UPVEST acquired by BLACKROCK
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.
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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.
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Historical Financials (USD)
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REFERENCES
Valuation range: EV 500M - 1.5b USD
Revenue range: 100M - 200M USD
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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