Lending Startup Upgrade Closes $105M Series E Round

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.

UPDATE (Aug. 11, 16:16 UTC): Adds quote from Laplanche.

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Tanzeel Akhtar

Tanzeel Akhtar is a reporter based in London,UK.

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