US fintech Upgrade is set to acquire buy now, pay later (BNPL) vendor Uplift for $100 million in a mix of stocks and cash, aiming to enhance accessibility and affordability for consumers in the travel industry.
Facts
- Upgrade, a US fintech company, is acquiring Uplift, a BNPL vendor, for $100 million in a combination of stocks and cash.
- Uplift, based in California, offers BNPL payment and credit products specifically tailored for the travel industry.
- Uplift boasts 300 commercial partnerships with airlines, cruise lines, and hotel chains across the United States and Canada.
- Uplift provides a variety of BNPL products that allow customers to split and manage travel expense payments.
- Uplift has experienced significant growth in line with the increasing popularity of BNPL credit services.
- The acquisition aligns with Upgrade’s strategy of expanding credit availability at the point of sale and directly to consumers through cards and loans.
- Upgrade’s CEO, Renaud Laplanche, intends to combine forces to make travel more accessible and affordable for millions of consumers and explore similar solutions for other areas of customers’ lives.
