Upgrade Raises $40M at a $1B Valuation

There are still funding rounds getting done during the pandemic, evenly solidly up rounds; Renaud Laplanche’s Upgrade has just closed $40 million in equity funding that values the company at $1 billion, double their previous valuation; the Series D was led by Santander InnoVentures with participation from existing investors including Union Square Ventures, Ribbit, Vy Capital and Silicon Valley Bank and new investors Ventura Capital and Uncorrelated Ventures; this brings their total amount of funding to date to $200 million; Laplanche told Techcrunch that it is on a $100 million revenue run rate and is cash flow positive which explains the relatively small size of the round; Upgrade expects to do $3 billion in lending this year, including $1 billion in credit card volume on their Upgrade card. Techcrunch

  • Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.