Lending Startup Upgrade Closes $105M Series E Round

The company recently launched a credit card that pays rewards in bitcoin rather than cash.

AccessTimeIconAug 11, 2021 at 3:27 p.m. UTC
Updated May 9, 2023 at 3:22 a.m. UTC

Upgrade, the lending startup co-founded by the former CEO of Lending Club, Renaud Laplanche, has raised $105 million in a Series E funding round that takes the firm’s valuation to $3.325 billion.

  • The funding round was led by Koch Disruptive Technologies with contributions from new and existing investors, including BRV and Ventura Capital advised by Julius Baer.
  • In July, Upgrade launched its Bitcoin Rewards Card, a credit card that pays rewards in bitcoin rather than cash.
  • "We created the Upgrade Bitcoin Rewards Credit Card for those consumers who are either crypto enthusiasts or are just getting started, and wanted a low-risk way to participate in the crypto economy," Laplanche, the CEO of Upgrade, said in a statement to CoinDesk.
  • The Upgrade card is the company's flagship product and pays rewards to cardholders as they pay down their balance. 
  • "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," said Laplanche.
  • Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
    01:54
    Kamala Harris Meme Coin Soars as Biden Drops Out; India’s Tax Policy Unlikely to Change
  • HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
    00:50
    HNT Token Scores 40% Gains on Growing Adoption of Helium Mobile
  • Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
    01:45
    Tokens on WazirX Trade at Discount; Italy's Top Banks Complete Digital Bond Issuance on Polygon
  • Profit-Making Crypto Address Makes New Investment of $16M in BTC
    00:59
    Profit-Making Crypto Address Makes New Investment of $16M in BTC
  • UPDATE (Aug. 11, 16:16 UTC): Adds quote from Laplanche.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Tanzeel Akhtar

    Tanzeel Akhtar is a reporter based in London,UK.


    Read more about