What Upgrade does

Upgrade is a San Francisco-based consumer fintech platform founded in 2017 by Renaud Laplanche, the former co-founder and CEO of LendingClub. Operating as a financial technology company rather than a bank, Upgrade delivers a horizontally integrated suite of consumer credit and banking products through partnerships with FDIC-insured banks including Cross River Bank, The Bancorp Bank, Celtic Bank, and others. Since inception, the platform has originated more than $47 billion in credit to over 7 million customers.

The product portfolio centers on fixed-rate personal loans ($1,000-$50,000, 24-84 month terms, 7.74%-35.99% APR) and includes three Upgrade Card variants (Cash Rewards, Life Rewards, Select), Rewards Checking Preferred with up to 2% cash back, Premier Savings at 3.05% APY, the Flex Pay BNPL product (acquired via Uplift in July 2023 for $100 million), auto refinance and indirect auto finance through 1,000+ dealers, home improvement loans up to $100,000 via a contractor network, and the Boost Money financial app offering cash advances and credit-building tools. Underwriting combines internal automated decisioning with Pagaya's AI-powered credit technology, which was extended into Flex Pay BNPL in June 2026.

The business model is transaction-based across lending products, generating revenue through origination fees (1.85%-9.99% on personal loans), interest income, card interchange, deposit float, and a $9.99/month Boost Money Premium subscription. Distribution mixes direct-to-consumer digital channels (website and mobile app with 4.9 rating and 97K+ reviews) with partner-driven distribution including 1,000+ auto dealers, 300+ travel merchants, and residential contractors. The company reports annualized revenue above $1 billion as of May 2025, three consecutive years of cash flow positive operations, and is preparing for an IPO within 12-18 months following a $165 million Series G in October 2025 at a $7.3 billion valuation led by Neuberger Berman.

Name

Upgrade

Legal name

Upgrade, Inc.

Website

https://upgrade.com

Company type

Private

Founded year

2017

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Upgrade is a San Francisco-based fintech platform offering personal loans, credit cards, mobile banking, BNPL (Flex Pay), auto financing, and home improvement loans to mainstream US consumers, operating as a digital marketplace through FDIC-insured bank partnerships and a network of 1,000+ auto dealers and 300+ travel merchants.

Ownership category

akta.pro rank

Product category

Consumer Lending and Fintech Banking

NAICS

Consumer Lending (522291), Credit Intermediation and Related Activities (522), Credit Card Issuing (52221), Activities Related to Credit Intermediation (5223)

SIC

Personal Credit Institutions (6141), Asset-Backed Securities (6189)

akta.pro primary industry

Alternative Data & Credit Scoring (Cashflow, Telco, Utility, Open Banking) (FSAGAHAC)

akta.pro secondary industries

Issuer/Network-Led Installments (Card-Based Pay-Over-Time) (FSAGAIAB), Home Improvement Personal Loans (Unsecured Installment) (FSAKAAAE), Credit Score Monitoring & Credit Building (FSAGADAE)

Keywords

• Consumer credit products
• Online personal loans
• Buy now pay later
• Mobile banking services
• Fintech lending platform

Headquarters

HQ city

San Francisco

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Personnel, Operations, Technology or R&D, Marketing or Sales, Supply Chain

Revenue model

1. Personal Loan Interest and Origination Fees: Upgrade earns origination fees (1.85%-9.99% deducted from loan proceeds) and interest on personal loans with APRs ranging from 7.74%-35.99%. Loans range from $1,000 to $50,000 with repayment terms from 24 to 84 months.
2. Credit Card Transaction Fees: Upgrade Card generates revenue through transaction fees when customers use the card. Products include Cash Rewards, Life Rewards, and Upgrade Select cards offering cash back on purchases.
3. BNPL Installment Loans (Flex Pay): Flex Pay BNPL product generates revenue through interest charged on installment loans. APRs range from 0% to 36% depending on creditworthiness and promotional offers. No fees are charged to customers.
4. Auto Financing: Auto refinance and auto finance products generate revenue through interest on loans. On average, Upgrade customers save $115/month when refinancing. Dealerships pay flats of up to 4% of amount financed.
5. Deposit Account Fees: Rewards Checking accounts generate revenue through deposit balances. Premier Savings offers 3.05% APY. Boost Money offers tiered savings rates including 10% APY on balances up to $1,000 for Premium subscribers.

