Upgrade closes $ 105 million Series E at a valuation of $ 3.325 billion
Upgrade, Inc., a San Francisco, Calif., fintech company that offers credit to mainstream consumers, closed a $ 105 million Series E financing round at a pre-currency valuation of $ 3.325 billion.
The round was led by Koch Disruptive Technologies (KDT) with the participation of new and existing investors, including BRV and Ventura Capital advised by Julius Baer.
The company intends to use the funds to expand its business reach and design new products.
Led by Renaud Laplanche, co-founder and CEO, Upgrade offers Upgrade Card, its flagship product, which promotes responsible credit by turning every balance into a fixed rate payment plan and paying cardholders rewards as they go. as they pay off their balance. In July, the company also launched Upgrade Bitcoin Rewards Card, a credit card that pays rewards in bitcoin rather than cash.
Upgrade has provided more than $ 7 billion in consumer credit through cards and loans since its inception in 2017, and is on track to provide $ 7 billion in 2021 alone.
The company also has an operations center in Phoenix, Arizona, and a technology center in Montreal, Canada. Loans and lines of credit are issued and banking services are provided by Cross River Bank, a licensed commercial bank in the State of New Jersey, FDIC member, Equal Housing Lender Cross River Bank, a licensed commercial bank of the State of New Jersey, member of FDIC, Equal Housing Lender and Blue Ridge Bank, National Association. The upgrade card is issued by Sutton Bank, member of the FDIC, pursuant to a license from Visa USA Inc. Rewards associated with the upgrade card, if any, are provided by Upgrade, Inc.