Investment
infrastructure provider Upvest is accelerating its UK expansion following
regulatory approval, appointing former Starling Bank executive Symmie Swil as
UK General Manager to lead its growth strategy in the region.
Upvest Expands to UK,
Names Former Starling Bank Executive as GM
The
Berlin-based fintech, which processes over 2 million investment orders weekly
across 20 markets, received Financial Conduct Authority (FCA) approval in 2024
and aims to establish partnerships with three UK clients by year-end. The
company provides an Investment API that enables financial institutions to offer
investment products across ETFs, stocks, and mutual funds.
“The
UK has a strong legacy of financial innovation, yet there’s still so much
untapped potential to empower individuals in taking control of their
wealth,” said Swil, who joins Upvest after previously scaling Starling
Bank’s SME banking division. “Our solution makes it easy for any financial
institution—whether it’s a fintech or a bank—to offer compelling and
affordable investment opportunities to their end users.”
Swil brings
nearly 20 years of financial sector experience to the role. During her tenure
at Starling Bank, she grew the SME customer base from 150,000 to 450,000
accounts and tripled deposits from £2 billion to £6 billion within 18 months.
Her career also includes serving as Deputy COO and Head of Business Operations
at Investec’s Corporate and Investment Bank and most recently as COO at fintech
firm Finverity.
Targeting UK’s Investment
Gap
Upvest
plans to establish a new UK headquarters in London’s Shoreditch district and
expand its London-based team to approximately 50 employees in the coming
months, complementing its existing 200-person workforce across Europe.
The company
sees significant growth potential in the UK market, where an estimated 60% of
adults don’t actively invest. Recent analysis suggests approximately 13 million
UK adults hold around £430 billion in cash that could be deployed in
investments—a gap that Upvest aims to address through its technology
infrastructure.
“Symmie
is the ideal person to lead our UK efforts,” said Martin Kassing, CEO of
Upvest. “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.”
Expansion Plans
Beyond
growing its market presence, Upvest intends to enhance its product offerings
with additional localized tax and pension wrappers, including Individual
Savings Accounts (ISAs) and Self-Invested Personal Pensions (SIPPs), along with
expanding into new asset classes such as derivatives, bonds, and European
Long-Term Investment Funds (ELTIFs).
Founded in
2017, Upvest works with European financial institutions including N26, bunq,
Raisin, Plum, Shares, and Revolut. The company secured €100 million in Series C
funding led by Hedosophia and Sapphire Venture, with participation from
investors including Bessemer Venture Partners, BlackRock, and Earlybird.
The firm
anticipates tripling its current order rates by the end of the year as it
continues its European expansion and strengthens its UK presence.
This article was written by Damian Chmiel at www.financemagnates.com.
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