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Upgrade hits $3.3bn valuation

Upgrade hits $3.3bn valuation

Upgrade, the lending platform launched by former LendingClub Chief Renaud Laplanche, has closed a $105 million Series E round at a $3.325 billion pre-money valuation.

Koch Disruptive Technologies led the round, which was joined by BRV and Ventura Capital advised by Julius Baer.

Since launching in 2017, Upgrade has delivered over $7 billion in credit to Americans through cards and loans and is on track to add another $7 billion this year. It now also offers rewards checking accounts with debit cards that pay 2% rewards on everyday transactions and monthly subscriptions.

Says Laplanche: “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.”

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