Plum picks Upvest for UK investment platform rollout

Plum has chosen Upvest as its investment infrastructure provider in the UK, extending an existing partnership in continental Europe.

The agreement will start with the launch of investment funds in the UK, followed by stocks and exchange-traded funds. Plum will then migrate its existing UK funds business to Upvest in the next phase.

Plum offers savings and investment services through its app and says it has helped millions of users across Europe, with more than £10 billion set aside through the platform. The new setup will replace a structure involving several providers across different parts of its investment operations.

Upvest will provide Plum in the UK with an integrated brokerage and custody structure. The change is intended to simplify Plum's operating model and reduce the number of integrations it needs to manage.

For Upvest, the deal expands its UK business as it seeks to win more fintech and financial services clients looking to consolidate providers. The Berlin-based company provides software, trading, custody and back-office services to banks, brokers and wealth managers.

Upvest says it processes more than 100 million trades a year and has 280 employees. Its clients include Revolut, N26, bunq, Webull, Raisin, Openbank and DKB.

UK rollout

The rollout in Britain follows a relationship that began in 2023, when Upvest started supporting Plum's investment business in European Union markets. Using the same provider in the UK gives Plum a single platform for its investment operations across multiple markets.

The system is designed to support different asset classes and investment features, including fractional investing from £1 and automated recurring investments. Plum plans to introduce those services in stages as the partnership expands.

The wider backdrop is a push by fintech groups and financial institutions to move away from older systems and multi-vendor structures in favour of fewer suppliers. In investment operations, that can mean combining brokerage, settlement and custody under one provider.

Plum was founded in 2016 by Victor Trokoudes, a former Wise executive. The company is headquartered in London and also has offices in Athens and Nicosia.

The business has appeared in UK and European growth rankings, including Deloitte's Technology Fast 50 in the UK and the FT1000 list of Europe's fastest-growing companies. Its app focuses on automated saving, spending and investing tools for retail users.

Executive comments

Ed Simmons, vice president of operations at Plum, said the company's experience with Upvest in European Union markets shaped the decision to deepen the relationship.

"Having seen the positive impact of our collaboration in EU markets, it was a natural step for Plum to partner with Upvest for investment services to our UK customers as well. We want to help our users build wealth over the long term, and investment services are central to this ambition. We look forward to working with Upvest to make investing more accessible," Simmons said.

Upvest said the UK expansion reflects demand from clients operating across European markets for a more consolidated infrastructure model. The company centres its business on application programming interfaces that handle investment functions for financial institutions.

"Plum has trusted us to power its European business since 2023, and we're proud they've chosen to bring that same partnership to their home market. Consolidating onto one platform gives Plum a more resilient foundation, and as they enter their next stage of growth, our infrastructure is designed to scale with them," Swil said.