Upvest's 2020 Recap
Despite being a challenging year worldwide, 2020 brought great results and growth for Upvest. From moving to a new office to closing a Series A+, our company has come out swinging from every challenge, achieving most of our goals for the period.
We started the year with the goal to expand our team after closing a €7m funding round from Notion Capital, HV Capital, and Partech at the end of 2019. Not only did we manage to grow our team by 70%, but we attracted great talent along the way.
We made crucial hires to ensure expertise for our customers, such as; CTO Juha Ristolainen, COO Til Rochow, Head of brokerage Christian Schäfer and Parker Crockford, VP of growth. They joined a strong team already in place with CEO Martin Kassing, CFO Tobias Auferoth, and CSO Sebastian Janquier.
Our customer and partnership base also grew. Upvest became the custodian of Publity, the first publicly listed company whose shares are being tokenized, by building a partnership with micobo. Crowdlitoken and Cashlink partnered with Upvest during 2020 as well, and we joined several associations such as EFA, Fibree, and Bundesblock.
Furthermore, our previous clients had great results with our solution this year. For example, Exporo had reached over 600 transactions with a total volume of more than €700,000 in the secondary market by October.
When it comes to Upvest’s operations, our assets under custody (AuC) increased 10x from €10m to €100m this year, with an average month-on-month growth of 23%. And, with the support of the IBB ProFit program, Upvest developed a fee recommendation API based on a continuously evolving machine learning model.
To close the year with a flourish, we received additional support from influential fintech angel investors and Earlybird. We added €5m to complete our Series A+ in a total of €12m, enabling us to continue moving towards the goal of making securities globally available.
We are very proud of the Upvest team's commitment to financial inclusion and very excited about what the future holds. We believe everyone, everywhere, should have access to investment products and services, and we are certain 2021 will move us further to achieving that.
Happy holidays from Upvest’s team.