Upvest raises $125M at €640M valuation as European retail investing accelerates

The Berlin startup, now valued at €640M, counts Revolut, N26 and Santander’s Openbank among its clients after processing more than 100 million investment orders last year.

Twelve months after its last fundraise, Upvest has done it again, and at a price that suggests Europe’s appetite for investment infrastructure is still accelerating.

The Berlin-based fintech announced on Tuesday that it has raised $125M, a round composed of $90M in equity led by Sapphire Ventures and Tencent Holdings, alongside a $35M debt facility still being finalised at the time of publication. The round values the company at €640M, nearly double the €360M valuation it carried when it closed its previous round in December 2024.

Upvest builds the plumbing beneath Europe’s investing apps. Its API-based platform allows banks, neobanks, and fintechs to offer stock trading and investment products to their own customers without building the underlying infrastructure themselves.

Revolut, N26, DKB, and Santander’s Openbank all sit on its rails. So does UK digital lender Zopa, which used Upvest’s platform to launch stocks and shares ISAs for its 1.6 million customers last year.

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The numbers that drew fresh capital are not hard to read. In 2025, Upvest processed more than 100 million investment orders on behalf of clients, a milestone the company says reflects the growing wave of retail investing across the continent. The client roster now exceeds 30 financial institutions.

Andreas Weiskam, partner at Sapphire Ventures, pointed to that retail tailwind in a statement accompanying the announcement. “With retail investing accelerating across Europe,” he said, “Upvest is expanding into new assets, local tax wrappers, and AI-enabled capabilities.”

Tencent’s participation adds a notable strategic dimension: the Chinese technology giant’s involvement signals that cross-border interest in European fintech infrastructure extends well beyond the continent’s own investor base.

Upvest did not disclose whether the $35M debt facility has formally closed. 

The round lands as European fintech infrastructure plays have attracted growing institutional interest. The thesis, broadly, is that the unbundling of financial services creates durable demand for the rails that connect consumer-facing apps to regulated markets, and that the companies controlling those rails are likely to grow alongside the platforms they serve. Upvest’s doubling valuation in a single year suggests investors remain convinced that thesis is intact.

Whether a third raise in as many years is on the horizon, Upvest has not said. For now, it has the capital to expand into new asset classes and geographies, and a growing roster of European fintech names that will need investment infrastructure for the long term.