Upgrade Raises $165 Million Equity Investment

Series G round led by Neuberger Berman Funds

SAN FRANCISCO, Oct. 16, 2025 /PRNewswire/ -- Upgrade, Inc., a fintech company that offers affordable and responsible credit and banking products to mainstream consumers, today announced that it raised $165 million in new equity investment. Upgrade's Series G Preferred Round was led by Neuberger*, with participation from LuminArx Capital Management**. Existing shareholders, including DST Global, Ribbit Capital and several others, also increased their investment in the company. Peter Sterling, Head of Specialty Finance at Neuberger, is joining Upgrade's Board of Directors.

Upgrade has delivered over $42 billion in affordable credit to over 7.5 million customers since its inception in 2017. It offers a wide range of banking and credit products, including mobile banking, BNPL, credit cards, personal loans, home improvement financing and auto financing. Upgrade has established unique distribution channels with hundreds of airlines, cruise lines and other travel brands, as well as thousands of home improvement contractors and car dealerships across the country.

"Upgrade presents an unmatched opportunity in fintech," said Peter Sterling. "As many companies in the space struggle with acquisition costs and monetization strategy, Upgrade has sustained profitable growth through a multi-product, multi-channel strategy that relies on low-cost, proprietary distribution channels to acquire new customers and its ability to monetize users through multiple products. We have known Renaud and the Upgrade founding team for over a decade and are very excited to expand our partnership."

Upgrade recently achieved significant growth milestones, including $2 billion dollars in cumulative home improvement financing and $1 billion in auto financing, denoting fast growth as both products launched in the last three and two years, respectively.

"We are thrilled to expand our relationship with Neuberger and welcome Peter as a new board member," said Upgrade co-founder and CEO Renaud Laplanche. "We are planning to use the new equity capital to keep developing new products and expand distribution to achieve our goal of helping more mainstream consumers get the banking and credit products they need today, while improving their financial and credit standing in the long run."

Upgrade, Inc. has raised $750 million in equity capital since inception. BofA Securities served as the exclusive placement agent to Upgrade.

About Upgrade 

Upgrade is a financial technology company that offers affordable and responsible credit, mobile banking, and payment products to mainstream consumers. Since its inception in 2017, Upgrade has delivered over $42 billion in credit to over 7.5 million customers. Upgrade's platform includes six core products: Personal Loans, Credit Cards, Mobile Banking, BNPL, Home Improvement Financing and Auto Financing. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC, and Celtic Bank, a Utah State Chartered Industrial Bank, Member FDIC.

Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California.

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SOURCE Upgrade, Inc.