- Upvest, a Berlin-based fintech, has formed a strategic partnership with Deutsche Bank to expand its product offerings.
- Upvest was founded in 2017 and provides custody, trading, and settlement infrastructure for financial services firms to offer a wide range of investment products.
- The partnership will allow Upvest to integrate Deutsche Bank’s banking infrastructure into its services, enabling features such as virtual IBANs, end-user cash management, automated payment processing, and foreign exchange services.
- Martin Kassing, Upvest’s CEO and co-founder, stated that Deutsche Bank’s fintech expertise and tech focus will support Upvest’s ambitious growth plans.
- Deutsche Bank emphasized its goal to enhance its services to fintech companies through this partnership.
- Galina Kersten, head of tech and fintech sales EMEA at Deutsche Bank, expects close collaboration with Upvest to offer pan-European, instant, and API-based solutions in payments, FX, and more.
- Upvest secured €30 million in funding led by BlackRock in October last year and raised $42 million in a Series B round in June 2022.
- Earlier this year, Deutsche Bank announced plans to cut around 3,500 jobs as part of a €2.5 billion operational efficiency program.
