Germany-based investment API developer Upvest has reportedly collected $42m in its Series B funding round.
The capital injection was led by Bessemer Venture Partners, with commitments also coming from Earlybird, ABN AMRO Ventures, Notion Capital, Partech, 10x Group, Speedinvest and N26 co-founder Maximilian Tayenthal, according to a report from Sifted.
With the close of the round, the company plans to focus on European clients.
Upvest’s CEO and founder Martin Kassing told Sifted, “Some of our FinTechs are actually already in the US market. So, the more clients we have onboard on our API, the more cost competitive we are. Then we’ll think about moving with some of these FinTechs to the US.”
In addition to this, the company plans to grow its team to 150 people by the end of the year. It currently has 100 staff members.
Upvest has built an investment API that enables businesses to create innovative investment experiences for users and tailored to their needs.
It supports investments from as little as €1, with the option to make fractional orders in real-time. Users can create their own portfolios of stocks and ETFs, with crypto asset support coming soon.
Other features include custom rebalancing triggers for tailor-made portfolio compositions, personalised savings plans, micro-investing through roundup spending, and much more.
Upvest previously raised €4m in a funding round from ABN AMRO Ventures in 2021.
Another German FinTech company to recently raise funds was Moojo. The FinTech company aims to help freelancers and creators streamline their invoicing process to pay faster. It raised $2m in its pre-seed funding round.
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