What is Upgrade?
Headquartered in San Francisco, Upgrade operates as a comprehensive financial technology platform designed to empower mainstream consumers through responsible credit access. Founded in 2017 by Renaud Laplanche, the company distinguishes itself by offering a diverse suite of products, including personal loans, auto refinancing, and its flagship Upgrade Card, which uniquely blends the utility of a credit card with the structured repayment benefits of a personal loan. By utilizing proprietary machine learning models, the platform streamlines the underwriting process, enabling rapid decision-making for creditworthy individuals who are often underserved by legacy financial entities. Beyond credit products, Upgrade provides essential financial health tools, including credit monitoring and educational resources, fostering a holistic approach to consumer financial wellness.
How much funding has Upgrade raised?
Upgrade has raised a total of $939M across 9 funding rounds:
Series A
$60M
Series B
$40M
Series C
$62M
Debt
$2M
Series D
$40M
Series E
$105M
Unspecified
$240M
Debt
$225M
Series G
$165M
Series A (2017): $60M with participation from Silicon Valley Bank, Vy Capital, Union Square Ventures, and Ribbit Capital
Series B (2018): $40M, investors not publicly disclosed
Series C (2018): $62M supported by Sands Capital Ventures, FirstMark Capital, Silicon Valley Bank, Apoletto, NOAH, Union Square Ventures, CreditEase, Ribbit Capital, and Vy Capital
Debt (2020): $2M featuring PPP
Series D (2020): $40M backed by Union Square Ventures, Uncorrelated Ventures, Ribbit Capital, SVB Financial Group, Vy Capital, Santander InnoVentures, and Ventura Capital Group
Series E (2021): $105M with participation from BRV TECHNOLOGIES, Ventura Capital, and Koch
Unspecified (2021): $240M led by Dragoneer Investment Group, Koch Disruptive Technologies, Old Well Partners, Vy Capital, DST Global Solutions, G Squared, Ribbit Capital, Ventura Capital, Sands Capital, Coatue, and Gopher Asset Management
Debt (2024): $225M, investors not publicly disclosed
Series G (2025): $165M featuring Ribbit Capital, LuminArx, DST Global, and Neuberger Berman
Key Investors in Upgrade
Ribbit Capital
Ribbit Capital is a Palo Alto-based venture capital firm that invests globally in unique individuals and brands aiming to disrupt the financial services sector.
Vy Capital
Vy Capital is a global technology investment firm managing over $15 billion in assets, specializing in concentrated investments in transformative technology companies.
Union Square Ventures
Union Square Ventures is a New York City-based venture capital firm that invests in transformative markets influenced by technological and societal changes.
What's next for Upgrade?
With the successful completion of this major strategic investment, Upgrade is well-positioned to accelerate its product innovation and market penetration. The company's focus remains on scaling its credit-as-a-service infrastructure and enhancing its digital-first consumer experience. As the fintech industry faces increasing pressure to deliver sustainable and transparent financial solutions, Upgrade's emphasis on fixed-rate installment products and data-driven risk management provides a significant competitive advantage. Future strategic initiatives will likely involve expanding its suite of financial tools and deepening its integration within the broader consumer finance ecosystem, ensuring that the firm remains at the forefront of the digital banking revolution.
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