Upgrade, Inc.
| Company type | Private |
|---|---|
| Industry | Financial technology, Neobank |
| Founded | 2016 |
| Founder | Renaud Laplanche |
| Headquarters | San Francisco , United States |
Area served | United States, Canada |
Key people | Renaud Laplanche (Founder) |
| Products | Fixed-rate loans, credit cards, credit monitoring, financial education tools, home improvement loans, auto financing, OneCard credit product, BNPL travel payments (Flex Pay) |
Number of employees | 1950 |
| Website | upgrade |
Upgrade, Inc. is a U.S.-based neobank established in 2016 by Renaud Laplanche. Since 2017, it has secured $600 million in equity financing and has facilitated consumer credit exceeding $40 billion. The company’s main headquarters is located in San Francisco, California, with additional operational facilities in Phoenix, Arizona, a technology hub in Montreal, Canada, and regional offices situated in Atlanta, Georgia and Irvine, California.
The firm provides a variety of credit and banking products, such as fixed-rate loans and credit cards. It also offers services like credit monitoring and tools for financial education. Employing roughly 1,950 staff members, Upgrade primarily serves the U.S. market with a focus on mobile banking and consumer lending solutions.
History
Founded by Renaud Laplanche, who previously led LendingClub as CEO, along with former Lending Club team members, Upgrade secured $60 million during its Series A funding round and began issuing loans in April 2017.
At the 2018 LendIt Conference, Upgrade unveiled a personal credit line product that merges characteristics of personal loans and credit cards. In October 2019, the company launched the Upgrade Card, which combines the acceptance of credit cards with the flexibility of installment payments. Within two years, the Nilson Report recognized Upgrade Card as the fastest-growing credit card in the United States.
Upgrade reached a valuation of $1 billion in June 2020 following a Series D funding round led by Santander Group. By August 2021, it raised $105 million through Series E financing led by Koch Disruptive Technologies, elevating its valuation to $3.3 billion.
In November 2021, Upgrade’s valuation increased by 83% to $6.28 billion after completing a $280 million Series F funding round spearheaded by Coatue Management and DST Global.
Home Improvement and Auto Financing
In March 2022, Upgrade introduced its home improvement loan program, distinguishing itself with features such as contractor pre-screening conducted in real time, collaborations with over 2,000 contractors, and adaptable financing options. The company issued its first home improvement loan by November 2022 and reached $1 million in loan originations by February 2023. By December 2024, Upgrade surpassed $1 billion in total home improvement loan originations.
Regarding auto financing, within just over a year after launching this service, Upgrade formed partnerships with more than 1,000 franchise and independent dealerships nationwide. This swift growth highlights strong demand from both dealers and consumers for flexible auto financing solutions. In 2024, Upgrade originated more than $500 million in auto loans during its first full year of indirect auto lending and exceeded $1 billion in auto loan originations by mid-2025.
OneCard
July 2022 saw the launch of OneCard™, an innovative credit product that blends the advantages of both credit and debit cards. OneCard provides a “Pay Now” option for daily purchases to avoid interest charges and fees, alongside a “Pay Later” option that allows users to spread out payments over time. This product supports effective budgeting while offering credit card rewards. Subsequently, Upgrade introduced a secured version of OneCard aimed at consumers with limited credit histories or those who are underbanked, intending to assist millions in building credit necessary for obtaining loans and other financial services.
Acquisition of Uplift and Subsequent Rebranding
In July 2023, Upgrade expanded its presence in the travel sector by acquiring Uplift, a BNPL provider specializing in travel, for $100 million. This strategic move aimed to meet significant consumer demand within the travel industry. By December 2024, Upgrade had rebranded Uplift as Flex Pay, reflecting ambitions for innovation and expansion throughout the United States and Canadian markets.
Renowned travel technology firm Expedia chose Flex Pay to introduce flexible payment solutions for cruise reservations across the US and Canada. This initiative launched in March 2025, encompassing five Expedia Group brands: Expedia Cruises, Expedia.com, Travelocity.com, Orbitz.com, and Cheaptickets.com. This collaboration enhances Upgrade’s cruise segment, which experienced a 23% increase in bookings year-over-year in 2024, fueled by greater transaction volume and higher average order values.