Berlin-based investment API provider Upvest has announced plans to accelerate its UK expansion following a successful €100M (£83M) Series C funding round led by Hedosophia, with participation from Sapphire Ventures, BlackRock, Notion Capital, and others.
Hiring Push in London
To bolster its presence in the UK, Upvest aims to hire up to 50 additional staff for its London office, including a Head of Operations, General Manager, and compliance, risk, and growth teams for its UK subsidiary, Upvest Securities Ltd.
This follows Upvest’s Financial Conduct Authority (FCA) approval in October, making it a registered investment company. The regulatory milestone allows UK-based fintechs, banks, and wealth managers to launch or migrate their investment offerings using Upvest’s API.
Tobias Auferoth, Managing Director and Co-founder of Upvest, expressed enthusiasm about entering the UK market, saying:
“We are really, really excited to come to what I believe is still the biggest financial market in Europe. Nevertheless, the infrastructure is, in parts, quite outdated, and so I think that it’s also time for a new provider.”
Scaling Investment Infrastructure
Founded in 2017, Upvest enables businesses to offer securities to end users, including fractional ETFs, stocks, mutual funds, and soon derivatives, ELTIFs, and bonds in any currency. Its unique approach integrates technology, licensing, and vendor platforms, claiming to turn companies into brokerages within just four weeks.
The company processed over 20 million orders this year and currently handles more than 1 million trades weekly, establishing itself as a leading investment infrastructure provider in Europe.
Product and Team Expansion
With the Series C funding, Upvest plans to expand its product suite and double its workforce, currently standing at 170 employees. The additional capital will also deepen the company’s partnerships with financial institutions.
Martin Kassing, CEO and Co-founder of Upvest, highlighted the firm’s mission:
“We couldn’t be more excited about the additional capital that will fuel our mission to make investing as easy as spending money.”
Positive Momentum in the UK Market
Despite challenges many firms face when seeking FCA approval, Upvest’s regulatory process was notably smooth. Drawing on its experience in Germany, the company successfully navigated the FCA’s stringent requirements, securing approval within the same year of application.
Auferoth noted:
“The FCA was really sticking to its processing timelines, which was quite astonishing to us.”
High-Profile Clients and UK Prospects
Upvest already counts major fintechs like Revolut, Raisin, N26, and bunq among its clients. The company expects its UK expansion to attract fintechs and neobanks with incomplete or non-existent investment offerings, leveraging Upvest’s technology to fill these gaps.
Auferoth concluded:
“We think we can replicate the first successes that we’re seeing here on the continent with big clients like Revolut. The UK market presents significant opportunities for growth.”
This investment positions Upvest to play a pivotal role in modernizing the UK’s investment infrastructure while strengthening its footprint in Europe’s largest financial market.
