Upgrade was founded in 2016 by Adelina Grozdanova, Jeffrey Bogan, Matt Wierman, Renaud Laplanche, Soul Htite, and Visar Nimani. In October 2021, while discussing the possibility of an IPO, CEO Domm Holland said “We can hopefully be ready sometime in the next 18 months.” These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Upgrade is a credit company that operates on a "buy now pay later" model, allowing online shoppers to organize purchase balances into fixed-rate installment plans. In 2021, Financial Times named Upgrade the fastest growing company in the Americas. The company has extended more than $12 billion in credit since 2017, $7.5 billion of which was delivered in 2021 alone. The company has raised $600 million in venture capital funding from investors including Coatue, DST Global, Dragoneer, Vy, Centura, G-Squared, and Koch Disruptive Technologies. A Series F funding round brought in $280 million and increased Upgrade's pre-money valuation to $6 billion.