Pricing tiers

Go-to-market motion3 records

Distribution channels6 records

Marketing channels8 records

Core offering

Upgrade is a consumer fintech platform that delivers personal loans, credit cards, Rewards Checking, Premier Savings, Flex Pay Buy Now Pay Later, auto financing, and home improvement loans to mainstream US consumers. It operates as a financial technology company (not a bank) and partners with FDIC-insured bank partners (Cross River Bank, The Bancorp Bank, Celtic Bank, Sutton Bank) to originate loans and issue cards, distributing everything through its website, mobile app, and partner channels including travel merchants, auto dealers, and residential contractors.

Product overview

Upgrade is a fintech company that operates as a financial technology platform, not a bank, offering a comprehensive suite of consumer credit products and mobile banking services. The product portfolio centers on personal loans (core product offering amounts from $1,000 to $50,000), supplemented by credit cards (Upgrade Card with Cash Rewards, Life Rewards, and Select variants), Buy Now/Pay Later services (Flex Pay, formerly Uplift), and deposit accounts (Rewards Checking Preferred with up to 2% cash back and Premier Savings with 3.05% APY). Additional offerings include home improvement loans for contractors up to $100,000, auto refinance and auto finance products, and Boost Money (a financial app with cash advances up to $500 and credit-building features). The company also provides free credit health monitoring tools. All products are offered in partnership with FDIC-insured bank partners including Cross River Bank and The Bancorp Bank.

Differentiator

Problem solved

Functional benefit

Brands

• Flex Pay: Buy Now, Pay Later (BNPL) solution for travel and retail purchases, formerly known as Uplift. Allows customers to spread costs over fixed monthly payments.
• Boost Money
• Rewards Checking Preferred
• Premier Savings
• Upgrade Card
• Upgrade Auto

Products and services

• Personal Loans Unsecured fixed-rate personal loans from $1,000 to $50,000 with 24 to 84 month terms and APRs of 7.74% to 35.99%, offered to mainstream US consumers for debt consolidation, credit card refinancing, home improvement, and major purchases.
• Flex Pay (Buy Now, Pay Later) Buy Now, Pay Later installment loan solution that lets consumers spread travel and retail purchases over monthly payments with simple interest (APRs 0% to 36%) and no fees, available at hundreds of travel and retail merchant websites.
• Upgrade Card - Cash Rewards Credit card offering up to 2% cash back on debit purchases with no annual fee and the ability to pay over time with predictable fixed payments.
• Upgrade Card - Life Rewards Credit card offering 3% cash back on gas, groceries, utilities, and streaming services and 1% on other purchases, accepted wherever Visa is accepted, with no annual fee.
• Upgrade Card - Select Entry-level credit card with credit-building features available to a broader range of consumers.
• Rewards Checking Preferred Mobile checking account offering up to 2% cash back on purchases, early direct deposit, and no monthly maintenance fees.
• Premier Savings High-yield savings account offering 3.05% APY with no minimum balance requirements.
• Home Improvement Loans Loan financing offered through residential contractors for home renovation projects averaging under $25,000 including roofing, pools, HVAC, windows, and bathrooms, with customer pre-screening integrated into contractor tools.
• Auto Refinance Vehicle refinance loan for cars 10 years old or newer with less than 130,000 miles (150,000 for trucks), enabling customers to lower monthly payments or reduce interest rates, with an average savings of $115 per month for refinanced customers.
• Auto Finance Indirect auto financing offered through a network of over 1,000 dealers across the U.S., with automated decisioning, fast funding, GAP coverage, and vehicle service contracts.
• Boost Money Financial app providing BoostCash advances up to $500 with no interest or late fees, 10% APY on savings balances up to $1,000 with Premium subscription, and a secured credit-building card with no minimum deposit.

