The Berlin FinTech company Upvest should really be on everyone’s screen. Bessemer Venture Partners, Earlybird, ABN AMRO Ventures, Notion Capital, Partech, 10x Group and Speedinvest recently invested $42 million in the investment-as-a-service provider.
The Berlin FinTech Upvest is one of the many startups that you should definitely keep an eye on. American lenders Bessemer Venture Partners, Earlybird, ABN AMRO Ventures, Notion Capital, Partech, 10x Group and Speedinvest recently invested $42 million (€40 million) in the investment-as-a-service provider. The prominent American financier Bessemer relied on the Unicorn Mambu early on in Germany. 90 employees currently work for Upvest.
Upvest, founded by Martin Kassing in 2017, offers an interface that companies can use to offer digital investment products. “Upvest’s range of products and services enables FinTechs to provide their end customers with reliable access to the full range of investment opportunities, from stocks, ETFs to cryptocurrencies. Designed as a plug-and-play solution, with full process automation, the investment API and core banking system help FinTechs, banks and asset managers achieve significant cost savings as they no longer have to develop a trading and custody solution in-house.” says the concept.
“The fintech has been working on it for a long time – and recently received five licenses from the financial regulator Bafin, this step should have accelerated the financing round. Other providers have been waiting for a crypto custody license for months. Competitors include Solarisbank, which is working on a brokerage-as-a-service. Lemon Markets is also working on a similar offer,” writes FinanceFWD to Upvest.
“Upvest is ideally positioned with a market-leading product in a particularly exciting yet underserved area of fintech infrastructure. One of the reasons why Upvest is ideally positioned here is its investment API, which as a plug-and-play solution can be quickly and securely connected to existing backend systems and used – even across national borders,” says Charles Birnbaum, partner at Bessemer Ventures, on joining Upvest.
A total of around 58 million US dollars (56 million euros) has already flowed into the FinTech. Before the Bessemer investment, HV Capital held around 19.6% in Upvest. Notion Capital accounted for 17% and Earlybird around 14.2%.