At what enterprise value was UPVEST acquired in 2025?

During the acquisition of UPVEST by BLACKROCK in 2025, the transaction's Enterprise Value is estimated to be in the range of 500M - 1.5b USD.

When was UPVEST acquired by BLACKROCK?

UPVEST was acquired by BLACKROCK in 2025.

What was the revenue of UPVEST at the time of the deal?

The revenue of UPVEST at the time of the deal is estimated to be in the range of 100M - 200M USD.

How is the data for the UPVEST acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the UPVEST deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://upvest.co/blog/upvest-raises-eu30m-from-blackrock-and-existing-investors-to-continue-winning-the-investment-api-category-in-europe

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Home Database TMT (Tech, Media, Telecom)UPVEST

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 in 2025, is valued in this transaction at an EV/EBITDA multiple of , a level to compare with the average currently observed in the TMT (Tech, Media, Telecom) sector (15.1x).

-> 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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (USD)

Year

Rev

EBITDA

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2025

2024

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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: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.

Acquirer: blackrock