Credit Card Startup Upgrade Raises US$280 Million Series F, Now Valued at US$6 Billion18 November 2021
Upgrade, Inc., a fintech company that offers affordable and responsible credit and mobile banking to mainstream consumers, announced that it raised a US$280 million Series F round at a US$6 billion pre-money valuation.
Upgrade said that it has raised US$600 million in equity capital since inception.
The round was led by Coatue Management and DST Global.
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 also participated in the round.
The Upgrade Card is touted to promote 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 reported that it has delivered over US$10 billion in affordable credit to consumers through cards and loans since inception in 2017 and is on track to deliver US$8 billion in 2021 alone.
“We are thrilled to partner with DST, Coatue and Dragoneer.
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”.
said Renaud Laplanche, Co-founder and CEO of Upgrade.
This article first appeared on Fintech News Switzerland.