🏆 Deal of the Month · March 2026
Upvest raised $125M in a Series D round at a valuation of $735M. The round comprises a $90M equity component led by Sapphire Ventures and Tencent, alongside a debt facility bringing the total to $125M. Sapphire Ventures and Tencent co-led the equity portion of the financing.
Upvest — key deal facts
| Company | Upvest |
| Founded | 2017 |
| Headquarters | Berlin, Germany |
| Amount raised | $125M |
| Valuation | USD 735m |
| Round | Series D |
| Investors | The USD 90m equity round is led by Sapphire Ventures and Tencent, with support from Bessemer Venture Partners and BlackRock |
| Sectors | Financial Services Saas Software, FinTech |
Who invested in Upvest?
The $90M equity raise was led by Sapphire Ventures and Tencent, with participation from existing backers Bessemer Venture Partners and BlackRock. The investor mix is notable for pairing a major global technology conglomerate with specialist growth and venture capital firms, alongside one of the world's largest asset managers. BlackRock's continued participation signals institutional confidence in Upvest's role as infrastructure for embedded investment services.
What does Upvest do?
Upvest was founded in 2017 by Martin Kassing, who serves as CEO, and is headquartered in Berlin, Germany. The company provides API-based infrastructure that enables banks, brokers, and wealth managers to embed investment products directly into their platforms via a single modular API. Its core product, the Investment API, connects clients to over 100,000 instruments—including stocks, ETFs, bonds, and crypto assets—and bundles regulatory licensing, fractional trading, and custodial services into one offering. Upvest targets financial institutions seeking to launch or scale investment capabilities without building back-office infrastructure from scratch.
Upvest valuation & multiples
Upvest operates at the intersection of financial technology and enterprise platform infrastructure, delivering API-based investment solutions that enable financial institutions to embed trading, custody, and investment functionalities into their offerings. Consistent with this positioning and the company's Series D-stage financing, relevant European sector benchmarks as of Q4 2025 show valuation ranges of EV/EBITDA 17.72x–21.79x and EV/Sales 4.41x–4.83x. Further information on valuation multiples in the Financial Services SaaS and FinTech sectors is available through the DealMatrix Platform – Multiples Database.
Explore the benchmarks: Series D.
Frequently asked questions
How much did Upvest raise in its Series D?
Upvest raised $125M in its Series D round.
What is Upvest's valuation?
Upvest's valuation at the time of its Series D was $735M.
Who invested in Upvest?
The $90M equity component of the Series D was led by Sapphire Ventures and Tencent, with support from Bessemer Venture Partners and BlackRock.
When was Upvest founded and where is it based?
Upvest was founded in 2017 and is headquartered in Berlin, Germany.
Source: original announcement — read the full report.