000 led by SeedRocket 4Founders Capital, Lanai Partner and several business angels in May 2019. Today, Flanks has 5 employees and it is expected that by the end of 2020 it will reach 12.