Upgrade Secures $165 Million in Equity Investment to Expand Fintech Solutions

Upgrade Raises $165 Million Equity Investment

Upgrade, Inc., a leader in the financial technology space, has successfully secured an impressive $165 million in a new equity investment. This funding, which forms part of the Series G Preferred Round, was spearheaded by Neuberger Berman Funds, alongside participation from LuminArx Capital Management, and additional investments from existing shareholders such as DST Global and Ribbit Capital. The announcement was made on October 16, 2025, positioning Upgrade to further its mission of providing affordable and responsible credit and banking products to mainstream consumers.

Since its founding in 2017, Upgrade has made its mark by delivering over $42 billion in accessible credit to over 7.5 million customers. Their diverse portfolio includes essential products like mobile banking, Buy Now Pay Later (BNPL) options, credit cards, personal loans, home improvement financing, and auto financing. The company’s unique approach includes partnerships with hundreds of airlines and travel brands, as well as a vast network of home improvement contractors and car dealerships, establishing a robust distribution that helps them reach a wider audience.

Peter Sterling, the Head of Specialty Finance at Neuberger, expressed confidence in Upgrade's potential, stating, "Upgrade offers an unmatched opportunity in fintech. While many companies struggle with customer acquisition and monetization strategies, Upgrade has consistently showcased profitable growth through a multi-product and multi-channel approach. Their reliance on low-cost, proprietary distribution allows them to attract new customers effectively and monetize through diverse product offerings.”

Sterling's addition to Upgrade’s Board of Directors underscores a significant strategic move as the firm aims to leverage this funding to expand its reach even further. Notable achievements recently include surpassing $2 billion in cumulative home improvement financing and $1 billion in auto financing, both of which illustrate rapid growth as they launched these products within the last few years.

Renaud Laplanche, co-founder and CEO of Upgrade, welcomed the investment, saying, "We are thrilled to deepen our relationship with Neuberger and are excited to have Peter join our board. Our goal is to utilize the new equity capital to continue developing innovative products and broaden our distribution channels. We are focused on empowering even more consumers by providing the banking and credit solutions they need while simultaneously helping them enhance their financial and credit standing over the long term."

With a total of $750 million raised in equity capital since its inception, Upgrade continues to position itself as a formidable player in the fintech landscape. The exclusive placement agent for this round of funding was BofA Securities.

Upgrade conducts its operations from its headquarter located in San Francisco, California, while maintaining additional offices in Phoenix, Arizona, Montreal, Canada, Atlanta, Georgia, and Irvine, California. With a comprehensive platform featuring six core products—Personal Loans, Credit Cards, Mobile Banking, BNPL, Home Improvement Financing, and Auto Financing—Upgrade is poised to advance its mission of delivering affordable financial services to the mainstream market.

Follow Upgrade on social media to stay updated with their latest developments and initiatives.