Total amount raised
$587 Millions
Latest funding date
11/1/2021
Location
Upgrade has successfully raised significant funding through multiple rounds, including a Series F, establishing itself as a unicorn in the fintech industry. The company offers a range of financial products such as personal loans, credit cards, and mobile banking services.
Keep reading to explore the details of Upgrade's funding journey and the investors who have supported its growth.
What Is Upgrade?
Upgrade, founded in 2016, is a fintech company based in San Francisco, California. The company was established by Adelina Grozdanova, Jeff Bogan, Matt Wierman, Renaud Laplanche, Soul Htite, and Visar Nimani.
Upgrade offers a variety of financial products, including personal loans, credit cards, and mobile banking services. They also provide free credit monitoring and educational tools to help consumers manage their finances better.
With a workforce of 1001-5000 employees, Upgrade continues to grow and innovate in the financial technology sector, aiming to make credit and banking services more accessible to mainstream consumers.
How Much Funding Has Upgrade Raised?
- Series A
- Amount Raised: $60M
- Date: March 13, 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company's initial operations and product development.
- Series B
- Amount Raised: $40M
- Date: February 27, 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series C
- Amount Raised: $62M
- Date: August 23, 2018
- Lead Investors: CE Innovation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and enhance technology infrastructure.
- Series D
- Amount Raised: $40M
- Date: June 17, 2020
- Lead Investors: Mouro Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the launch of new financial products and services.
- Series E
- Amount Raised: $105M
- Date: August 11, 2021
- Lead Investors: Koch Disruptive Technologies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel rapid growth and expand market reach.
- Series F
- Amount Raised: $280M
- Date: November 16, 2021
- Lead Investors: Coatue Management, DST Global
- Valuation at Round: $6 billion pre-money
- Motivation Behind the Round: To consolidate the Upgrade Card as the fastest-growing credit card in America and support the company's rapid growth.
Total Amount Raised: $587M. Current Valuation: $6 billion.
Key Investors
- Coatue Management
- Details: Coatue Management is a global investment firm that focuses on technology, media, telecommunications, and consumer sectors. Founded by Philippe Laffont, the firm is known for its data-driven approach to investing.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors
- Notable Investments: Snap Inc., DoorDash, ByteDance
- DST Global
- Details: DST Global is an investment firm that focuses on late-stage internet companies. Founded by Yuri Milner, DST Global has a strong track record of investing in some of the world's most successful tech companies.
- Investment Focus Areas: Internet, technology companies
- Notable Investments: Facebook, Alibaba, Spotify
- Dragoneer Investment Group
- Details: Dragoneer Investment Group is a growth-oriented investment firm that invests in high-quality businesses. The firm is known for its long-term investment strategy and focus on technology-enabled companies.
- Investment Focus Areas: Technology-enabled businesses, growth-stage companies
- Notable Investments: Airbnb, Uber, Snowflake
- G-Squared
- Details: G-Squared is a venture capital firm that invests in growth-stage technology companies. The firm leverages its extensive network and industry expertise to support its portfolio companies.
- Investment Focus Areas: Technology companies, growth-stage companies
- Notable Investments: Lyft, Spotify, Coursera
- Koch Disruptive Technologies
- Details: Koch Disruptive Technologies is a subsidiary of Koch Industries that invests in high-growth companies. The firm focuses on transformative technologies that have the potential to disrupt existing markets.
- Investment Focus Areas: Transformative technologies, high-growth companies
- Notable Investments: Desktop Metal, INSIGHTEC, Kinsa
What's Next for Upgrade?
Upgrade's future looks promising with significant opportunities on the horizon. The company is poised to expand its product offerings, including the Upgrade Card, Rewards Checking account, and Bitcoin Rewards Card. With $280 million raised in Series F funding and a $6 billion valuation, Upgrade is well-positioned to capture a larger share of the mobile banking market and continue its rapid growth.
Future fundraising opportunities are likely as the company demonstrates its ability to innovate and scale. Additional Series rounds or even an Initial Public Offering (IPO) could be on the cards. However, challenges such as competition from other fintech firms, regulatory hurdles, and maintaining customer trust will need to be navigated carefully.
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