Upgrade, an online lending platform founded by Renaud LaPlanche, has closed on a Series C round in the amount of $62 million. The funding was led by China based CreditEase Fintech Investment Fund. Laplanche previously founded LendingClub, the largest marketplace lending platform in the US. Several years back, Laplanche exited the firm and soon began working on his next Fintech venture. Upgrade was launched in 2017.
Upgrade has raised $142 million in equity capital since 2016. The company reports that this round includes the conversion of all previously issued convertible notes. All major existing investors including Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital, Silicon Valley Bank, Union Square Ventures and Vy Capital participated in the Series C round.
Laplanche says the new capital will enable continued investments in product, credit analytics, compliance, risk management and expansion of their San Francisco, Phoenix, Montreal and Chicago offices.
“We are seeing a growing desire from consumers to better understand their overall credit situation and to learn to make great financial decisions that give them access to more affordable credit. This encourages us to keep building responsible consumer credit products that fit these trends.”
Upgrade recently launched a Personal Credit Line product designed to combine the low cost, fixed rate and monthly amortization of personal loans with the flexibility and utility of lines of credit typically obtained through credit cards.
The Upgrade platform says it has facilitated over $1 billion in originations of consumer loans since launch.
Anju Patwardhan, Managing Director at CreditEase – who will be joining the Upgrade board, said they were proud to lead this most recent round.
“We believe Upgrade will grow into a mainstream consumer credit brand that is dedicated to helping consumers better understand their credit and encourages responsible credit behavior and we are excited to be part of the journey.”