mynth
12/2025

UPVEST acquired by BLACKROCK

GERMANY Software / Industry-Specific Software / Financial Services / Banking EV 500M - 1.5b USD

Context

Upvest has successfully closed a $125 million (€115 million) funding round, valuing the company at approximately $735 million (€680 million). The transaction includes $90 million in equity financing led by BlackRock, alongside Sapphire Ventures, Tencent, and Bessemer Venture Partners, with additional discussions for a $35 million credit facility. The strategic rationale for the deal is to accelerate Upvest's path to profitability and support its target of exceeding €100 million in annualized revenue within the next 24 months. The fresh capital will be used to expand the platform’s regional footprint and roll out innovative AI-supported tools for personalized advisory services. This round follows a €30 million bridge in 2023 and a December 2024 valuation of €360 million, marking a nearly 2x valuation increase in 12 months.

UPVEST, which reported an EBITDA margin of LOGIN in 2025, is valued in this transaction at an EV/EBITDA multiple of LOGIN, a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (14.8x).

Note that this data is based on contribution from our growing community, composed of M&A and Private Equity professionals, and has been verified by our team to ensure its accuracy.

-> Deep-dive in TMT (Tech, Media, Telecom) market trends

Target

Founded in 2017, Upvest is a leading European fintech providing modern investment infrastructure through a plug-and-play API. Its business model offers a "one-stop-shop" for brokerage, settlement, and custody, enabling financial institutions to launch investment products (stocks, ETFs, mutual funds, and crypto) in weeks rather than years. The company’s value proposition centers on its proprietary fractional trading engine and its status as a BaFin-regulated investment firm, which handles all middle- and back-office compliance and scalability. Strategically, Upvest serves as the backbone for Tier-1 neobanks and traditional lenders—including Revolut, N26, and Banco Santander’s Openbank—allowing them to offer low-cost, real-time investment experiences to millions of retail customers across Europe.

Ent. Value

LOGIN

Equity Value

LOGIN

Multiples

EV / Revenue

LOGIN

EV / EBITDA

LOGIN

EV / EBIT

LOGIN

Historical Financials (USD)

Year
Rev
EBITDA
EBIT
2025
LOGIN
LOGIN
LOGIN
2024
LOGIN
LOGIN
LOGIN

Similar deals in TMT (Tech, Media, Telecom)

List of similar M&A transactions (Date, Acquirer, Target, Country, Sector, Deal Context)
DateAcquirerTargetCountrySectorDeal Context
01/2026FOUNDERSHIPTOFRANCESoftware

The founders of Hipto bought back their independence from Olyn (Gimv-backed holding). The transaction values Hipto at ~EUR20M. Concurrently, Hipto completed its first build-up by acquiring Zone ADSL&Fibre, a telecom comparison platform. The goal is to reach EUR100M in revenue within 2 years by shifting value toward intentional and qualified leads in a post-cold calling era.

01/2026HARVESTFIRSTANCEITALYSoftware

Harvest has successfully finalized the acquisition of 100% of the share capital of Firstance, following its previous international expansion into the DACH region. The strategic rationale for this transaction is to create a unified European WealthTech champion by merging Harvest’s leading position in wealth management software with Firstance’s dominant digital distribution platform for life insurance. This alliance allows the combined entity to offer a comprehensive, cross-border technological suite to financial institutions across more than 30 jurisdictions

12/2025SMARTTRADE TECHNOLOGIESKACE FINANCIALUNITED KINGDOMSoftware

smartTrade Technologies has acquired kACE Financial to create a unified, multi-asset trading and payments platform. This transformational acquisition combines smartTrade’s low-latency SaaS infrastructure with kACE’s specialized expertise in FX derivatives and complex pricing analytics. The strategic rationale is to address the market's increasing demand for a single, integrated workflow that handles everything from simple spot trading to sophisticated structured products. Following the recent investment from TA Associates, this deal represents a major step in smartTrade's innovation roadmap, specifically accelerating its transition to a fully cloud-native, AI-driven offering

12/2025OAKLEY CAPITAL INVESTMENTSBREVOFRANCESoftware

The SaaS customer relationship management software provider welcomes Oakley and General Atlantic alongside its long-standing clients Bridgepoint and Bpifrance. The company also announces the departure of Partech, which had been a customer for 8 years.

11/2025ODIGOAKIOFRANCESoftware

Odigo has finalized the strategic acquisition of Akio, a move supported by its majority investor Seven2 (formerly Apax Partners). This transaction is designed to consolidate the European CCaaS market and create a major sovereign digital alternative to US-based competitors. By integrating Akio, Odigo expands its market reach from large global accounts to the SME and mid-market segments (starting from 10 users). The strategic rationale centers on technological synergy, particularly in AI; Akio brings specialized analytical AI and reputation management tools, which will complement Odigo's proprietary "Agentic AI" platform

11/2025SEPTEOSTP ONEGERMANYSoftware

Septeo's acquisition of stp.one is a strategic move to consolidate the European legaltech market, particularly in the DACH region. This acquisition strengthens Septeo's position in German-speaking regions and countries, leveraging stp.one's established presence in these areas. With a workforce of 400 employees, stp.one offers a comprehensive range of integrated legal solutions, from workflow automation to AI-powered document management. The transaction, which is expected to be completed in the first quarter of 2026, is financed 50% through Septeo's equity and the remaining amount through a senior debt facility

11/2025MAGELLAN PARTNERSWORLDLINE METSFRANCESoftware

Magellan Partners signed an agreement to acquire Worldline's MeTS division and select Digital Banking activities for a total consideration of EUR410 million. This acquisition is transformative for Magellan, adding EUR450 million in revenue and expanding its workforce to over 6,700 employees. For Worldline, this disposal is part of a strategic plan to offload non-core assets and refocus purely on Payments.

10/2025DOCTRINEPREDICTICEFRANCESoftware

The acquisition of Predictice by Doctrine represents a landmark consolidation within the French LegalTech market, effectively merging the two primary domestic competitors to create a dominant national champion. This deal marks Doctrine's fourth strategic acquisition in two years, following the successful integrations of Legaltile, Jobexit, and Dejure, and signals a significant acceleration of its European growth roadmap. The strategic rationale for the deal centers on the creation of a large-scale, sovereign alternative to traditional legal publishers, leveraging combined R&D capabilities to maintain technological leadership in the burgeoning AI legal sector

10/2025INITIATIVE & FINANCEYMAGFRANCESoftware

In light of the reform of the professional training market in France, the management of Ymag (a software publisher specializing in professional training) wanted to structure a primary MBO to take over the company upon the retirement of its founder.

10/2025SESA GROUPALBASOFTITALYSoftware

Var Group, a subsidiary of Sesa, has completed the acquisition of a 20% stake in Albasoft, establishing put and call option mechanisms designed to facilitate the gradual acquisition of the entire share capital. This business combination is a strategic initiative under the Sesa 2026–27 industrial plan, designed to enhance the group's presence in the Digital Platforms and Vertical Applications segment. By integrating the target's specialized software for corporate treasury and financial flow optimization, the acquirer aims to create an integrated application scenario that bridges the gap between ERP systems and banking platforms

REFERENCES

Valuation range: EV 500M - 1.5b USD

Revenue range: 100M - 200M USD

Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of UPVEST by BLACKROCK are reserved for mynth community members. Register for free to unlock full data.

Authors: verified mynth contributor (mynth data is contributed by M&A / PE professionals and systematically cross-verified with private deal documents and official press releases).

Acquirer: blackrock