Quantifiable outcome

• Average monthly savings of $115 for auto refinance customers
• +4 more outcomes

Named customers5 records

Segments7 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Integration2 records

AI capability3 records

Feature4 records

Partnerships

Four partnerships are on record, tiered core.

• Pagaya TechnologiescoreTechnology or Integration · 8 June 2026Pagaya expanded its partnership with Upgrade by integrating AI-driven credit decisioning into Upgrade's Flex Pay Buy Now, Pay Later solution, marking the first time the partnership extends beyond personal loans into point-of-sale financing. Initial focus targets the travel merchant segment. Pagaya's AI underwriting technology enables real-time credit decisioning for BNPL applications.
• JetBlue VacationscoreChannel Partner/ Reseller/ Distributor · 20 April 2026JetBlue Vacations partnered with Flex Pay to offer monthly payment options for flight + hotel vacation packages. The payment feature is integrated across JetBlue Vacations' mobile, desktop, and call center booking flows, with a limited-time 0% APR promotion available through April 23, 2026 for travel through December 31, 2026.
• WestJetcoreChannel Partner/ Reseller/ Distributor · 16 January 2026WestJet partnered with Flex Pay to offer travelers flexible payment options for booking flights. The service allows customers to spread airfare costs over 3 to 18 monthly installments and is integrated into WestJet's online booking platform.
• Uplift Canada Services ULCcoreChannel Partner/ Reseller/ DistributorUplift Canada Services ULC is the lender for Flex Pay in Canada and a subsidiary of Upgrade, Inc. Located at 1080 Beaver Hall Hill, Suite 200, Montreal, Quebec.

Scale indicators14 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• SoFi Technologies: Direct competitor offering personal loans, credit cards, and a full-stack banking and investing platform to mainstream consumers; both companies target the same 'affordable credit + mobile banking' value proposition.
• LendingClub: Personal loan marketplace founded and previously run by Upgrade's CEO Renaud Laplanche; competes head-to-head in fixed-rate, fixed-term unsecured personal loans to prime and near-prime borrowers.
• Affirm: BNPL leader now expanding into broader consumer credit; directly competes with Upgrade's Flex Pay in travel and retail point-of-sale installment lending.
• Upstart: AI-driven consumer lending platform originating personal loans through bank partners; close comparable on the AI-powered credit decisioning story Upgrade is building with Pagaya.
• Klarna: Global BNPL provider competing with Flex Pay in travel, retail, and increasingly in the US market; comparable on installment structure, merchant integration, and fee-free positioning.
• Prosper Marketplace: Online personal loan marketplace offering fixed-rate unsecured installment loans to consumers; matches Upgrade on product, target borrower, and online origination model.
• Best Egg: Direct-to-consumer personal loan platform focused on debt consolidation and home improvement financing; competes with Upgrade across the same primary use cases and borrower segments.

Broad incumbents

• Marcus by Goldman Sachs: Goldman Sachs' consumer banking arm offering no-fee personal loans and high-yield savings; competes in Upgrade's core personal loan franchise and savings product but as part of a much larger bank.
• PayPal: Operates Pay in 4 installment product and credit offerings inside a global payments wallet; a broad competitor in BNPL at point-of-sale rather than a specialized lending fintech.
• Block (Afterpay): Owns Afterpay, a leading BNPL provider integrated into Square's merchant ecosystem; competes with Flex Pay on merchant-funded installment lending across retail and travel.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

• Xx.com/upgradecredit
• Facebookfacebook.com/UpgradeCredit
• LinkedInlinkedin.com/company/upgrade-inc.
• Instagraminstagram.com/upgrade_credit

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles26 records

Subsidiaries2 records

Funding overview

Funding rounds9 records

Investors37 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upgrade