Upgrade Stock

upgrade.comFinTechFounded: 2016Funding to Date: $637.49MM

Upgrade, founded in 2016, is a neobank and the developer of an online and mobile banking experience designed to deliver exceptional value, including affordable loans and cards, and helps customers make good financial decisions so they can build the future they want. Upgrade is headquartered in San Francisco, CA.

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Team

Management Team

Jeffrey Bogan
Co-Founder & Chief Financial Officer
Adelina Grozdanova
Co-Founder & Head, Investment Group
Renaud Laplanche JD
Co-Founder & Chief Executive Officer
Soul Htitev
Co-Founder
Matt Wierman
Co-Founder, Head of Cards and Loans & Executive Vice President
Visar Nimani
Co-Founder & Chief Information Officer

Board Members

Meyer Malka
Ribbit Capital
Anju Patwardhan
CreditEase
Christopher Gottschalk
Mouro Capital
Mark Ortiz
Board Member

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News

Credit card startup Upgrade is releasing a new savings account with what it says is the country’s top interest rate as competition for deposits heats up, CNBC has learned. The fintech firm’s Premier Savings account is being launched Thursday with a 3.5% annual percentage yield, according to CEO Renaud Laplanche. That is higher than any account currently tracked by Bankrate.com, senior analyst Ted Rossman said in an email.
Most of that increase stemmed from steep growth in the San Francisco-based company’s revenue, which climbed 70% between June and October, the two fundraising periods, CEO Renaud Laplanche said. Upgrade’s main product is a card that turns purchases into fixed-rate installment loans, making the start-up the latest company to benefit from the “buy now, pay later” trend in fintech.
The online lender founded by Renaud Laplanche is now a full-fledged challenger bank that can offer generous checking terms because, it says, it can count on its loans for profits.