In what is one of the largest fintech funding rounds in Germany yet this year, Upvest has just closed its Series B at over €40 million. The startup’s product is enabling financial companies to offer their end customers the full spectrum of investment opportunities, from EFTs and crypto to fractional investing, opening up the investment space.
Having built a pioneering end-to-end cloud-native core banking system for investments, the Berlin-based startup Upvest is shaking up the investment space for financial companies. The startup just banked €40 million in a round led by Bessemer Venture Partners.
Earlybird and ABN AMRO Ventures have doubled down their commitment to the German fintech as previous investors, with the participation of Notion Capital, Partech, 10x Group, Speedinvest and Maximilian Tayenthal (N26) as well.
Already up and running in the market, Upvest enables fintechs to offer their end customers products in the field of capital market investments, from ETFs and stocks to crypto assets. It’s one of the few financial institutions in Europe owning all BaFin licenses for securities and crypto brokerage, and custody.
Designed as a plug-and-play solution with fully-fledged process automation at its core, Upvest’s API and core banking system help neobanks – and brokers – as well as established banking players, to significantly save on costs. It enables them to offer investment choices without having to develop their own brokerage and custody infrastructure from scratch. The platform is also fully automated, so easier and cheaper to automate. The flexibility and openness of the investment API fives businesses the maximum freedom to tailor it to their individual needs, reducing the time to onboard new customers and making investing possible immediately.
Martin Kassing, founder and CEO of Upvest, explained: “With Upvest, we want to establish Investment-as-a-Service as a new category and become the technical backbone for all fintechs, banks and asset managers that want to offer their end customers safe, affordable and simple access to the capital and crypto market. Since our recent go-live, our API is fully up and running – offering investment products across Europe has never been easier.”
With Upvest’s Investment-API, any company that wants to offer investment products has access to endless growth possibilities due to a variety of use cases ranging from crypto trading to fractional investing. Further, the startup has entered into partnerships with renowned bankng players, giving trust to its product. For example, in the area of payment rails and transaction banking, Upvest announced its cooperation with the Dutch banking group ABN AMRO, one of the leading banking groups in Europe.
Charles Birnbaum, Partner at Bessemer Venture Partners, commented: “Upvest is ideally positioned with a market-leading product in one of the most exciting and underserved areas of fintech infrastructure. Just one of Upvest’s USPs: the Investment-API can be easily connected to existing backends and can be immediately deployed, enabling businesses to build great investment experiences for their end users – seamless, secure and across international borders.”
The new capital will be used to advance Upvest’s Investment-API, lay the ground for the internationalization, and gradually expand Upvest’s team, which currently counts 90 people in its main berlin hub.
Charles Birnbaum added: “With Upvest, both fintech providers and legacy players can set full focus on their core business by developing new investment use cases for their end customers while at the same time exploring new growth opportunities for their own business – a game changer in the European market. We are looking forward to supporting Martin and the entire Upvest team on their ambitious growth journey.”