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US-based Upgrade secures USD 40 mln funding with help from Santander

Thursday 18 June 2020 14:25 CET | News

Alternative lender Upgrade has raised a USD 40 mln Series D funding round from investors including Santander InnoVentures.

The lender revealed that since its launch in 2017, more than 10 million consumers have applied for its loans and credit cards, with over USD 3 billion of credit extended. Upgrade’s credit lines are currently growing at a ‘triple digit annual rate’, with the current financial crisis certainly supporting that, Upgrade staff said.

Other investors in the round include Upgrade’s existing investors like Union Square Ventures, Ribbit, Vy Capital, and Silicon Valley Bank, and new backers Ventura Capital, and Uncorrelated Ventures.

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Keywords: Upgrade, Santander, Santander InnoVentures, US, funding, extended credit, alternative lender, non-bank, loans, credit cards, Union Square Ventures, Ribbit, Vy Capital, Silicon Valley Bank, Ventura Capital, Uncorrelated Ventures, financial crisis
Categories: Banking & Fintech | Payments General
Countries: United States
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Banking & Fintech