Upvest has selected BNP Paribas Securities Services to provide custody, clearing and settlement services.
Recently, Upvest successfully “closed its $42m Series B financing with lead investor Bessemer Venture Partners – one of Germany’s biggest fintech fundings of the year.”
The selection of BNP Paribas Securities Services as global custodian now “marks another key milestone in Upvest’s history.”
As part of this mandate, BNP Paribas Securities Services will “provide Upvest with a custody account from which Upvest’s client positions can be booked with Central Securities Depositories (CSDs).”
As a global custodian, BNP Paribas Securities Services is “connected to a wide network of CSDs, which will enable Upvest to get access to new markets more efficiently.” Upvest’s business-to-business (B2B) clients can “benefit from economies of scale and will be able to reduce operational costs and complexity.”
For BNP Paribas Securities Services, the collaboration with Upvest “increases the company’s footprint among fintech clients.” This demonstrates BNP Paribas Securities Services’ ability “to service different kinds of customers from asset owners and asset managers to fintechs such as Upvest.”
Christian Schäfer, Managing Director at Upvest, said:
“With BNP Paribas Securities Services, we have partnered with a leading global custodian, allowing us to offer our B2B clients a state-of-the-art intermediary that is experienced with all use cases possible. Our cooperation will fundamentally ease the complex and time-consuming efforts of connecting B2B clients’ assets to CSDs. Working in our B2B client processing will facilitate our growth strategy, as BNP Paribas Securities Services covers more than 90 markets around the world and nearly all currencies.”
Thorsten Gommel, Head of Germany, Austria, Netherlands and Nordics at BNP Paribas Securities Services, remarked:
“We’re delighted to partner with Upvest’s team on their vision to develop one of the most transformative platforms in fintech infrastructure. With our experience in custody services and capital markets and Upvest’s API technology, we can strengthen the intersection of banking and tech and accelerate the development of innovative fintech solutions. We’re proud to support Upvest’s team on their impressive growth journey.”
Upvest’s cloud-based core banking system “delivered via the Investment-API is a substantial growth driver for neobanks and brokers, as well as established banking players.”
The cooperation with BNP Paribas Securities Services is “a key milestone for Upvest to become the technological backbone for all fintechs that want to provide their end-customers with reliable and secure access to capital markets.”