Total amount raised
$587 Million
Latest funding date
11/1/2021
Location
Upgrade has successfully raised funds in eight rounds, with the latest being a Series G round. The company has attracted 33 investors, including notable names like DST Global and Neuberger Berman.
Keep reading to explore the intricacies of Upgrade's fundraising journey and the investors backing this innovative platform.
What Is Upgrade?
Upgrade is a fintech company based in San Francisco, California, offering a range of financial products including mobile banking, credit, and payment services. The company has a substantial workforce, with an employee count ranging from 1001 to 5000.
Founded to provide affordable and responsible credit to mainstream consumers, Upgrade has grown significantly, raising substantial funding over multiple rounds. The company also partners with banks to deliver its services, ensuring a broad reach and robust financial offerings.
How Much Funding Has Upgrade Raised?
- Series A (March 2016)
- Amount Raised: Not publicly disclosed
- Date: March 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To establish the company and develop initial product offerings.
- Series A (March 2017)
- Amount Raised: USD 60,000,000
- Date: March 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product development and market reach.
- Series B (February 2018)
- Amount Raised: USD 40,000,000
- Date: February 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enhance product offerings.
- Series C (August 2018)
- Amount Raised: USD 62,000,000
- Date: August 2018
- Lead Investors: CE Innovation Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expand the customer base.
- Series D (June 2020)
- Amount Raised: USD 40,000,000
- Date: June 2020
- Lead Investors: Mouro Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technological infrastructure and product innovation.
- Series E (August 2021)
- Amount Raised: USD 105,000,000
- Date: August 2021
- Lead Investors: Koch Disruptive Technologies
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand product offerings.
- Series F (November 2021)
- Amount Raised: USD 280,000,000
- Date: November 2021
- Lead Investors: Coatue, DST Global
- Valuation at Round: USD 6,000,000,000
- Motivation Behind the Round: To support rapid growth and expand product offerings.
- Series G (October 2025)
- Amount Raised: USD 165,000,000
- Date: October 2025
- Lead Investors: Neuberger Berman
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance product innovation.
Total Amount Raised: USD 752,000,000. Current Valuation: USD 6,000,000,000.
Key Investors
- Neuberger Berman
- Details: Neuberger Berman is a private, independent, employee-owned investment management firm. It manages a range of investment strategies, including equity, fixed income, private equity, and hedge funds.
- Investment Focus Areas: Asset management, private equity, venture capital.
- Notable Investments: Not publicly disclosed.
- Coatue Management
- Details: Coatue Management is a global investment firm focused on technology, media, and telecommunications. It manages both public and private equity funds.
- Investment Focus Areas: Technology, media, telecommunications, consumer sectors.
- Notable Investments: Snap Inc., DoorDash, ByteDance.
- DST Global
- Details: DST Global is an investment firm that focuses on late-stage internet companies. It has a strong track record of investing in some of the world's leading technology companies.
- Investment Focus Areas: Internet, technology companies.
- Notable Investments: Facebook, Alibaba, Spotify.
- Koch Disruptive Technologies
- Details: Koch Disruptive Technologies is a subsidiary of Koch Industries that invests in high-growth companies. It focuses on transformative technologies across various sectors.
- Investment Focus Areas: Technology, innovation across various sectors.
- Notable Investments: Desktop Metal, Insightec, Kinsa.
- Mouro Capital
- Details: Mouro Capital is a venture capital firm that focuses on fintech and adjacent businesses. It aims to support innovative companies in the financial services sector.
- Investment Focus Areas: Fintech, adjacent businesses.
- Notable Investments: Not publicly disclosed.
What's Next for Upgrade?
Upgrade stands at the cusp of significant opportunities, driven by its innovative financial products like the Upgrade Card and Bitcoin Rewards Card. With a robust $280 million Series F funding round and a $6 billion valuation, the company is well-positioned to expand its market share in mobile banking and responsible credit solutions. The growing consumer interest in cryptocurrency rewards and cash-back incentives further amplifies its growth potential.
Future fundraising prospects appear promising, given the rapid growth and strong investor backing. The recent successful funding rounds suggest that Upgrade could attract substantial investments to fuel further innovation and market expansion. However, the company may face challenges such as regulatory hurdles and competition from other fintech firms. Navigating these obstacles while maintaining product quality and customer satisfaction will be crucial for sustained growth.
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