August Private Market Update
Upgrade was founded in 2016 by Adelina Grozdanova, Jeffrey Bogan, Matt Wierman, Renaud Laplanche, Soul Htite, and Visar Nimani. Upgrade has not officially endorsed a plan to participate in 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. Per Forge data, Upgrade raised $587 million in funding over 7 rounds. Their latest funding was raised on Nov 16, 2021, from a Series F round. Key investors include Koch Disruptive Technologies, DST Global, Mouro Capital, Coatue, and CreditEase Fintech Investment Fund.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
| Funding Date | Round | Amount Raised | Price per Share | Post-Money Valuation 3 | Key Investors | |
|---|---|---|---|---|---|---|
| 12/01/2025 | Tender Offer 1 | -- | $4.70 | $7.3B | -- | |
|
Price per Share
$ xx.xx
Shares Outstanding
11,365,468
Liquidation Pref Order
--
Liquidation Pref As Multiplier
--
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
--
|
||||||
| 10/16/2025 | Series G | $70.13M | $5.88 | $7.3B | Dst Global, LuminArx Capital Management, Neuberger Berman, Ribbit Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
11,931,099
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.2x
Conversion Ratio
1.0x
Dividend Rate
10.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Dst Global, LuminArx Capital Management, Neuberger Berman, Ribbit Capital
|
||||||
| 10/16/2025 | Series F-2 | $49.14M | $5.64 | $7.3B | Dst Global, LuminArx Capital Management, Neuberger Berman, Ribbit Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
8,718,435
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Dst Global, LuminArx Capital Management, Neuberger Berman, Ribbit Capital
|
||||||
| 10/16/2025 | Series F-3 | $45.73M | $4.50 | $7.3B | Dst Global, LuminArx Capital Management, Neuberger Berman, Ribbit Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
10,163,221
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
10.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Dst Global, LuminArx Capital Management, Neuberger Berman, Ribbit Capital
|
||||||
| 11/16/2021 | Series F-1 | $279.6M | $5.64 | $6B | Coatue Management, Dragoneer Investment Group, Dst Global, Gopher Asset Management, G Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital, Vy Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
49,607,432
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.4x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Coatue Management, Dragoneer Investment Group, Dst Global, Gopher Asset Management, G Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital, Vy Capital
|
||||||
| 08/11/2021 | Series E | $105.05M | $3.22 | $3.33B | Brv, Koch Disruptive Technologies, Ventura Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
32,601,690
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.4x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Brv, Koch Disruptive Technologies, Ventura Capital
|
||||||
| 06/17/2020 | Series D | $74.76M | $1.08 | $1.11B | Ribbit Capital, Santander Innoventures, Silicon Valley Bank, Uncorrelated Ventures, Union Square Ventures, Ventura Capital, Vy Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
69,360,055
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.5x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Ribbit Capital, Santander Innoventures, Silicon Valley Bank, Uncorrelated Ventures, Union Square Ventures, Ventura Capital, Vy Capital
|
||||||
| 08/23/2018 | Series C-2 | $9.89M | $0.58 | $652.34M | Apoletto, Creditease, Firstmark Capital, Noah Holdings, Ribbit Capital, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
16,928,384
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.8x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Apoletto, Creditease, Firstmark Capital, Noah Holdings, Ribbit Capital, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital
|
||||||
| 08/23/2018 | Series C-1 | $93.15M | $0.58 | $652.34M | Apoletto, Creditease, Firstmark Capital, Noah Holdings, Ribbit Capital, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
