Upvest has signed Germany's growney as its latest client, with the Berlin-based infrastructure provider taking over execution, custody, settlement and middle- and back-office operations for one of the country's longer-running digital wealth managers. The two firms said growney will plug into Upvest's Investment API, with new customers onboarded first and the existing user base migrated over the coming months.Singapore Summit: Meet the largest APAC brokers you know (and those you still don't!)Outsourcing the Plumbing to Catch Bigger RivalsUnder the deal, growney customers will get access to a wider selection of ETFs and mutual funds across portfolio products, automated savings plans, and individual, joint, child, and business account types. The company said the migration will give it the technical foundation to roll out new investment strategies more quickly, with risk-optimized portfolios singled out as an early priority."Upvest's technology gives growney the ideal foundation to develop compelling new products and deliver tangible value for our end users and partners," said Thimm Blickensdorf, Managing Director at growney."We are already planning exciting new investment strategies with a focus on risk optimization."For Upvest, the win continues a run of client deals announced in recent months, and pushes its footprint deeper into German digital wealth management, a segment dominated by a handful of well-capitalized players.German Wealth Tech Race Heats Upgrowney's move comes as Germany's digital investing market consolidates around a few large names. Scalable Capital manages around €4.5 billion in its wealth arm, LIQID about €3 billion, and quirion roughly €2.6 billion, according to disclosures cited by industry trackers. growney, with an estimated €500 million under management as of January 2026, has been pitching itself as the "Stiftung Warentest"-rated alternative for cost-conscious savers, but it has had to keep up as bigger rivals expand asset classes and add tax wrappers.The neobroker side of the market is moving even faster. Trade Republic closed a €1.2 billion secondary share sale at a €12.5 billion valuation in December 2025, and the Berlin-based bank now has more than 10 million customers across Europe holding €150 billion in assets. Trade Republic has rolled out bond ETFs, private market access, and a Visa debit card with savings cashback over the past 18 months, raising the bar for what retail clients expect from a digital investment app.That pressure has pushed wealth managers toward outsourced infrastructure rather than in-house builds. Santander's Openbank, which holds €18.5 billion in deposits, migrated its German fractional-share offering onto Upvest's API last year, and CMC Markets signed up earlier this month to launch multi-currency cash equities trading in Germany this autumn. Upvest Capitalizes on Funding Round and Roster ExpansionThe growney signing comes about six weeks after Upvest raised $125 million at a €640 million valuation in a round led by Sapphire Ventures and Tencent, with backing from existing investors BlackRock and Bessemer Venture Partners. Chief Executive Martin Kassing told Bloomberg at the time the firm was targeting more than €100 million in annualized revenue and profitability within 24 months."We are proud to support growney's next chapter," Kassing added in the latest statement. "By leveraging Upvest's Investment API and migrating onto Upvest's infrastructure, growney doubles down on its commitment to offer best-in-class user experience and a modern, intuitive product. Together, we are raising the bar for what digital wealth management looks like in Germany."Upvest said it now operates across more than 20 European markets and processes over 100 million orders annually for more than 30 financial institutions. Its existing client list includes Revolut, N26, bunq, Webull, Raisin and DKB, alongside Openbank.The company has also been broadening its product set, adding 2.5 million derivatives instruments through a partnership with Boerse Stuttgart in January and providing the rails for IG Group's stock trading launch in France last November.Competition Stiffens From US-Backed RivalsUpvest's race to lock in European clients is unfolding alongside growing competition from US-based infrastructure providers. Alpaca completed its acquisition of UK firm WealthKernel earlier this month, rebranding it as Alpaca Europe and pitching a transatlantic stack with US self-clearing built in. DriveWealth and Saxo Bank also sell white-label trading infrastructure to banks and fintechs in the region.The companies did not disclose financial terms of the agreement. This article was written by Damian Chmiel at www.financemagnates.com.

Read full article on FINANCEMAGNETS