Upgrade, a US-based fintech company that offers affordable and responsible credit to mainstream consumers, announced that it closed a US$105 million Series E round at a US$3.325 billion pre-money valuation.

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

Upgrade offers products that are designed to give consumers more value and a better experience than those offered by traditional banks. Upgrade Card, the company’s flagship product, 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.

The neobank reported that it has delivered over US$7 billion in affordable credit to consumers through cards and loans since inception in 2017, and is on track to deliver US$7 billion in 2021 alone.

“We are thrilled to partner with KDT. 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”.

said Renaud Laplanche, Co-Founder and CEO of Upgrade.

This article first appeared on fintechnews.ch