Upgrade, Inc.

Last updated
Upgrade, Inc.
TypePrivate
Industry Neobanking
Founded2016
Founder Renaud Laplanche
Headquarters
San Francisco, California
,
United States
Areas served
 United States
Services Mobile banking, Credit cards, Loans
Number of employees
360 [1]
Website https://www.upgrade.com/

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]

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]

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References

  1. ↑ "Challenger bank Upgrade will reward credit card holders for repaying debt". American Banker. Retrieved 6 November 2020.
  2. 1 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. 1 2 3 "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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