Upstage Revenue, Valuation, Funding & Investors

Ncino Inc is a provider of cloud-based software for financial institutions. Its software solution digitizes, automates, and streamlines inefficient and complex processes & workflows and utilizes data analytics & artificial intelligence that enables financial institutions to onboard new clients, make loans, and manage the entire loan life cycle, open deposits, and other accounts, and manage regulatory compliance. It also offers professional services, including configuration & implementation, training, and advisory services. The company generates the majority of its revenue from subscription services. The company caters to financial institutions, enterprise banks, regional banks, community banks, and credit unions. The vast majority of its revenue comes from the United States.

Ocrolus is a New York-based financial document automation platform, founded in 2014, that combines AI, machine learning, OCR, and human-in-the-loop quality control to classify, capture, and analyze financial documents with over 99% accuracy. The platform helps lenders automate underwriting, credit scoring, and fraud detection across small business, consumer, auto, and mortgage lending. Its customers include Brex, PayPal, SoFi, Plaid, LendingClub, and Cross River Bank.

Sardine is a risk management platform leveraging AI and machine learning for financial services firms. It detects fraud, assesses credit risks, and ensures compliance in digital banking and payments. San Francisco-headquartered Sardine serves fintechs and banks navigating online transaction threats.

10X Banking is a Johannesburg-headquartered digital bank offering personal finance products like savings accounts, credit facilities, and investment options via mobile app. It partners with traditional banks for backend infrastructure while providing seamless user interfaces for budgeting and payments. Targeted at underserved South African consumers, the platform incorporates behavioral nudges for financial wellness.

Unit21 is a San Francisco-headquartered no-code platform for fraud detection and compliance. Founded in 2018, it provides APIs and dashboards for transaction monitoring, KYC, AML screening, and case management across fintech, crypto, and e-commerce. The platform processes millions of events daily using machine learning models trained on financial crime patterns.

M2P Fintech is a Chennai-based banking infrastructure provider, founded in 2014, offering API-based Banking-as-a-Service tools including digital payments, credit card issuance, core banking, buy-now-pay-later, and lending platforms such as Finflux. It lets banks, lenders, fintechs, and consumer-tech companies launch branded financial products while meeting local regulatory requirements, and it operates across more than 30 markets in Asia Pacific, MENA, and Oceania, supporting over 200 banks and 300 lenders.

Apprentice.io is a manufacturing execution system platform unifying MES, logistics, automation, and AI agents. The no-code solution supports design, simulation, execution, and optimization for life sciences and other sectors. Deployed for over a decade, it integrates people, processes, and systems while AI agents automate workflows to cut costs and scale production. Headquartered in the United States, Apprentice.io serves pharmaceutical manufacturers transitioning from paper-based operations to digital factories.

Alfa Financial Software Holdings PLC provides software and services to the auto and equipment finance industries. Alfa Systems, its technology platform, supports both retail and corporate business for auto, equipment, wholesale, and dealer finance on a multijurisdictional basis, including leases/loans, originations, and servicing. An end-to-end solution with integrated workflow and automated processing using business rules, it provides compelling solutions to asset finance companies. The company generates a majority of its revenue from the United Kingdom and the rest from the United States and other regions.

Sunyard Technology Co Ltd provides end-to-end professional solutions and products for financial institutions mainly in the banking industry. It specializes in financial payment terminals and financial card machines. It is engaged in the research and development, production and sales of financial information security products and payment and information security solutions.

DgPays is a fintech provider of end-to-end payment platforms for banks, e-money issuers, telcos, and transport firms. Solutions cover mobile banking, CRM integration, AML compliance, fraud detection, and authentication services. Deployed in Eastern Europe, DgPays supports real-time transactions and digital wallets.

Upvest is a Berlin-based fintech company, founded in 2017, that provides API-based investment infrastructure for banks and other fintechs. Its platform lets clients such as Revolut, N26, Santander's Openbank, and DKB offer brokerage services including fractional stock and ETF trading. Upvest processes more than 100 million investment orders a year and serves over 30 financial institutions across Europe.

Global Infotech Co Ltd is one of the leading financial information software product and integrated service provider in China. The products and solutions include - EasyLoan Credit Management System, EasyIBS new core business system, Credit asset classification system, Fund transfer pricing overall plan, Point management system, EasyCard Bank Card System, and others.

Sinodata Co Ltd is a software and information service company. The firm is mainly engaged in the design and development of the software applications and platforms for banking and other financial institutions. The company focuses on the internet banking cloud platform, financial asset trading platform, supply chain financial service platform, an e-commerce platform, and mobile payment operations.

Celo is an open blockchain platform designed for fast, secure digital payments to mobile phone numbers. Its ecosystem includes the Celo blockchain, the CELO token, and the cUSD stablecoin, along with a mobile wallet that lets users send peer-to-peer transfers using phone numbers, with early adoption in markets such as Kenya, Tanzania, and Argentina. The platform has since expanded beyond payments to support trading, lending, borrowing, and saving applications built by third-party developers.

Iress develops software for the financial-services industry, operating in multiple regions and servicing clients ranging from small retail to large institutional businesses. Its core business unit, mainly in Australia, generates most of the company's earnings and free cash flows. Iress expanded into noncore markets through acquisitions, ultimately eroding returns and margins, with free cash flows from the core business invested in the noncore businesses. Its recent strategy includes reprioritizing growth in the core Trading and Market Data and Wealth businesses, and divesting/monetizing noncore assets. We view this renewed focus on its core business as a positive, as it will help maintain Iress' economic moat.

Form3 is a London-headquartered payment processor offering cloud-based APIs for real-time payments across UK Faster Payments, SEPA Instant, and US FedNow schemes. The platform handles clearing and settlement for banks and fintechs including Revolut and Starling Bank. Built on AWS microservices, Form3 processes billions in transaction volume annually with 99.99 percent uptime.

Hawk is a Berlin-headquartered provider of AI-driven anti-money laundering and fraud detection technology. Founded in 2017, the platform combines rules-based systems with explainable AI models to monitor billions of transactions annually across 60 countries. Banks, payment processors, and fintech firms in Europe and beyond deploy Hawk to enhance compliance and risk management in real-time transaction screening.