🏆 Deal of the Week · CW 12/2026
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 round was led by Sapphire Ventures and Tencent, with participation from Bessemer Venture Partners and BlackRock. The investor composition is notable for its breadth: Sapphire Ventures brings enterprise software expertise, Tencent adds a global fintech perspective, Bessemer Venture Partners brings deep experience in financial infrastructure, and BlackRock's involvement signals institutional validation from one of the world's largest asset managers.
What does Upvest do?
Upvest is a Berlin-based financial infrastructure company founded in 2017 by CEO Martin Kassing. 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 more than 100,000 instruments — including stocks, ETFs, bonds, and crypto assets — while also providing regulatory licenses and custodial services. Upvest serves clients across more than 20 markets in Europe and the UK, supporting fractional investing and direct market connectivity.
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 reflect valuation ranges of EV/EBITDA 17.72x–21.79x and EV/Sales 4.41x–4.83x. Further detail on valuation multiples across 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, including a $90M equity component.
What is Upvest's valuation?
Upvest's valuation is $735M as reported at the time of its Series D financing.
Who invested in Upvest?
The Series D equity round 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.