Upgrade Inc.

Founded in 2016 and based in San Francisco, CA, Upgrade, Inc. is a neobank that provides innovative financial solutions, including personal loans and credit cards to help consumers manage their financial health. In October 2025, Upgrade, Inc. raised USD 165 million in series G funding led by Neuberger Berman, with participation from LuminArx Capital Management, DST Global, and Ribbit Capital.

The deal values Upgrade, Inc. at USD 7. 3 billion post-money. The company was co-founded by Renaud Laplanche, Adelina Grozdanova, Visar Nimani, Jeff Bogan, and Matt Wierman.

Upgrade offers a suite of financial products designed to enhance consumer financial management through innovative lending solutions and rewards.   The core offerings include personal loans, credit cards, and high yield checking accounts, aimed at facilitating access to funds for various purposes such as debt consolidation, home improvement, and major purchases. The personal loan service, available up to USD 50,000, provides borrowers with flexible repayment terms ranging from 24 to 84 months, with Annual Percentage Rates (APRs) varying between 7. 99% and 35.

99%. The Upgrade Visa® Cards, including the Upgrade Cash Rewards and Upgrade Life Rewards cards, allow users to earn cash back on eligible purchases, further incentivizing responsible spending. These financial products are primarily marketed to consumers in the United States, focusing on individuals seeking better financial control and rewards programs that align with their spending habits. Upgrade generates revenue through interest accrued on personal loans and fees associated with its credit card offerings.

The company structures its transactions primarily through direct consumer lending, enabling clients to access funds on demand for various financial needs. Customers typically apply for loans or credit cards through an online platform, where they receive immediate decisions regarding their applications. For example, a customer may take out a personal loan of USD 10,000 with a fixed APR, resulting in monthly payments over the agreed term, alongside accrued interest. Additionally, Upgrade collects revenue through cash back rewards incentivizing consumer spending, as well as potential origination fees applied to the loans.

The firm capitalizes on its ability to offer competitive loan products and rewards programs, contributing to its overall financial performance. The company will use the October 2025 funding to develop new products and expand distribution to reach more consumers with banking and credit services.