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Upgrade valued at $3bn after new funding round

By Alexandra Leonards

US FinTech Upgrade has raised $105 million in Series E funding.

The investment has valued the San Francisco-headquartered company at over $3.3 billion.

Since it was established in 2017, Upgrade has dished out $7 billion in credit to mainstream consumers via cards and loans.

The company said that its Upgrade Card aims to promote responsible credit by turning balances into a fixed-rate instalment plan and by paying rewards to cardholders as they pay down their balance.

The business expects to deliver a further $7 billion in credit in 2021 alone.

The funding round was led by Koch Disruptive Technologies (KDT), with participation from new and existing investors including BRV and Ventura Capital advised by Julius Baer.

“We are thrilled to partner with KDT,” said Renaud Laplanche, co-founder and chief executive of Upgrade. “We have experienced unprecedented growth and profitability this year, and the additional capital will enable us to further establish Upgrade Card as a mainstream credit card and continue designing innovative products that benefit consumers”.

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