Company Research Report
Company Overview
Name: Upgrade, Inc.
Mission of the Company:
Upgrade helps customers make smart financial decisions by providing affordable and responsible credit, mobile banking, and payment products to mainstream consumers. Their mission is to help individuals achieve their financial goals without being trapped by revolving credit card debt or sneaky banking fees.
Founded: No information is available
Founders: No information is available
Key People:
- Renaud Laplanche, Founder and Chief Executive Officer (based on inferred context from related articles).
Headquarters:
- 275 Battery Street, 23rd Floor, San Francisco, CA 94111, USA
Number of Employees: No information is available
Revenue: No information is available
What is the Company Known For:
- Providing affordable credit, mobile banking, and payment products.
- Being recognized as one of the best places to work in the fintech industry.
Products
Personal Loans
Description: Personal Loans offered by Upgrade feature variable APRs, with an origination fee and various repayment terms. Funds are typically made available within one business day of approval.
Key Features:
- APRs range from 9.99%-35.99%
- Origination fee: 1.85% to 9.99%
- Loan terms: 24 to 84 months
- No prepayment penalty
Upgrade Cards
Description: Credit cards that combine the flexibility and rewards of traditional credit cards with additional budgeting and repayment tools.
Key Features:
- Offers cashback rewards
- Integration with mobile digital wallets
- Pay now or pay later flexibility
Upgrade OneCard
Description: A versatile card that offers both credit and debit card functionalities.
Key Features:
- Up to 3% cashback on everyday purchases
- Pay Now feature which allows immediate repayment to avoid interest
- Extra Spending Power linked to account balances
Premier Savings
Description: A high-yield savings account designed to offer competitive APY without fees.
Key Features:
- APY up to 5.02%
- No fees
Rewards Checking Plus
Description: A checking account offering cash back on common expenses and better lending rates.
Key Features:
- Up to 2% cash back on common everyday expenses
- No fees
Auto Refinance
Description: Financial product designed to help customers save on their auto loans.
Key Features:
- Interest rate reduction through refinancing
Auto Finance: Customers and Dealers
Description: No detailed information provided beyond names.
Home Improvement: Contractors
Description: Financial product aimed at homeowners looking to finance home improvements.
Credit Health
Description: Tools designed to help consumers monitor and improve their credit scores.
Recent Developments
New Acquisitions & Investments
- Acquisition of Uplift: Upgrade acquired Uplift, Inc., a leading BNPL provider for travelers, for $100 million in cash and stock (July 27, 2023).
New Products Launched
- Everyday Savings Account (3.50% APY): Launched Premier Savings account offering 3.50% APY (October 27, 2022).
- Upgrade OneCard™: A single card for all purchases providing rewards and budgeting tools (July 27, 2022).
- Upgrade Bitcoin Rewards Card: An innovative card that offers 1.5% bitcoin rewards on all purchases upon payment (July 21, 2021).
- Upgrade Card: General availability in the U.S., offering multiple flexible repayment and credit monitoring features (October 10, 2019).
New Features
- Contactless and Mobile Payment Versions of Upgrade Card: In response to COVID-19, contactless-enabled and digital form Upgrade Card for Apple Pay® and Google Pay™ (April 9, 2020).
- Cash Back Program: 1.5% cashback on every purchase paid down, launched in October 29, 2020.
Partnerships
- Credit Union Partnerships: Achievement of 100 credit union partnerships with the addition of Northwoods Credit Union (March 30, 2022).
- Big Data and Credit Analytics Partnership: Collaboration with Corridor Funds for improved credit analytics (November 29, 2017).
Financial Performance and Growth
- Series F Round Funding ($280 Million): Reached a $6 billion pre-money valuation (November 16, 2021).
- Series E Round Funding ($105 Million): Led by Koch Disruptive Technologies (August 11, 2021).
- Series D Round Funding ($40 Million): Led by Santander InnoVentures (June 17, 2020).
- Series C Round Funding: Led by CreditEase Fintech Investment Fund (August 23, 2018).
Recognitions and Awards
- Recognized as one of America's Best Startup Employers (2023).
- Listed as Best Places to Work multiple times from 2019 to 2023.
- Fastest growing U.S. credit card issuer multiple times according to Nilson Report.
- Various awards for diversity, engineering team, overall company culture.
Contact Information
- Email: support@upgrade.com
- Phone: (844) 319-3909
- Address: 275 Battery Street, 23rd Floor, San Francisco, CA 94111, USA
Office Locations
- San Francisco (Headquarters)
- Phoenix (Service Center)
- Montreal (Engineering Center)
- Atlanta (Regional Office)
- Orange County (Regional Office)
Note: Information in various sections is marked as "No information is available" where data was missing from the provided dataset.
