Upgrade, Inc.

Upgrade, Inc. is an American neobank founded in 2016.[2] It has raised $600 million in equity funding and made over $10 billion in loans since its launch in 2017.[3][4][5] Upgrade is headquartered in San Francisco, California with offices in Phoenix, Arizona and Montreal, Quebec, Canada.[6][7][8][9] The company offers credit and banking products to consumers and delivers fixed-rate credit cards and loans.[10][11] The company's other services include credit monitoring and education tools.[12][13][14][15]

For other uses, see Upgrade (disambiguation).
Upgrade, Inc.
TypePrivate
IndustryNeobanking
Founded2016
FounderRenaud Laplanche
Headquarters
San Francisco, California
,
United States
Areas served
United States
ServicesMobile banking, Credit cards, Loans
Number of employees
360[1]
Websitehttps://www.upgrade.com/

Upgrade was founded by Renaud Laplanche, founder and former CEO of LendingClub, and other former colleagues from Lending Club in August 2016.[16][17] The company began offering loans in April 2017[18] and raised $60 million Series A funding round.[19][20][21]

In April 2018, at the LendIt Conference in San Francisco, Upgrade announced a personal credit line for customers, a hybrid of a credit card and personal loan.[22][23]

In October 2019 Upgrade launched Upgrade Card, which combines credit card acceptance with installment payments flexibility.[4][2]

In June 2020, Upgrade received a $1 billion valuation in a Series D equity round led by Santander Group.[4]

In August 2021, Upgrade raised $105 million in a Series E funding round led by Koch Disruptive Technologies, valuing the company at $3.3 billion.[24]

In September 2021, the Nilson Report recognized Upgrade as the fastest-growing credit card in the US at the time.[25]

In November 2021, CNBC reported that Upgrade grew 83% in valuation over four months to $6.28 billion after raising $280 million in a Series F funding round led by Coatue Management and DST Global.[26]

References
  1. "Challenger bank Upgrade will reward credit card holders for repaying debt". American Banker. Retrieved 6 November 2020.
  2. "Credit-focused fintech startup Upgrade raises $40M after reaching $100M run rate". TechCrunch. Retrieved 19 September 2020.
  3. "Upgrade Closes $40 Million Series D, Values Company at Over $3 Billion, Advised by FT Partners". Crowd Fund Insider. Retrieved 19 September 2020.
  4. "Santander Group invests $40M in consumer lender Upgrade". American Banker. Retrieved 19 September 2020.
  5. "Upgrade at $6B Valuation After $280M Series F Funding". November 16, 2021.
  6. "LendingClub Founder Is Back and Wants to Replace Credit Cards". Bloomberg. Retrieved 19 September 2020.
  7. "Fintech pioneer takes new tilt at credit card industry". Financial Times. Retrieved 19 September 2020.
  8. "Renaud Laplanche's Second Act". Pymnts. Retrieved 19 September 2020.
  9. "Ex-LendingClub CEO Laplanche sees new Upgrade venture growing loan volumes". Reuters. Retrieved 19 September 2020.
  10. "Lending Club Ex-CEO Is Staging A Comeback With New Fintech Startup". Forbes. Retrieved 19 September 2020.
  11. "Renaud Laplanche's Upgrade launches personal credit lines". AltFi. Retrieved 19 September 2020.
  12. "Renaud returns, but will Upgrade live up to its name?". AltFi. Retrieved 19 September 2020.
  13. "Online lender touts new personal credit line as HELOC alternative". American Banker. Retrieved 19 September 2020.
  14. "California finance startup opening downtown Phoenix office, hiring up to 300". Phoenix Business Journal. Retrieved 19 September 2020.
  15. "Lending Club founder Renaud Laplanche opens up on his 'frustrating' exit and new startup Upgrade". Business Insider. Retrieved 19 September 2020.
  16. "Here's a look at 5 of the Bay Area's hottest startups". Silicon Valley Business Journal. Retrieved 19 September 2020.
  17. "Upgrade Closes $60M Series A Financing". Finsmes. Retrieved 19 September 2020.
  18. "Lending Club founder Renaud Laplanche is back with a new startup and $60 million in funding". TechCrunch. Retrieved 19 September 2020.
  19. "Former Lending Club CEO takes on the credit card industry". Finextra. Retrieved 19 September 2020.
  20. "Upgrade Announces New Personal Credit Line Product at LendIt Fintech USA 2018". Lend Academy. Retrieved 19 September 2020.
  21. "Upgrade Card Combines Credit Card Acceptance With Installment Payments Flexibility". Pymnts. Retrieved 19 September 2020.
  22. "New Upgrade Card Could be a Game Changer". Lend Academy. Retrieved 19 September 2020.
  23. "Upgrade, the newest company by Renaud Laplanche, has a new credit card that it swears is good for you". TechCrunch. Retrieved 19 September 2020.
  24. Lanyon, Daniel (August 13, 2021). "Upgrade closes biggest funding round to date with $105m Series E".
  25. Alois, JD (September 28, 2021). "Upgrade Identified as Fastest Growing Card in US, Founder Renaud Laplanche Comments on Evolving Fintech Ecosystem".
  26. Son, Hugh (November 16, 2021). "Credit card start-up Upgrade jumps 83% in valuation in just four months to $6.28 billion".
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