Fintech Giant Upgrade Secures $165 Million Series G to Propel Consumer Banking Expansion
October 18, 2025, 3:53 pm
Upgrade, a leading fintech firm, secured $165 million in Series G funding. Neuberger Berman Funds spearheaded the investment. This capital fuels expansion of Upgrade's consumer credit and banking products. Offerings include mobile banking, BNPL, credit cards, and specialized loans. Upgrade has delivered over $42 billion in credit to 7.5 million customers since 2017. The company boasts robust growth and profitability. Its extensive distribution network drives success. Peter Sterling of Neuberger Berman joins the board. Funds will develop new products. They will also broaden market reach. Upgrade aims to enhance financial standing for mainstream consumers. This strategic investment reinforces its market leadership in accessible financial solutions.
San Francisco's financial technology landscape continues its rapid evolution. Fintech powerhouse Upgrade, Inc. recently announced a significant $165 million Series G equity funding round. This substantial investment further cements Upgrade's position as a leader in consumer credit and banking. It underscores investor confidence in its multi-product, multi-channel growth strategy.
Neuberger Berman Funds led this pivotal funding round. Their participation signals strong belief in Upgrade's business model. LuminArx Capital Management also joined as a new investor. Existing shareholders reaffirmed their commitment. DST Global and Ribbit Capital, long-term backers, increased their stakes. This diverse investor base reflects Upgrade's broad appeal and proven track record.
A key development accompanying the funding is a new board appointment. Peter Sterling, Head of Specialty Finance at Neuberger Berman, now joins Upgrade’s Board of Directors. His expertise will provide valuable strategic guidance. This addition strengthens Upgrade’s leadership. It aligns investor interests directly with company growth.
Upgrade, co-founded and led by CEO Renaud Laplanche, began in 2017. In a short span, it has achieved remarkable scale. The company has delivered over $42 billion in affordable credit. This credit has reached more than 7.5 million mainstream consumers. These figures highlight Upgrade's impressive market penetration. They demonstrate its capacity for rapid, impactful growth.
The company offers a comprehensive suite of banking and credit products. Its platform includes mobile banking services. It features popular Buy Now, Pay Later (BNPL) solutions. Upgrade also provides traditional credit cards and personal loans. Specialized financing options are available. These include home improvement financing and auto financing. This broad product portfolio serves diverse consumer needs.
Upgrade's success stems from its innovative distribution channels. The company built an extensive proprietary network. It partners with hundreds of airlines and cruise lines. Other major travel brands also participate. Thousands of home improvement contractors leverage Upgrade's financing. Auto dealerships across the nation utilize its solutions. This strategy ensures efficient customer acquisition. It also allows effective cross-selling of financial products.
This low-cost distribution model is crucial. It supports Upgrade’s sustained profitability. Many fintech peers struggle with high acquisition costs. Upgrade navigates these challenges effectively. Its multi-product, multi-channel approach yields strong returns. This operational efficiency is a core competitive advantage.
Upgrade has also achieved significant product milestones. Its home improvement financing product surpassed $2 billion in cumulative funding. This was achieved in just a few years since its launch. Similarly, auto financing reached $1 billion. Both products demonstrate Upgrade's ability to quickly scale new offerings. They respond directly to consumer demand for specialized credit.
Banking services and credit lines are issued through strategic partnerships. Cross River Bank, a New Jersey State Chartered Commercial Bank, is a key partner. Blue Ridge Bank, a nationally chartered commercial bank, also participates. Celtic Bank, a Utah State Chartered Industrial Bank, completes the trio. These partnerships ensure robust regulatory compliance. They enable broad service delivery across the United States.
Upgrade maintains a significant operational footprint. Its headquarters are in San Francisco, California. An operations center operates in Phoenix, Arizona. A technology center thrives in Montreal, Canada. Regional offices serve key markets. These include Atlanta, Georgia, and Irvine, California. This distributed model supports its growing customer base. It fosters talent acquisition across diverse regions.
The newly raised capital has clear strategic objectives. Upgrade plans to expand its existing suite of financial products. It aims to develop even more innovative solutions. The company will also extend its reach to more mainstream consumers. The goal remains consistent: providing accessible financial tools. These tools help users improve their credit standing. They enhance overall financial well-being.
BofA Securities acted as the exclusive placement agent for this transaction. Their expertise facilitated a smooth funding process. This transaction brings Upgrade’s total equity capital raised to $750 million. This impressive sum reflects years of consistent investor confidence. It empowers Upgrade’s continued disruption of traditional banking.
Upgrade’s consistent growth amidst challenging market conditions is noteworthy. Its focus on profitable expansion sets it apart. The company’s ability to monetize users through multiple products drives this success. Its proprietary distribution channels minimize customer acquisition costs. This strategic combination positions Upgrade for enduring market leadership.
