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]
| Company type | Private |
|---|---|
| Industry | Neobanking |
| Founded | 2016 |
| Founder | Renaud Laplanche |
| Headquarters | , |
Areas served | United States |
| Services | Mobile banking, Credit cards, Loans |
Number of employees | 360[1] |
| Website | https://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
edit- ^ "Challenger bank Upgrade will reward credit card holders for repaying debt". American Banker. Retrieved 6 November 2020.
- ^ a b "Credit-focused fintech startup Upgrade raises $40M after reaching $100M run rate". TechCrunch. Retrieved 19 September 2020.
- ^ "Upgrade Closes $40 Million Series D, Values Company at Over $3 Billion, Advised by FT Partners". Crowd Fund Insider. Retrieved 19 September 2020.
- ^ a b c "Santander Group invests $40M in consumer lender Upgrade". American Banker. Retrieved 19 September 2020.
- ^ "Upgrade at $6B Valuation After $280M Series F Funding". November 16, 2021.
- ^ "LendingClub Founder Is Back and Wants to Replace Credit Cards". Bloomberg. Retrieved 19 September 2020.
- ^ "Fintech pioneer takes new tilt at credit card industry". Financial Times. Retrieved 19 September 2020.
- ^ "Renaud Laplanche's Second Act". Pymnts. Retrieved 19 September 2020.
- ^ "Ex-LendingClub CEO Laplanche sees new Upgrade venture growing loan volumes". Reuters. Retrieved 19 September 2020.
- ^ "Lending Club Ex-CEO Is Staging A Comeback With New Fintech Startup". Forbes. Retrieved 19 September 2020.
- ^ "Renaud Laplanche's Upgrade launches personal credit lines". AltFi. Retrieved 19 September 2020.
- ^ "Renaud returns, but will Upgrade live up to its name?". AltFi. Retrieved 19 September 2020.
- ^ "Online lender touts new personal credit line as HELOC alternative". American Banker. Retrieved 19 September 2020.
- ^ "California finance startup opening downtown Phoenix office, hiring up to 300". Phoenix Business Journal. Retrieved 19 September 2020.
- ^ "Lending Club founder Renaud Laplanche opens up on his 'frustrating' exit and new startup Upgrade". Business Insider. Retrieved 19 September 2020.
- ^ "Here's a look at 5 of the Bay Area's hottest startups". Silicon Valley Business Journal. Retrieved 19 September 2020.
- ^ "Upgrade Closes $60M Series A Financing". Finsmes. Retrieved 19 September 2020.
- ^ "Lending Club founder Renaud Laplanche is back with a new startup and $60 million in funding". TechCrunch. Retrieved 19 September 2020.
- ^ "Former Lending Club CEO takes on the credit card industry". Finextra. Retrieved 19 September 2020.
- ^ "Upgrade Announces New Personal Credit Line Product at LendIt Fintech USA 2018". Lend Academy. Retrieved 19 September 2020.
- ^ "Upgrade Card Combines Credit Card Acceptance With Installment Payments Flexibility". Pymnts. Retrieved 19 September 2020.
- ^ "New Upgrade Card Could be a Game Changer". Lend Academy. Retrieved 19 September 2020.
- ^ "Upgrade, the newest company by Renaud Laplanche, has a new credit card that it swears is good for you". TechCrunch. Retrieved 19 September 2020.
- ^ Lanyon, Daniel (August 13, 2021). "Upgrade closes biggest funding round to date with $105m Series E".
- ^ Alois, JD (September 28, 2021). "Upgrade Identified as Fastest Growing Card in US, Founder Renaud Laplanche Comments on Evolving Fintech Ecosystem".
- ^ Son, Hugh (November 16, 2021). "Credit card start-up Upgrade jumps 83% in valuation in just four months to $6.28 billion".