Upgrade Secures $105 Million in Series E Round

Upgrade, Inc., a fintech company that offers affordable and responsible credit to mainstream consumers, announced that it has secured $105 million in a Series E funding round led by Koch Disruptive Technologies (KDT) with participation from new and existing investors including BRV and Ventura Capital advised by Julius Baer.   

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Upgrade has delivered over $7 billion in affordable credit to consumers through cards and loans since inception in 2017, and is on track to deliver $7 billion in 2021 alone. Upgrade debuted a rewards checking account earlier this year that offers 2% cashback rewards to consumers on common everyday expenses. The company also launched in July Upgrade Bitcoin Rewards Card, a credit card that pays rewards in bitcoin rather than cash, allowing consumers to enjoy the potential upside of bitcoin without putting their own money at risk.

"We are thrilled to partner with KDT," said Renaud Laplanche, co-founder and CEO 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".

"We are seeing rapid innovation in banking, and believe fintech, and neobanks in particular, will profoundly transform the banking industry to the greater benefit of consumers" said Byron Knight, Managing Director at KDT. "Upgrade has proven success in designing products that deliver more value and a better experience to consumers, and we believe they are uniquely suited to be a market leader."