Upvest, a European investment infrastructure provider, has announced the appointment of Starling Bank’s former Head of SME Banking, Symmie Swil, as UK General Manager, as the company embarks on a scale-up strategy across the region.
Upvest’s Investment API enables Fintechs, banks, and wealth managers to offer end users the ability to invest across ETFs, stocks, and mutual funds – helping to make investing accessible “to everyone, regardless of their financial background or technical expertise.”
Founded in Berlin in 2017, Upvest is already active in “20 markets and processing more than 2 million orders per week on behalf of its European client base, including N26, bunq, Raisin, Plum, Shares, and Revolut.”
It plans to “triple current order rates” by the end of the year.
Following FCA approval in 2024, Upvest is now focused on “growing its presence across the UK, with Swil appointed to lead this scale-up effort and the company on track to go live with three UK clients before the end of the year.”
Alongside growing its market presence, Upvest also plans to “expand its product offering; adding further localized tax and pension wrappers (ISAs, SIPPs), and asset classes (derivatives, bonds, ELTIFs).”
In addition to her time at Starling Bank – where she scaled the SME customer base from 150,000 to 450,000 accounts and tripled deposits from £2B to £6B in just 18 months – Swil has previously “held the position of Deputy COO and Head of Business Operations at Investec (Corporate and Investment Bank) and was most recently COO at fintech Finverity.”
With plans for growth across the region, Swil will be working to grow the London-based team to “up to 50 in the coming months (joining the existing team of 200 based across Europe), operating from Upvest’s new UK HQ in Shoreditch.”
As UK General Manager, Swil will scale the business across the UK’s banking and fintech spheres – “providing these institutions with the infrastructure needed to meet the growing demand from digital natives for accessible investment solutions and helping to make the UK a nation of investors.”
It’s estimated that over 60% of UK adults don’t currently “actively invest, indicating huge potential for retail investor expansion. ”
Recent analysis estimates that “13 million adults in the UK are holding £430 billion in cash that could instead be used to invest; a major investment gap that, if closed, would drive major rewards for individuals and UK Plc.”
Martin Kassing, CEO of Upvest, comments:
“Symmie is the ideal person to lead our UK efforts. With her unique combination of banking and fintech experience, she has a deep understanding of our clients’ objectives and the role technology can play in achieving them. She is also passionate about empowering a new generation of retail investors to take control of their financial futures and embrace investing – the very mission on which Upvest was founded.”
As covered, Upvest is on a mission to make investing money “as easy as spending it.”
The company empowers businesses to offer a “range of investment products and the best experience in the field of capital market investment and retirement planning.”
Upvest’s Investment API is easy to integrate so “that fintechs and enterprises alike can save resources and fully focus on their core business.”
Upvest is said to be one of the few fintechs in Europe that can “provide its B2B clients with brokerage, settlement, and safe custody services across a full range of investment opportunities.”
The company was founded in 2017 by Martin Kassing and “currently employs 200 people.”
Its latest €100m fundraising round (Series C) was reportedly led by Hedosophia and Sapphire Venture, with continued support “from existing investors including Bessemer Venture Partners, BlackRock, Earlybird, HV Capital, Motive Ventures, and Notion Capital.”