The company’s future looks bright. With this new funding, Upgrade will accelerate innovation. It will deepen its market penetration. The focus remains on helping consumers access necessary banking and credit products. It also emphasizes long-term financial improvement. Upgrade continues to redefine mainstream financial services.
San Francisco's financial technology landscape continues its rapid evolution. Fintech powerhouse Upgrade, Inc. recently announced a significant $165 million Series G equity funding round. This substantial investment further cements Upgrade's position as a leader in consumer credit and banking. It underscores investor confidence in its multi-product, multi-channel growth strategy.
Neuberger Berman Funds led this pivotal funding round. Their participation signals strong belief in Upgrade's business model. LuminArx Capital Management also joined as a new investor. Existing shareholders reaffirmed their commitment. DST Global and Ribbit Capital, long-term backers, increased their stakes. This diverse investor base reflects Upgrade's broad appeal and proven track record.
A key development accompanying the funding is a new board appointment. Peter Sterling, Head of Specialty Finance at Neuberger Berman, now joins Upgrade’s Board of Directors. His expertise will provide valuable strategic guidance. This addition strengthens Upgrade’s leadership. It aligns investor interests directly with company growth.
Upgrade, co-founded and led by CEO Renaud Laplanche, began in 2017. In a short span, it has achieved remarkable scale. The company has delivered over $42 billion in affordable credit. This credit has reached more than 7.5 million mainstream consumers. These figures highlight Upgrade's impressive market penetration. They demonstrate its capacity for rapid, impactful growth.
The company offers a comprehensive suite of banking and credit products. Its platform includes mobile banking services. It features popular Buy Now, Pay Later (BNPL) solutions. Upgrade also provides traditional credit cards and personal loans. Specialized financing options are available. These include home improvement financing and auto financing. This broad product portfolio serves diverse consumer needs.
Upgrade's success stems from its innovative distribution channels. The company built an extensive proprietary network. It partners with hundreds of airlines and cruise lines. Other major travel brands also participate. Thousands of home improvement contractors leverage Upgrade's financing. Auto dealerships across the nation utilize its solutions. This strategy ensures efficient customer acquisition. It also allows effective cross-selling of financial products.
This low-cost distribution model is crucial. It supports Upgrade’s sustained profitability. Many fintech peers struggle with high acquisition costs. Upgrade navigates these challenges effectively. Its multi-product, multi-channel approach yields strong returns. This operational efficiency is a core competitive advantage.
Upgrade has also achieved significant product milestones. Its home improvement financing product surpassed $2 billion in cumulative funding. This was achieved in just a few years since its launch. Similarly, auto financing reached $1 billion. Both products demonstrate Upgrade's ability to quickly scale new offerings. They respond directly to consumer demand for specialized credit.
Banking services and credit lines are issued through strategic partnerships. Cross River Bank, a New Jersey State Chartered Commercial Bank, is a key partner. Blue Ridge Bank, a nationally chartered commercial bank, also participates. Celtic Bank, a Utah State Chartered Industrial Bank, completes the trio. These partnerships ensure robust regulatory compliance. They enable broad service delivery across the United States.
Upgrade maintains a significant operational footprint. Its headquarters are in San Francisco, California. An operations center operates in Phoenix, Arizona. A technology center thrives in Montreal, Canada. Regional offices serve key markets. These include Atlanta, Georgia, and Irvine, California. This distributed model supports its growing customer base. It fosters talent acquisition across diverse regions.
The newly raised capital has clear strategic objectives. Upgrade plans to expand its existing suite of financial products. It aims to develop even more innovative solutions. The company will also extend its reach to more mainstream consumers. The goal remains consistent: providing accessible financial tools. These tools help users improve their credit standing. They enhance overall financial well-being.
BofA Securities acted as the exclusive placement agent for this transaction. Their expertise facilitated a smooth funding process. This transaction brings Upgrade’s total equity capital raised to $750 million. This impressive sum reflects years of consistent investor confidence. It empowers Upgrade’s continued disruption of traditional banking.
Upgrade’s consistent growth amidst challenging market conditions is noteworthy. Its focus on profitable expansion sets it apart. The company’s ability to monetize users through multiple products drives this success. Its proprietary distribution channels minimize customer acquisition costs. This strategic combination positions Upgrade for enduring market leadership.
The company’s future looks bright. With this new funding, Upgrade will accelerate innovation. It will deepen its market penetration. The focus remains on helping consumers access necessary banking and credit products. It also emphasizes long-term financial improvement. Upgrade continues to redefine mainstream financial services.