Upgrade, Inc., a San Francisco, CA-based consumer credit platform, closed a $60m Series A equity and convertible note financing.
Backers included Apoletto, Credit Ease, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures, Uprising and Vy Capital.
The company intends to use the funds to launch credit monitoring, alerts and education features in coming weeks.
Led by co-founder and CEO Renaud Laplanche, Upgrade is a consumer credit platform that combines a marketplace lending approach with tools for consumers to understand and monitor their credit. All loans originated through the Upgrade platform are issued by WebBank, Member FDIC. Upgrade will acquire loans from WebBank, retain a representative portion of those loans on its balance sheets and offer whole loans for sale to institutional investors.
Started in August 2016, the company has offices in Phoenix, Arizona and employs over 70 team members.