U.S. fintech firm Upgrade secures a $165 million Series G funding round, valuing the company at approximately $7.3 billion and positioning it for accelerated growth in consumer banking and credit services.
Highlights
Upgrade has raised $165 million in a Series G equity round, led by Neuberger Berman with participation from LuminArx Capital and existing backers such as DST Global and Ribbit Capital.
The funding values the company at an estimated $7.3 billion, reflecting strong investor confidence in Upgrade’s multi-product fintech strategy.
Upgrade plans to use the new capital to expand its range of banking and credit products, deepen its distribution partnerships (including BNPL and auto/home-improvement lending), and prepare for a potential IPO.
Summary
Fintech company Upgrade, Inc. has closed a $165 million Series G funding round, led by Neuberger Berman and backed by prominent investors including LuminArx, DST Global and Ribbit Capital. The investment places Upgrade’s valuation at approximately $7.3 billion, highlighting its rapid growth and broadening product mix.
Founded in 2017 by Renaud Laplanche, Upgrade has delivered over $42 billion in credit to more than 7.5 million customers, offering personal loans, credit cards, BNPL services, home-improvement and auto financing. With this latest funding infusion, the company intends to scale product offerings, expand its distribution channels (such as travel and retail brands) and ready itself for a potential initial public offering in the near-term.
This milestone underscores the resurgence of investor appetite for high-growth fintech platforms that can leverage diversified income streams and large consumer bases, positioning Upgrade as a major contender in the evolving financial services landscape.
