fintech company upgrade Have picked up the Series F round just four months after raising their previous round. Today, the company is announcement of $280 million in new funding at a pre-money valuation of $6 billion.
In August, the company announced Series E Round – $105 million at a valuation of $3.325 billion. In other words, the company is both well capitalized and has increased its valuation by a few billion dollars in a very short period of time.
Today’s Series F round was led by Coatue Management and DST Global. Dragoneer Investment Group also participated, as well as some existing investors, such as Gopher Asset Management, G-Square, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital and V Capital.
Upgrade is focusing on responsible credit for consumers in the US. Credit Card Which encourage you to pay your balance on time. When you pay your monthly balance, you get rewards.
The company offers 1.5% cashback on all purchases made with its Cash Rewards card. This lets you get 1.5% back in bitcoin with another credit card focused on bitcoin rewards.
But what if you can’t pay your monthly balance? To help you get out of your credit card debt, Upgrade adds monthly fees to installment plans that you can pay back in 24 to 60 months. You pay off your balance at a fixed rate with equal monthly payments.
The company has also introduced checking accounts and debit cards for those looking for an alternative to their existing bank account. Notably, there is no monthly fee and no minimum account balance. You get rewards even when you pay with a debit card.
And if you don’t want to get a new credit card or a new bank account, the upgrade also lets you apply for personal loans with APRs ranging from 5.94% to 35.97%.
In total, the company has given consumers $10 billion in credit through its credit cards and personal loans. But upgrade growth is accelerating as the company expects to provide $8 billion in credit in 2021 alone.