159,363,504
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.8x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Apoletto, Creditease, Firstmark Capital, Noah Holdings, Ribbit Capital, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital
|
||||||
| 04/06/2017 | Series B | $20M | $0.43 | $309.99M | Undisclosed Investors | |
|
Price per Share
$ xx.xx
Shares Outstanding
46,390,912
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Undisclosed Investors
|
||||||
| 04/06/2017 | Series A-2 | $42.3M | $0.26 | $309.99M | Apoletto, Creditease, Firstmark Capital, Noah Holdings, Ribbit Capital, Sands Capital, Silicon Valley Bank, Union Square Ventures, Uprising, Vy Capital | |
|
Price per Share
$ xx.xx
Shares Outstanding
161,679,392
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000
Key Investors
Apoletto, Creditease, Firstmark Capital, Noah Holdings, Ribbit Capital, Sands Capital, Silicon Valley Bank, Union Square Ventures, Uprising, Vy Capital
|
||||||
| 05/31/2016 | Series A-1 | $3.25M | $0.05 | $12.36M | Undisclosed Investors | |
|
Price per Share
$ xx.xx
Shares Outstanding
69,333,344
Liquidation Pref Order
3
Liquidation Pref As Multiplier
2.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000
Key Investors
Undisclosed Investors
|
||||||
| 05/31/2016 | Series A | $2.5M | $0.05 | $12.36M | Undisclosed Investors | |
|
Price per Share
$ xx.xx
Shares Outstanding
53,333,344
Liquidation Pref Order
3
Liquidation Pref As Multiplier
2.0x
Conversion Ratio
1.0x
Dividend Rate
0.0%
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000
Key Investors
Undisclosed Investors
|
||||||
While many fintech companies experienced growth during the early pandemic period, more recent market conditions have been more challenging, with funding activity slowing across the sector. However, Upgrade has indicated that it has experienced different market dynamics compared to some other fintech companies, supported in part by continued growth, revenue scale, and investor interest reflected in its recent funding activity.
See which private companies are preparing for the public market. Register to get full access to the latest secondary market pricing data.
| Trade Metrics | Last Funding Round | |||||||
|---|---|---|---|---|---|---|---|---|
| Company | Forge Price | Last Matched | Round | Post-Money Valuation 3 | Price Per Share | Amount Raised | ||
 | Kraken | $39.39 +$6.14 (18.47%) | $ xx.xx | Series D | $20B | $61.47 | $200M | |
 | Razorpay | Not available | $ xx.xx | Not available | -- | -- | -- | |
 | FalconX | Not available | $ xx.xx | Not available | -- | -- | -- | |
 | DriveWealth | Not available | $ xx.xx | Series D-1 | $2.85B | $25.18 | $449.89M | |
 | Chia | Not available | $ xx.xx | Series D | $458.07M | $21.21 | $61M | |
 | Blockchain.com | Not available | $ xx.xx | Not available | -- | -- | -- | |
 | Lendbuzz | Not available | $ xx.xx | Series D-1A | $1.07B | $16.65 | $1.53M | |
Track trading activity and investor momentum across thousands of private companies. Register to view last matched prices and additional transactional details.
| Company | Forge Price (6M Change) | Market Activity | Last Matched | |
|---|---|---|---|---|
 |
Kalshi | $962.28 +$629.16 (188.87%) | High | $xxx.xx |
 |
Whoop | $7.39 +$4.74 (178.87%) | Medium | $xxx.xx |
 |
SandboxAQ | $41.35 +$25.95 (168.51%) | High | $xxx.xx |
 |
SambaNova Systems | $80.57 +$49.58 (159.99%) | High | $xxx.xx |
 |
Ayar Labs | $67.11 +$37.31 (125.20%) | Limited | $xxx.xx |
| Company | Forge Price | Market Activity | Last Matched | |
|---|---|---|---|---|
 |
OpenAI | $721.85 +$0.15 (0.02%) | High | $xxx.xx |
 |
Anthropic | Not available | High | $xxx.xx |
 |
Databricks | $264.90 +$22.86 (9.44%) | High | $xxx.xx |
 |
Anduril | $125.96 -$1.41 (1.11%) | High | $xxx.xx |
 |
Etched | Not available | Limited | $xxx.xx |
Updated on: Aug 19, 2026
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$3.25