Upgrade

Upgrade's journey began in August 2016, spearheaded by Renaud Laplanche, the visionary founder and former CEO of LendingClub, alongside a team of his former colleagues. The company officially launched its loan offerings in April 2017, quickly securing a significant $60 million in a Series A funding round. This initial success set the stage for a period of rapid innovation and growth. By April 2018, Upgrade unveiled a personal credit line, a novel hybrid product combining the features of a credit card and a personal loan, at the LendIt Conference in San Francisco. This was followed by the launch of the Upgrade Card in October 2019, a product designed to merge the broad acceptance of credit cards with the predictable payment structure of installment loans.

The company's innovative approach to consumer finance continued to attract significant investment and recognition. In June 2020, Upgrade achieved a $1 billion valuation following a Series D equity round led by Santander Group. The momentum continued, and by August 2021, a Series E funding round led by Koch Disruptive Technologies pushed its valuation to $3.3 billion. Just a month later, in September 2021, the Nilson Report distinguished Upgrade Card as the fastest-growing credit card in the United States. This rapid ascent was further underscored in November 2021 when Upgrade's valuation soared to $6.28 billion after a $280 million Series F funding round co-led by Coatue Management and DST Global. Expanding its offerings, Upgrade acquired the travel-focused Buy Now, Pay Later (BNPL) provider Uplift in July 2023 for $100 million, integrating travel financing into its diverse portfolio. Uplift was subsequently rebranded to Flex Pay in December 2024, signaling a new phase of growth and expanded opportunities for customers across the U.S. and Canada. Throughout its journey, Upgrade has remained committed to providing affordable and responsible credit, mobile banking, and payment products, helping millions of families manage their finances more effectively.