Upgrade (company)

Upgrade is an American neo-bank that offers credit through cards, loans, and rewards. The company was co-founded in 2017 by Renaud Laplanche, Adelina Grozdanova, Jeff Bogan, Visar Nimani, Matt Wierman and Soul Htite and is headquartered in San Francisco. Laplanche also serves as Upgrade's CEO.

Upgrade provides loans to fair-credit borrowers, considering their credit score, free cash flow, and debt-to-income ratio. Users are able to receive personal loans up to $50,000 by either applying online or through Upgrade's mobile app, and may receive loans for credit refinancing, debt consolidation, home improvement projects or major purchases. Once approved for a loan, Upgrade usually deposits the funds into a user's account within one business day.

Upgrade has participated in four funding rounds since 2016, raising a total of $162 million. In the most recent round, a Series D round led by Santander in June 2020, Upgrade received $40 million in funds and a post-money valuation of $1 billion.