Upgrade has secured $280m in its Series F funding round, which was raised at a $6bn pre-money valuation.
Coatue Management and DST Global served as the lead investors to the round. Existing Upgrade backers Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital and Vy Capital also joined the round.
This funding round comes just three months after Upgrade secured $105m in its Series E funding round, which valued the business at $3.3bn.
Upgrade offers mobile banking and lending services. Its Upgrade Card provides users with access to loans. It claims to have distributed $10bn in credit to consumers through its cards and loans since it was founded in 2017. The FinTech company is on track to deliver $8bn in loans during 2021.
Earlier in the year, the company launched its Rewards Checking account, which provides 2% cash back debit card rewards to consumers on common everyday expenses.
It also recently released its Upgrade Bitcoin Rewards Card, which allows users to access bitcoin rewards for spending money.
Coatue Management founder and CEO Philippe Laffont said, “Upgrade is an exciting example of a credit-led neobank.
“Credit is a key component of banking and has been a major source of revenue for banks. We are excited by Upgrade’s innovative credit products that we believe can help the company capture a significant share of the mobile banking market”.
With the close of the round, the FinTech company has raised a total of $600m in funding.
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