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Upvest raises $125M to scale API-first investment infrastructure across Europe

The European wealth-tech infrastructure sector is experiencing a decisive shift, as financial institutions across the continent accelerate their transition from legacy systems to modern, API-driven investment platforms. Amid growing demand for embedded finance solutions and digital pension products, Berlin-based Upvest has secured $125 million in new financing to cement its position as Europe’s leading provider of API-first investment infrastructure.

The financing package comprises a $90 million equity round co-led by Sapphire Ventures and Tencent Holdings, with continued participation from existing investors Bessemer Venture Partners and BlackRock. Upvest has also finalised a $35 million debt facility to further strengthen its capital base. The deal values the company at €640 million, nearly doubling its €360 million valuation from its previous round in December 2024.

Sapphire Ventures and Tencent lead strategic round

The involvement of both Sapphire Ventures, a prominent Silicon Valley growth-stage investor, and Tencent, the Chinese technology conglomerate, underscores the global appetite for European fintech infrastructure. The round marks a notable validation of Upvest’s approach: rather than competing with banks and brokers, the company provides the underlying rails on which these institutions build and scale their investment offerings.

Martin Kassing, CEO and co-founder of Upvest, noted that the round reflects the company’s momentum, stating that the $125 million raise “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.”

Founded in 2017 by Kassing alongside Dr. Til Rochow and Tobias Auferoth, Upvest has grown into a regulated securities institution with a team of 280 professionals. The company now supports more than 30 major financial institutions and processed over 100 million client orders throughout 2025. Its client roster includes some of Europe’s most prominent digital banks and fintechs, among them DKB, Santander’s Openbank, Revolut, N26, Webull, and Raisin.

European investment infrastructure enters a new phase

The fresh capital will be directed towards two strategic priorities that reflect broader shifts in European financial services. First, Upvest is building support for complex local tax wrappers, including Germany’s forthcoming Altersvorsorgedepot and the United Kingdom’s self-invested personal pensions (SIPPs), enabling institutions to launch pension products through its API in months rather than the years typically required for in-house development.

Second, the company is rolling out AI-supported investment engines that provide real-time, programmable execution APIs. This positions Upvest at the intersection of two powerful trends: the democratisation of investment access across Europe and the integration of artificial intelligence into wealth management workflows. By absorbing regulatory and technical complexity into its platform, Upvest enables its clients to focus on the customer experience rather than back-office infrastructure.

The Upvest funding round represents one of the largest recent raises in the European B2B fintech infrastructure space, signalling sustained investor confidence in the sector despite broader market caution. As European regulators continue to push for greater retail investment participation and pension reform, companies that provide the underlying technological architecture stand to benefit significantly from the structural tailwinds ahead.

Summary

  • Company: Upvest
  • Headquarters: Berlin, Germany
  • Founded: 2017
  • Round: Growth financing ($90M equity + $35M debt)
  • Amount: $125 million
  • Valuation: €640 million
  • Lead investors: Sapphire Ventures, Tencent Holdings
  • Existing investors: Bessemer Venture Partners, BlackRock
  • Use of funds: European expansion, pension product infrastructure, AI-powered investment engines

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