Upvest raises €100m Series C for team and product expansion
Upvest, a German investment infrastructure provider, has secured a €100 million Series C funding round led by London-based VC firm Hedosophia.
Upvest plans to scale its team and investment API
The round also saw support from Sapphire Ventures, alongside previous investors BlackRock, Earlybird, Bessemer Venture Partners, Notion Capital, HV Capital and Motive Ventures.
Founded in 2017, Upvest enables enterprises to offer fractional ETFs, mutual funds, and stocks through its investment API, leveraged by the likes of Bunq, Revolut, Raisin and N26.
The funds build on Upvest’s €30 million round led by BlackRock in October 2023, as well as its $42 million Series B funding round completed in June 2022.
The recent cash injection has been earmarked to drive product development, fuel a hiring spree aimed at doubling the firm’s 170-strong workforce, and bolster its presence in the UK after recently receiving approval from the Financial Conduct Authority (FCA).
In 2024, Upvest, which claims to have processed over 20 million orders this year, formed a new partnership with Deutsche Bank to provide foreign exchange services, automated payment processing, end-user cash management solutions, and virtual IBANs through the German bank.
Moving forward, Upvest aims to enhance its product offering with “local solutions in select markets”, including pension wrappers and tax services, while integrating new options into its investment API, such as ELTIFs, bonds across all currencies, local investment products and derivatives.
