BlackRock has invested in the recently concluded €30 million funding round of a German FinTech focused on the creation of a digital wealth management API.

Upvest’s aim is to centralise functions including providing trading, settlement and custody functionality for investors into one place, which it suggests will make investing more accessible, easier, and cheaper for “millions of investors across Europe.”

Timo Toenges, head of iShares EMEA digital wealth business at BlackRock explained that the new partnership with Upvest would “drive innovation in how Europeans access markets”.

“Millions of Europeans are embracing investing for the first time to build a better financial future for themselves,” he said. “Across Europe, ETFs are at the core of these new propositions and often the default choice for investors, as a transparent, low cost and easily understood starting point for a new generation of investors.”

Alongside Blackrock, Upvest’s €30m 2023 funding round was joined by existing investors Bessemer Venture Partners, HV Capital, Earlybird, Notion Capital, ABN Amro Ventures, and 10x Capital.

“With only a fraction of the European population investing in stocks and ETFs, we feel the urge to provide a better investment infrastructure to companies facilitating easy and affordable investment experiences,” said Martin Kassing, co-founder and chief executive at Upvest. “Together with BlackRock’s investment expertise, we can now serve any financial institution to upgrade their investment offering.”

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