Upvest CEO Martin Kassing signs Revolut and N26 as core infrastructure clients

Building a category-defining company like Upvest isn't just about spotting a gap in the market; it's about a relentless, almost compulsive drive to challenge the existing architecture of finance. Martin Kassing describes this entrepreneurial itch as something that isn't always a choice. For high-octane founders, the stress and the constant push toward the next milestone are the lifeblood of their existence. It's a DNA-level requirement to win, often rooted in early competitive experiences, that transforms a simple ambition into a global mission.

Transitioning from the analytical, PowerPoint-heavy world of private equity to the front lines of a startup is a trial by fire. In PE, you study the game; as a founder, you are the game. The hard work isn't in the spreadsheet; it's in rallying a team behind a vision that doesn't exist yet and convincing the market that your solution is the only way forward. Kassing’s journey through early ventures—from a hairdresser booking platform to a checkout solution acquired by Klarna—serves as a reminder that the path to a unicorn is paved with iterations and the grit to survive the "unstable life" of the early days.

Pivoting from Hype to High-Utility Infrastructure

The most dangerous trap for a tech founder is falling in love with a technology rather than a problem. Upvest initially bet on the Blockchain to democratize investing, believing that tokenizing real-world assets was the future. While the concept had legs and even generated $1 million in ARR, Kassing realized that the technology was actually a bottleneck—a "bug rather than a feature." The real friction in European finance wasn't a lack of ledgers; it was a lack of modern, cloud-based investment rails.

This realization led to a massive pivot. Kassing chose to invest $100 million and two years of development to build a core banking system from scratch using the cloud. It was a calculated risk that moved the company from the speculative fringes of crypto into the heart of the fintech ecosystem. By focusing on API-driven infrastructure for ETFs, stocks, and mutual funds, Upvest aligned itself with the actual needs of the world’s biggest digital banks. This shift from chasing a trend to building a utility is what separates temporary startups from enduring infrastructure giants.

The Founder as a Glorified Sales Development Rep

In the early stages of a venture, the founder is the brand. There is no corporate reputation to hide behind, which makes every interaction a high-stakes pitch. Kassing admits that up to 75% of his role is pure sales—whether he is selling the vision to Bessemer Venture Partners, hunting for top-tier engineers on LinkedIn, or convincing Revolut to trust their core operations to his platform.

This "sales-first" mentality extends deep into the hiring process. Kassing famously handles executive hiring personally, eschewing recruiters to maintain a direct line to talent. The strategy is simple: high conversion happens when the founder reaches out. He looks for A-players who share a specific "crazy" DNA—the kind of people who are willing to join an unrealistic dream and help make it real. The hiring bar is set at a "hell yes" consensus; if one person on the interview panel isn't convinced, the candidate is out. This ensures that the culture remains a concentrated force of ambition rather than a diluted group of skilled but uninspired workers.

Strategic Patience in the Enterprise Game

Winning a client like Revolut or N26 isn't about luck; it's about strategic patience and choosing the right arena. Kassing made a conscious decision to avoid the "longtail" of smaller, uncapitalized fintexs. Instead, he targeted the heavyweights who already had the user base and the capital to scale. This approach mitigates the risk of building for clients who might not survive the year.

Infrastructure is a capital-intensive game that requires a continuous dialogue with investors. Kassing’s successful $100 million Series C wasn't the result of a single meeting but of years of maintaining relationships and hitting promised milestones. Even when the fintech market appeared to collapse in 2022, Upvest leaned into its vision. By proving that they could handle the volume and compliance requirements of the market’s biggest players, they achieved "enterprise-readiness." This status now allows them to move beyond digital-only banks and start disrupting the traditional private banks and wealth managers that have historically been slow to innovate.

Mastering the Internal Chaos

To lead a 220-person organization, a founder must master their own schedule with the same precision they apply to their product roadmap. Kassing emphasizes that there is no separation between business and private life; it is one continuous flow. This doesn't mean working 24/7 without a break, but rather being explicit about when "fun times," sports, and deep strategic work happen.

Confidence in a high-pressure environment comes from preparation. Knowing what your Tuesday looks like on a Sunday afternoon provides the mental space to handle the "pain" of personnel issues or compliance hurdles. Success in business is the ultimate healer—it attracts better talent and higher margins—but the founder must be able to endure the periods where that success isn't yet visible. Kassing’s reflection is clear: the journey is supposed to be hard. The pain isn't a sign that you’re doing it wrong; it’s the cost of entry for those who want to build something that lasts.

The Vision Beyond the Unicorn Status

While Upvest is on the fast track to a $1 billion valuation, the focus remains on the utility of the rails they are building. An IPO is a potential milestone on the horizon, but the immediate goal is to continue making investing affordable and accessible for every European. Whether the exit is a public listing in Frankfurt or New York, or a strategic partnership, the mission is now larger than the founder's initial ambition. Kassing’s transition from a competitive athlete to a competitive CEO illustrates the core principle of disruption: you don't find a market; you build the infrastructure that allows the market to exist.