US lender receives Series C $62m funding Upgrade
US lender Upgrade has closed its Series C round of $62 million financing led by CreditEase Fintech Investment Fund.
The new capital will drive product innovation following the launch of its Personal Credit Line and the expansion of Credit Health, Upgrade’s credit monitoring and education product.
All existing investors including Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures and Vy Capital participated in the Series C round.
“The new capital will enable continued investments in product, credit analytics, compliance, risk management and expansion of our San Francisco, Phoenix, Montreal and Chicago offices,” says Renaud Laplanche, co-founder and CEO of Upgrade.
Upgrade’s Personal Credit Line is designed to combine fixed rate and monthly amortisation of personal loans for lines of credit typically obtained through credit cards.
The Upgrade platform has facilitated over $1 billion in originations of affordable consumer loans since inception, according to the firm.
Anju Patwardhan, managing director at CreditEase, who will be joining the Upgrade board, says Upgrade is determined to encourage responsible credit behaviour.
Upgrade has raised $142 million in equity capital since inception in 2016. This latest funding round includes the conversion of all previously issued convertible notes.
Laplanche was also the co-founder of Lending Club, and Upgrade is his new venture to be reborn from the ashes.
