The Barcelona-headquartered business has argued that the wealth management sector is being held back by its habitual use of old-style ways of logging and processing data.

Flanks, a European wealthtech firm, has appointed former InvestCloud senior figure Nawaz Mucadam (main picture) as country manager for the UK, Ireland, and Middle East.

Mucadam has more than two decades of experience across wealthtech, institutional sales, and financial services. Before joining Flanks, Mucadam co-founded Zugo, an AI-powered software-as-a-service platform built to close what is called the UK's “advice gap.” Prior to that, he spent five years at InvestCloud.

Flanks' end-to-end platform processes more than 500,000 portfolios monthly through 600+ connections with financial institutions across 33 countries. This publication interviewed the organisation's CEO, Joaquim de la Cruz.

"The UK is Europe's largest wealth management market, and Consumer Duty has made comprehensive data infrastructure non-negotiable," de la Cruz said. (He referred to the Consumer Duty programme of reforms to how wealth managers serve clients, as analysed here.) "Firms winning mandates are those that can prove they understand total client wealth, not just the assets they custody.”

Flanks was founded in 2019 in Barcelona. Last year, one of its hires signalled that it is targeting the German-language markets of Germany, Austria and Switzerland – aka the "DACH" sector.