Upgrade, Inc., a San Francisco, CA-based fintech company that offers credit to mainstream consumers, closed a $105m Series E funding round at a $3.325 billion pre-money valuation.
The round was led by Koch Disruptive Technologies (KDT) with participation from 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 abd design new products.
Led by Renaud Laplanche, co-founder and CEO, Upgrade provides Upgrade Card, its flagship product, which promotes responsible credit by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down 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 delivered over $7 billion in credit to consumers through cards and loans since inception in 2017, and is on track to deliver $7 billion in 2021 alone.
The company also has an operations center in Phoenix, Arizona and a technology center in Montreal, Canada. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender and Blue Ridge Bank, National Association. Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc.