What is Upgrade?
Headquartered in San Francisco, California, Upgrade is a financial technology firm dedicated to providing accessible and responsible credit products to mainstream consumers. Founded in 2017, the company offers a comprehensive suite of financial solutions, including personal loans, rewards-based credit cards, home improvement loans, auto refinancing, and credit monitoring services. Its flagship product, the Upgrade Card, uniquely blends credit card and personal loan features, enabling customers to manage purchases with fixed monthly installments and competitive interest rates. Upgrade leverages advanced technology, data analytics, and machine learning to streamline its application and approval processes, often delivering instant decisions and rapid funding. The company targets creditworthy individuals who may not receive optimal rates from traditional banks, emphasizing transparent pricing and flexible repayment terms. Upgrade also provides customers with tools for credit score monitoring, financial progress tracking, and educational resources to enhance financial literacy. With billions in originated loans and hundreds of thousands of customers nationwide, Upgrade is establishing itself as a customer-centric alternative in the financial services sector.
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, Ribbit Capital, and Union Square Ventures
Series B (2018): $40M, investors not publicly disclosed
Series C (2018): $62M supported by Union Square Ventures, CreditEase, FirstMark Capital, Silicon Valley Bank, Apoletto, Vy Capital, Sands Capital Ventures, Ribbit Capital, and NOAH
Debt (2020): $2M featuring PPP
Series D (2020): $40M backed by Ventura Capital Group, SVB Financial Group, Ribbit Capital, Santander InnoVentures, Vy Capital, Union Square Ventures, and Uncorrelated Ventures
Series E (2021): $105M with participation from BRV TECHNOLOGIES, Ventura Capital, and Koch
Unspecified (2021): $240M led by G Squared, Sands Capital, Coatue, Koch Disruptive Technologies, Ventura Capital Group, Old Well Partners, Vy Capital, DST Global Solutions, Ribbit Capital, Dragoneer Investment Group, and Gopher Asset Management
Debt (2024): $225M, investors not publicly disclosed
Series G (2025): $165M featuring Ribbit Capital, LuminArx, Neuberger Berman, and DST Global
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. Headquartered in Palo Alto, Ribbit believes the category is profoundly under-innovated and is looking to support entrepreneurs who have already launched the businesses of the future. The company was founded in 2012.
Vy Capital
Vy Capital is a global technology investment firm managing over $15 billion in assets, specializing in concentrated investments in transformative technology companies. The firm aims to identify and support businesses that have the potential to significantly impact humanity. With offices in London, Dubai, Los Angeles, and San Francisco, Vy Capital targets innovative companies that align with its investment philosophy. Their approach emphasizes maximizing gains over time through strategic investments.
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. The firm targets a variety of sectors, focusing on innovative companies poised for growth. Their investment strategy is centered on identifying opportunities that leverage shifts in numerous industries. Union Square Ventures aims to partner with visionary entrepreneurs to help build the future.
What's next for Upgrade?
The substantial enterprise-level funding and recent strategic investment indicate that Upgrade is in a robust growth phase, likely focusing on scaling its operations, expanding its product offerings, and enhancing its technological infrastructure. This capital will likely be deployed to further penetrate the mainstream consumer market, potentially through increased marketing efforts, strategic partnerships, and continued innovation in credit product development. The company's focus on leveraging technology for streamlined financial services positions it well to capitalize on evolving consumer demands for digital-first, responsible credit solutions. Future developments may include expanding into new financial product categories or enhancing existing ones with advanced features, solidifying its position as a key player in the fintech industry.
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