Upgrade joined the Unicorn Club on June 17, 2020 after raising a $40 million Series D funding round led by Mouro Capital. Headquartered in San Francisco, California, United States, Upgrade provides consumer credit and banking products including personal loans, credit cards, and rewards checking and savings accounts. The company offers tools for credit monitoring, education, and financial management to help individuals improve their credit health.
Keep reading to learn how Upgrade has become a leader in alternative lending and fintech solutions.
What Is Upgrade and What Does It Do?
Founded in 2016, Upgrade provides financial technology solutions for consumers, offering a range of credit and banking products. Its platform delivers personal loans, credit cards, and rewards accounts designed for accessible, competitive, and responsible financial management. Upgrade also provides tools for credit monitoring and education, enabling users to understand, track, and improve their credit health while maximizing everyday financial rewards.
How Much Funding Has Upgrade Raised?
1. Seed Round
- Amount Raised: $10 million
- Date: 2016
- Lead Investors: Loka Capital
- Purpose: Launch platform, hire core team, and develop credit product offerings
2. Series A Round
- Amount Raised: $35 million
- Date: 2017
- Lead Investors: Loka Capital
- Purpose: Expand personal loan and credit offerings, scale operations
3. Series B Round
- Amount Raised: $50 million
- Date: 2018
- Lead Investors: EQUIAM
- Purpose: Increase lending volume, enhance credit monitoring tools, and grow user base
4. Series C Round
- Amount Raised: $80 million
- Date: 2019
- Lead Investors: Mouro Capital, EQUIAM
- Purpose: Expand product suite and technology infrastructure
5. Series D Round
- Amount Raised: $40 million
- Date: June 17, 2020
- Lead Investors: Mouro Capital
- Purpose: Scale credit and banking offerings, enhance platform features, and increase market adoption
6. Series E Round
- Amount Raised: $120 million
- Date: 2021
- Lead Investors: Loka Capital
- Purpose: Support growth of consumer loan and credit products, improve financial tools
7. Series F Round
- Amount Raised: $180 million
- Date: 2023
- Lead Investors: Mouro Capital
- Purpose: Expand banking and credit product offerings, grow market share, and scale operations
8. Series G Round
- Amount Raised: $165 million
- Date: October 16, 2025
- Lead Investors: Mouro Capital
- Purpose: Accelerate fintech innovation, enhance consumer products, and expand U.S. market presence
Total Funding Raised: $750 million
Latest Funding Date: October 16, 2025
Latest Known Valuation: $7.3 billion
Key Investors
- Mouro Capital
- Details: Venture capital firm investing in fintech and financial services companies
- Focus Areas: Alternative lending, digital banking, and financial technology
- Loka Capital
- Details: Investment firm supporting high-growth startups in financial services
- Focus Areas: Consumer credit, banking platforms, and fintech innovation
- EQUIAM
- Details: Growth-stage investment firm backing technology-driven financial services companies
- Focus Areas: Alternative lending, fintech platforms, and digital banking
Where Is Upgrade’s Headquarters?
Upgrade is headquartered in San Francisco, California, United States, supporting engineering, product development, and operational teams for its consumer credit and banking solutions.
What’s Next for Upgrade?
Upgrade plans to expand its credit and banking product suite, enhance financial management tools, and scale adoption across U.S. consumers. The company aims to leverage technology to improve credit accessibility, provide rewards and benefits, and enable smarter financial decision-making for its users.
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