German fintech startup Upvest has raised fresh funding to close a €12 million Series A.
"We're operating in a rapidly growing market due to a combination of factors," Martin Kassing, Upvest founder and CEO, told Business Insider in an interview. "Negative interest rates are making people to look to cash-generating assets, we're seeing a generation of millennials that want to invest, and with coronavirus, fintechs are looking to find more lifetime value from customers."Berlin-based fintech startup Upvest has closed a $14.
The company's API runs on what it describes as proprietary blockchain infrastructure and gives plug-and-play capabilities to startups looking to offer traditional and alternative assets to users. The startup had been in contact with Earlybird for a number of years prior to the investment round but conversations became serious after Kassing did a live pitch on stage at a conference in Paris at the start of the year. Coronavirus played a part in Upvest choosing to take additional capital with Kassing citing "uncertainty" around Covid-19 and future runway as key reasons for fundraising.
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