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Total amount raised
$1B+
Latest funding date
2026-02-10
Location
Upgrade has successfully raised funds in eight rounds, with the latest being a Series G round. The company has attracted 33 investors, including notable names like DST Global and Neuberger Berman.
Keep reading to explore the intricacies of Upgrade's fundraising journey and the investors backing this innovative platform.
Upgrade has raised funding across multiple rounds backed by investors including Neuberger Berman, Coatue Management, DST Global, Koch Disruptive Technologies, Santander InnoVentures, and CreditEase Fintech Investment Fund.
Keep reading to explore Upgrade's fundraising journey, from its Series A in 2017 through its latest rounds in 2025 and 2026.
What Is Upgrade?
Upgrade is a San Francisco-based fintech company offering a range of consumer financial products including personal loans, mobile banking, credit cards, and payment services. Founded in 2017 by Renaud Laplanche — who also co-founded LendingClub — Upgrade focuses on providing affordable and responsible credit to mainstream consumers. Since inception, the company has delivered over $45 billion in credit to more than 7.5 million customers and employs between 1,001 and 5,000 people. Upgrade partners with banks to deliver its services and has grown into one of the most prominent consumer credit fintechs in the United States, reaching a $7.3 billion valuation as of October 2025.
How Much Funding Has Upgrade Raised?
- Series A
- Amount Raised: USD 60,000,000
- Date: April 2017
- Lead Investors: Union Square Ventures, Ribbit Capital
- Other Investors: CreditEase, FirstMark Capital, Vy Capital, Silicon Valley Bank, Sands Capital Ventures, Noah Holdings
- Series C
- Amount Raised: USD 62,000,000
- Date: August 2018
- Lead Investors: CreditEase Fintech Investment Fund
- Other Investors: Apoletto, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures, Vy Capital
- Series D
- Amount Raised: USD 40,000,000
- Date: June 2020
- Lead Investors: Santander InnoVentures
- Other Investors: Union Square Ventures, Ribbit Capital, Vy Capital, Silicon Valley Bank, Ventura Capital, Uncorrelated Ventures
- Series E
- Amount Raised: USD 105,000,000
- Date: August 2021
- Lead Investors: Koch Disruptive Technologies
- Other Investors: BRV (BlueRun Ventures), Ventura Capital
- Series F
- Amount Raised: USD 280,000,000
- Date: November 2021
- Lead Investors: Coatue Management, DST Global
- Other Investors: Dragoneer Investment Group, Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital, Vy Capital
- Series G
- Amount Raised: USD 165,000,000
- Date: October 2025
- Lead Investors: Neuberger Berman (NB Alternatives Advisers)
- Other Investors: LuminArx Capital Management, DST Global, Ribbit Capital
- Post-Money Valuation: USD 7,300,000,000
- Debt Financing (Revolving Credit Facility)
- Amount: USD 250,000,000
- Date: February 2026
- Provider: Cross River Bank
- Notes: Upsizing of an existing revolving credit facility from $150M to $250M, secured by personal credit line assets and tied to the Upgrade Card program.
Total Amount Raised: At least $1B based on disclosed funding (approximately $750M in equity across announced rounds, plus $250M in debt financing).
Key Investors
- Neuberger Berman
- Details: Neuberger Berman is a private, independent, employee-owned investment management firm founded in 1939. It manages equity, fixed income, private equity, and hedge fund strategies, and led Upgrade's Series G round in October 2025 at a $7.3 billion valuation. Peter Sterling, Head of Specialty Finance at Neuberger, joined Upgrade's Board of Directors following the investment.
- Coatue Management
- Details: Coatue Management is a global investment firm focused on technology, media, and telecommunications. It co-led Upgrade's Series F round in November 2021 alongside DST Global. Notable investments include Snap, DoorDash, and ByteDance.
- DST Global
- Details: DST Global is an investment firm focused on late-stage internet and technology companies. It co-led Upgrade's Series F and has participated in multiple subsequent rounds. Notable investments include Facebook, Alibaba, and Spotify.
- Koch Disruptive Technologies
- Details: Koch Disruptive Technologies (KDT) is the venture and growth equity arm of Koch Industries, focused on disruptive technology companies. KDT led Upgrade's Series E in August 2021 at a $3.325 billion valuation and participated in the Series F.
- Santander InnoVentures
- Details: Santander InnoVentures is the venture capital fund of Santander Group, focused on fintech investments globally. It led Upgrade's Series D in June 2020, helping the company achieve unicorn status with a $1 billion valuation.
- CreditEase Fintech Investment Fund
- Details: CreditEase Fintech Investment Fund (CEFIF) is a global fintech-focused fund backed by CreditEase, one of China's largest fintech companies. It led Upgrade's Series C in August 2018 and has been a long-standing participant across multiple rounds.
What's Next for Upgrade?
Upgrade is positioning itself for continued growth in the consumer credit and fintech space. Following its Series G raise in October 2025 at a $7.3 billion valuation, the company has indicated plans for an IPO within 12 to 18 months. The February 2026 debt financing from Cross River Bank further strengthens its capital position. Upgrade continues to expand its suite of financial products, including personal loans, the Upgrade Card, rewards checking accounts, and home improvement loans, with the goal of becoming a leading consumer financial services platform.
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