Founded in 2017, Upvest offers trading, custody, and settlement infrastructure designed to enable financial services companies to provide a variety of investment products.

Upvest will be able to provide end-user cash management solutions, automated payment processing, foreign exchange services, and virtual IBANs through Deutsche Bank thanks to the new relationship.

Upvest CEO and co-founder Martin Kassing discusses the partnership and notes that the bank's "fintech know-how, flexibility, and tech focus" would assist his firm in realizing its "ambitious growth plans."

The collaboration, according to Deutsche Bank, highlights its "ambitions to provide services to fintechs."

The head of digital and fintech sales for Deutsche Bank in Europe, Galina Kersten, says the business plans to work closely with Upvest to provide "pan-European, instant, and API-based solutions in payments, FX, and beyond."

Upvest raised €30 million in a financing round headed by BlackRock in October of last year. In June 2022, the business additionally secured $42 million during a Series B fundraising round.

Deutsche Bank said earlier this year that it will be reducing about 3,500 positions over the course of the next two years as part of its ongoing €2.5 billion operational savings drive.