German startup Upvest raises additional €5M in its Series A extension
Upvest has raised additional €5 million funding, ensuring the close of Series A round. Initial €7 investment was made by HV Capital, Notion Capital, and Partech in December 2019. This time Earlybird led the round, and such German fintech angel investors as Maximilian Tayenthal, founder of N26, Felix Haas, founder of IDNow, and Reiner Mauch, founder Consorsbank participated, Tech.eu reports.
Founded in 2017 by CEO Martin KassingIvan and based in Berlin, Upvest provides a scalable and modular Securities API service that enables financial institutions all over Europe to offer a range of investment products, including ETFs, equities, and commodities, in their websites or apps.
German crypto banking startup Bitwala and platform for digital real estate investments Exporo, as well as fintech giants Transferwise, Flatex, Raisin, and Onfido already use Upvest’s API. According to the startup’s data, its clients transacted more than €100 million securities to date.
Upvest is planning to allocate the raised capital into incorporating a brokerage bank licence in its offering, allowing an extension of its product into investment brokerage and traditional securities custody.