Upgrade snaps up BNPL vendor Uplift for $100m
US fintech Upgrade has agreed a deal to acquire buy now, pay later (BNPL) vendor Uplift for $100 million in a mix of stocks and cash.
Upgrade acquires BNPL vendor Uplift for $100m
California-headquartered Uplift provides BNPL payment and credit products to the travel industry, boasting 300 commercial partnerships with airlines, cruise lines and hotel chains across the US and Canada.
Its offering includes a range of BNPL products that enable its customers to split and manage payments for travel expenses. Uplift’s services are also connected to credit bureaus, so users can improve their credit score when they complete monthly repayments.
Having experienced “exceptional growth” over the past few years in line with the rising popularity of BNPL credit services, the company is now to be acquired by Upgrade, a provider of personal credit lines and other financial products.
Upgrade co-founder and CEO, Renaud Laplanche, says the two companies will combine forces “to make travel more accessible and affordable for millions of consumers, and over time implement similar solutions in adjacent parts of our customers’ lives”.
The acquisition is in line with Upgrade’s current strategy of making credit more widely available at the point of sale, as well as making credit available directly to consumers through cards and loans.
