Upvest, aBerlin-based provider of API-based investment infrastructure for banks andfintechs, said today (Tuesday) it has raised $125 million in a new fundinground, with the deal valuing the company at €640 million, up from €360 millionwhen it last raised money in December 2024.The roundconsists of $90 million in equity, led by Sapphire Ventures and TencentHoldings, with participation from existing investors including BlackRock andBessemer Venture Partners. The company said it is also in the final stages ofsecuring a $35 million debt facility, which would bring the total financing to$125 million.Upvest Valuation NearlyDoubles in 15 MonthsThevaluation jump follows a period of rapid growth for Upvest, which said itprocessed more than 100 million investment orders on behalf of clients in 2025.The firm's client roster now includes over 30 financial institutions, amongthem DKB, Revolut, N26, and Santander's Openbank, which switched toUpvest's API infrastructure for fractional stock and ETF trading in Germanylast year. CEO MartinKassing told Bloomberg the company aims to reach more than €100 million inannualized revenue and profitability within the next 24 months."Banks,brokers, and wealth managers choose Upvest for the infrastructure needed togrow their investment propositions profitably and at scale for a new generationof investors," Kassing added in the official press release.[#highlighted-links#] "The$125m round, just 12 months after our Series C, underscores our momentum to bethe top choice for financial institutions launching and scaling best-in-classinvestment experiences at lightspeed in Europe."Pension Products and AIDrive Expansion PlansUpvest saidit plans to use the new capital to roll out localized pension products,including Germany's Altersvorsorgedepot and the UK's Self-Invested PersonalPensions, which it says will allow financial institutions to bring pensionofferings to market in months rather than years. The firm is also building outAI-supported investment tools, which it says will enable banks and developersto offer hyper-personalized advisory services to retail customers.The UK hasbeen a growing priority for the company. Upvest hired aformer Starling Bank executive last year to lead its push into the Britishmarket, targetingwhat it described as an underpenetrated retail investment opportunity. Morerecently, the firm added2.5 million derivatives instruments through a partnership with Boerse Stuttgart in January, broadening theproduct range available to its banking clients.Banks Now the PrimaryGrowth TargetKassingsignaled a shift in where he expects future revenue to come from. "We areonboarding additional retail banks, wealth managers and private banks," hetold Bloomberg. "The majority of our sales will come from banks and lessthan a third from fintechs."That mixhas been shifting for some time. While Upvest built much of its early profilethrough partnerships with neobanks, the company has been adding traditionallenders and brokers to its client base. IG Groupsigned on to use Upvest's infrastructure to offer stock trading in France lastNovember, and UK digitallender Zopa adopted Upvest's platform to launch stocks and shares ISAs for its 1.6 million customers,sitting alongside Revolut, which also runs on the same underlyinginfrastructure.AndreasWeiskam, partner at Sapphire Ventures, said the firm sees Upvest's growth astied directly to broader retail investing trends across the continent. "Withretail investing accelerating across Europe, Upvest is expanding into newassets, local tax wrappers, and AI-enabled capabilities, powering the nextgeneration of personalized investing," he said.Series D Follows QuickSuccession of RoundsThis latestraise is Upvest's second major funding event in roughly 15 months. The companyclosed a €100 million Series C in December 2024, at the time citing plans to scale itsinfrastructure across Europe. The pace offundraising reflects a broader appetite among investors for B2B fintechinfrastructure plays in Europe, where retail investing penetration still lagsthe United States. Founded inBerlin in 2017, Upvest now employs 280 people and holds regulatory status as asecurities institution in both Europe and the UK.This article was written by Damian Chmiel at www.financemagnates.com.