Upvest plans to use the funds to hire more employees and support global expansion. Here are the top-line bullets you need to know.
Upvest, an investment API provider, has raised $42M in a Series B. The round drew participation from 10x Group, ABN AMRO Ventures, and Bessemer Venture Partners, among others.
HOW’S THE COMPANY PERFORMING?
- Germany-based Upvest offers an API that enables financial institutions to build investment products for their customers.
- It has secured licenses from The Federal Financial Supervisory Authority (BaFin) for securities and crypto brokerage and custody.
- It is currently supported by a team of 100 people and plans to increase that number to 150 by the end of the year.
WHY DOES THE MARKET MATTER?
- The global wealth tech solution market is expected to reach a value of $137B by 2028, growing at a CAGR of 14.1%, according to The Insight Partners.
- Funding to wealth tech startups remained relatively strong in Q1’22, despite a global slowdown in venture funding. Wealth tech funding dropped just 8% quarter-over-quarter (QoQ), a far smaller decline than the 18% QoQ drop in overall fintech funding.
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