Upvest, a Berlin-based provider of API-based investment infrastructure for banks and fintechs, said today (Tuesday) it has raised $125 million in a new funding round, with the deal valuing the company at €640 million, up from €360 million when it last raised money in December 2024.

The round consists of $90 million in equity, led by Sapphire Ventures and Tencent Holdings, with participation from existing investors including BlackRock and Bessemer Venture Partners. The company said it is also in the final stages of securing a $35 million debt facility, which would bring the total financing to $125 million.

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Upvest Valuation Nearly Doubles in 15 Months

The valuation jump follows a period of rapid growth for Upvest, which said it processed more than 100 million investment orders on behalf of clients in 2025. The firm's client roster now includes over 30 financial institutions, among them DKB, Revolut, N26, and Santander's Openbank, which switched to Upvest's API infrastructure for fractional stock and ETF trading in Germany last year.

CEO Martin Kassing told Bloomberg the company aims to reach more than €100 million in annualized revenue and profitability within the next 24 months.

"Banks, brokers, and wealth managers choose Upvest for the infrastructure needed to grow their investment propositions profitably and at scale for a new generation of investors," Kassing added in the official press release.

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"The $125m round, just 12 months after our Series C, underscores our momentum to be the top choice for financial institutions launching and scaling best-in-class investment experiences at lightspeed in Europe."

Pension Products and AI Drive Expansion Plans

Upvest said it plans to use the new capital to roll out localized pension products, including Germany's Altersvorsorgedepot and the UK's Self-Invested Personal Pensions, which it says will allow financial institutions to bring pension offerings to market in months rather than years. The firm is also building out AI-supported investment tools, which it says will enable banks and developers to offer hyper-personalized advisory services to retail customers.

The UK has been a growing priority for the company. Upvest hired a former Starling Bank executive last year to lead its push into the British market, targeting what it described as an underpenetrated retail investment opportunity.

More recently, the firm added 2.5 million derivatives instruments through a partnership with Boerse Stuttgart in January, broadening the product range available to its banking clients.

Banks Now the Primary Growth Target

Kassing signaled a shift in where he expects future revenue to come from. "We are onboarding additional retail banks, wealth managers and private banks," he told Bloomberg. "The majority of our sales will come from banks and less than a third from fintechs."

That mix has been shifting for some time. While Upvest built much of its early profile through partnerships with neobanks, the company has been adding traditional lenders and brokers to its client base. IG Group signed on to use Upvest's infrastructure to offer stock trading in France last November, and UK digital lender Zopa adopted Upvest's platform to launch stocks and shares ISAs for its 1.6 million customers, sitting alongside Revolut, which also runs on the same underlying infrastructure.

Andreas Weiskam, partner at Sapphire Ventures, said the firm sees Upvest's growth as tied directly to broader retail investing trends across the continent.

"With retail investing accelerating across Europe, Upvest is expanding into new assets, local tax wrappers, and AI-enabled capabilities, powering the next generation of personalized investing," he said.

Series D Follows Quick Succession of Rounds

This latest raise is Upvest's second major funding event in roughly 15 months. The company closed a €100 million Series C in December 2024, at the time citing plans to scale its infrastructure across Europe.

The pace of fundraising reflects a broader appetite among investors for B2B fintech infrastructure plays in Europe, where retail investing penetration still lags the United States.

Founded in Berlin in 2017, Upvest now employs 280 people and holds regulatory status as a securities institution in both Europe and the UK.