Upvest, the Berlin-based startup which provides connectivity to asset managers looking to offer crypto investment products to their clients, has secured €40 million in a series B fundraising effort.
The latest funding round represents one of the largest seen so far this year in Germany.
The investment was led by fintech investor Bessemer Venture Partners, ABN AmroVentures, the Dutch bank’s venture capital (VC) arm, and German VC firm Earlybird.
Upvest is one of the few startups to have secured BaFin licenses for securities and crypto brokerage and custody and the firm has stated that its recently secured funding will be used to finance its international expansion plans.
The firm offers an API-based gateway to fintechs, enabling them to provide crypto and securities trading to their customers.
According to Martin Kassing, founder and CEO of Upvest, the company’s aim is to “establish investment-as-a-service as a new category” and become the “technical backbone” for asset managers, fintechs and banks looking to provide access to capital and crypto markets.