What is Upgrade?
Headquartered in San Francisco, Upgrade operates as a customer-centric financial technology company that specializes in responsible credit products. Its flagship offering, the Upgrade Card, uniquely integrates the flexibility of a credit card with the structured repayment benefits of a personal loan. Beyond its core card product, the company provides a comprehensive ecosystem including auto refinancing, home improvement loans, and credit monitoring tools. By focusing on creditworthy individuals who are often underserved by legacy financial institutions, Upgrade has successfully originated billions in loans, positioning itself as a scalable alternative to conventional credit providers.
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 Ribbit Capital, Union Square Ventures, Silicon Valley Bank, and Vy Capital
Series B (2018): $40M, investors not publicly disclosed
Series C (2018): $62M supported by NOAH, Ribbit Capital, Apoletto, CreditEase, Sands Capital Ventures, Vy Capital, FirstMark Capital, Silicon Valley Bank, and Union Square Ventures
Debt (2020): $2M featuring PPP
Series D (2020): $40M backed by SVB Financial Group, Ribbit Capital, Santander InnoVentures, Uncorrelated Ventures, Ventura Capital Group, Vy Capital, and Union Square Ventures
Series E (2021): $105M with participation from BRV TECHNOLOGIES, Ventura Capital, and Koch
Unspecified (2021): $240M led by Ribbit Capital, Sands Capital, DST Global Solutions, Old Well Partners, Gopher Asset Management, Koch Disruptive Technologies, G Squared, Dragoneer Investment Group, Ventura Capital, Coatue, and Vy Capital
Debt (2024): $225M, investors not publicly disclosed
Series G (2025): $165M featuring DST Global, Neuberger Berman, Ribbit Capital, and LuminArx
Key Investors in Upgrade
Ribbit Capital
Ribbit Capital is a venture capital firm that invests globally in unique individuals and brands who are aiming to disrupt financial services.
DST Global
DST Global is a web studio specializing in the development and promotion of complex internet projects, mobile applications, and custom solutions for businesses.
Neuberger Berman
Neuberger Berman Group LLC is an independent, employee-controlled asset management company providing global investment solutions to institutions and individuals.
What's next for Upgrade?
With the infusion of $165M, Upgrade is well-positioned to accelerate its enterprise-level growth strategy. The company is expected to leverage this capital to enhance its machine learning infrastructure, further optimizing its instant-decisioning capabilities and expanding its product portfolio. As the firm matures, the focus will likely shift toward deepening its market penetration and exploring new segments within the consumer finance space. The continued support from high-profile investors suggests a long-term vision centered on sustained innovation and the potential for future public market readiness.
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