Upgrade, a fintech startup that turns credit card balances into installment loans, has raised a $280 million Series F round at a $6 billion pre-money valuation, effectively doubling its valuation from just three months ago.
The competition was led by Coatue Management and DST Global. The tour was attended by Dragoneer Investment Group and major investors, including Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital, and Vy Capital.
Renaud Laplanche, the former CEO of LendingClub, announces that Renewal will close its $ 105 million touring series in August with a budget of $ 3.325 billion.
The renewal card converts all balances into a fixed installation plan and pays the cardholders compensation.
Since its launch in 2017, Upgrade has lent more than $ 10 billion to Americans through cards and loans and plans to add $ 8 billion this year. Checks and debit cards also offer 2% interest on daily transactions and monthly installments.
The company recently launched the Upwards Bitcoin Rewards Card, a credit card that pays prizes in bitcoin rather than cash, allowing customers to enjoy the highest levels of bitcoin without risking their money. We are excited about Upgrade’s innovative products, which we believe will help the company occupy an important market segment Mobile market. “