This funding helps Upgrade reach a $3.3B valuation. Here are the top-line bullets you need to know.
Upgrade, an online lending platform, has raised $105M in a Series E. The round drew participation from Black River Ventures, Ventura Capital, and Koch Disruptive Technologies.
HOW’S THE COMPANY PERFORMING?
- California-based Upgrade focuses on providing consumers with affordable and ethical credit.
- Since its inception in 2017, Upgrade has provided mainstream customers with over $7B in credit through cards and loans. It also offers a checking account that features 2% cashback rewards.
- The company recently launched its Upgrade Bitcoin Rewards Card — a credit card that offers rewards in bitcoin rather than cash.
WHY DOES THE MARKET MATTER?
- The fintech market is projected to grow at a CAGR of 23.41% to reach a value of $324B by 2026, according to Market Data Forecast.
- The global fintech adoption rate stands at 25%, signaling the presence of growth opportunities for providers and first movers.
- The market has seen a boom in funding in recent years. In 2020, VCs invested $42B in fintech companies.
- The Covid-19 pandemic has driven the adoption of cashless transactions and increased demand for digital payment solutions and online payment gateways.