Fintech Firm Upgrade Secures $280 Million in Series F Round

Upgrade, Inc., a fintech company that offers affordable and responsible credit and mobile banking to mainstream consumers, announced that it secured $280 million in a Series F funding round, which was led by Coatue Management and DST Global with participation from Dragoneer Investment Group and existing investors including Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital and Vy Capital.

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"We are thrilled to partner with DST, Coatue and Dragoneer," said Renaud Laplanche, co-founder and CEO of Upgrade. "This new round comes just four months after our Series E and demonstrates Upgrade's rapid growth and commitment to delivering innovative financial products that benefit consumers".

Upgrade was recognized as the fastest growing company in the Americas by the Financial Times earlier this year, and Upgrade Card was recently recognized by Nilson Report as the fastest growing credit card in America, marking the first time a fintech company has appeared among the top 50 US credit card issuers.

Upgrade Card promotes responsible credit by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down their balance. Upgrade has delivered over $10 billion in affordable credit to consumers through cards and loans since inception in 2017 and is on track to deliver $8 billion in 2021 alone.