Upgrade sharpens horn following $105m Series E round

US FinTech Upgrade has bolstered its unicorn status by lifting its overall valuation to $3.3bn following a $105m Series E capital raise.

The round was led Koch Disruptive Technologies and also saw participation from BRV and Ventura Capital.

Founded in 2017, Upgrade claims its goal is to offer an online and mobile banking experience that delivers exceptional value – including affordable loans and cards – to help its customers make good financial decisions.

The company claims that since it was launched, it has delivered over $7bn in credit to US citizens through cards and loans and is track to add another $7bn this year. Upgrade also now provides rewards checking accounts with debit cards that pay 2% rewards on everyday transactions and monthly subscriptions.

Upgrade CEO Renaud Laplanche said, “We have experienced unprecedented growth and profitability this year, and the additional capital will enable us to further establish Upgrade Card as a mainstream credit card and continue designing innovative products that benefit consumers.”

Upgrade recently launched a new version of its Upgrade Card featuring bitcoin rewards and is called Upgrade Bitcoin Rewards Card.

The Upgrade Bitcoin Rewards Credit Card is a crypto reskin of the FinTech’s Cash Rewards card. Under the new programme, users will earn unlimited 1.5% bitcoin rewards on every purchase as they make payments.

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