Germany’s Upvest embeds Deutsche Bank’s banking infrastructure to expand its product range
Berlin-headquartered fintech Upvest has established a strategic collaboration with Deutsche Bank as it looks to expand its product range by embedding the lender’s banking infrastructure into its services.
Upvest to tap Deutsche Bank’s banking infrastructure
Upvest was founded in 2017 and provides custody, trading, and settlement infrastructure built to allow financial services firms to offer a wide range of investment products.
The new partnership will enable Upvest to deliver virtual IBANs, end-user cash management solutions, automated payment processing, and foreign exchange services through Deutsche Bank.
Commenting on the collaboration, Upvest CEO and co-founder Martin Kassing highlights that the bank’s “fintech know-how, flexibility, and tech focus” will help his company achieve its “ambitious growth plans”.
Deutsche Bank says the partnership underscores its “ambitions to provide services to fintechs”.
Galina Kersten, head of tech and fintech sales EMEA at Deutsche Bank, says the company anticipates a close collaboration with Upvest to facilitate “pan-European, instant, and API-based solutions in payments, FX, and beyond”.
In October last year, Upvest secured €30 million in a fundraising round led by BlackRock. The company also raised $42 million in a Series B funding round in June 2022.
Earlier this year, Deutsche Bank revealed plans to cut around 3,500 roles over the next two years as part of its ongoing €2.5 billion operational efficiency programme.
