Openbank has switched its investment infrastructure to Upvest, completing the migration of existing customers to the Berlin-based fintech's platform.

The digital banking unit of Spain's Santander Group now uses Upvest's technology to offer fractional stock and ETF trading to its German customers. Users can start investing with just one euro, paying trading fees of 0.20% per transaction with no custody charges.

Openbank Taps Upvest for Digital Investment Platform

Openbank serves more than 2 million customers across Spain, Germany, the Netherlands and Portugal. The bank holds €18.5 billion in deposits and positions itself as Europe's largest fully digital bank by deposit volume.

The partnership represents a shift away from traditional investment providers toward API-based infrastructure. Banks increasingly favor modular systems that can scale across markets and adapt quickly to changing conditions.

"This partnership with Openbank proves that modern investment infrastructure can meet the rigorous requirements of large financial institutions, while still offering the flexibility and speed needed to scale across markets," said Jonathan Brander, Upvest's Chief Operating Officer.

Upvest provides end-to-end investment services including brokerage, settlement Settlement Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Settlement in finance refers to the process when a buyer makes payment and receives the agreed-upon services or goods. The term is used on exchanges such as New York Stock Exchange (NYSE) when security changes hands. When the asset is transferred and placed in the new buyer's name, it is considered settled. This process could take a few hours or several days after a trade is made. It depends on the clearance process. In the United States, the settlement date for marketable stocks is usually 2 Read this Term, custody and regulatory compliance through a single interface. The company was founded in 2017 and employs over 220 people across offices in Berlin, London and Tallinn.

Fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term is attracting more clients across Europe, having recently partnered with Webull and earlier with Revolut, following its FCA approval in October 2024.

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Competition Between Traditional Banks and Challengers

The German market launch starts with stocks and ETFs, though both companies plan to expand the product range. Openbank can now offer lower fees by using Upvest's cost-efficient infrastructure rather than building similar capabilities internally.

Traditional banks face pressure from digital-first competitors that can launch investment products faster and at lower cost. By partnering with specialized fintechs, established players can access modern technology without lengthy development cycles.

Openbank recently expanded into the United States and Mexico as part of Santander's broader digital banking strategy. The bank offers loans, mortgages and automated investment services through its mobile app and website.

Banks that build investment capabilities in-house often struggle with the complexity of multi-market operations and regulatory requirements. Third-party providers like Upvest can offer specialized expertise and economies of scale that reduce costs for bank partners.