The credit-focused fintech firm, Upgrade has announced that the startup has raised $40 million in a Series D funding round. The fintech news arena highlights the claims of the company about this new funding giving the firm a $1 billion valuation.
The round was led by Santander InnoVentures which is the venture capital fund of the Santander Group. It also witnessed participation from various existing investors such as Ribbit, Union Square Ventures, Silicon Valley Bank, and Vy Capital along with participation from new investors such as Uncorrelated and Ventura Capital.
In conjunction with the fresh investment, the senior advisor at Santander InnoVentures, Chris Gottschalk will be seen joining the board at Upgrade.
This round also brings the total funding to the fintech startup to $200 million since its inception.
The intention of the fintech with this freshly acquired funding is to use it for boosting the growth of its Upgrade Card as well as for the launch of Upgrade Account.
Upgrade is a neobank which is led by CEO and co-founder, Renaud Laplanche. This fintech delivers credit to the mainstream customers via personal loans and cards, along with free monitoring of credit as well as tools for education that back the consumers in understanding and also managing their finances more effectively. Upgrade Card offers quite an innovative credit card that delivers the low cost as well as responsible credit of installment which leads to millions of retail locations in the United States. The Upgrade Account is a product for mobile banking which will be offered to mainstream users.
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