In Spanish slang, 'palanca' generally refers to influence or connections someone has that can be used to gain an advantage. It's mostly used when referring to personal relationships that are used to obtain favors or benefits.
Examples
- Spanish: Conseguí este trabajo gracias a la palanca de mi tío que es amigo del jefe.
- English: I got this job thanks to my uncle's 'palanca', who is friends with the boss.