Upgrade, an alternative lender that provides credit to mainstream consumers, has raked in $40m Series D funding round to boost its growth.
The funding round was led by Santander InnoVentures, a venture capital fund of Santander Group.
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Existing investors Union Square Ventures, Ribbit, Vy Capital and Silicon Valley Bank also joined the funding round along with new investors Ventura Capital and Uncorrelated Ventures.
The latest funding round brings the total amount raised by the company to date to $200m.
Upgrade will use the fresh funds to drive the growth of its credit card product named Upgrade Card, which offers low-cost credit to millions of retailers in the US.
Upgrade will also launch its mobile banking product ‘Upgrade Account’, for its mainstream customers.
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By GlobalDataUpgrade co-founder and CEO Renaud Laplanche said: “We are thrilled to welcome Santander InnoVentures as a new shareholder.
“Our strategy of partnering with banks and credit unions of all sizes is delivering tremendous value to our partners and customers, and we are delighted to add one of the largest banks in the world to our partner roster.”
Launched in 2017, Upgrade received more than 10 million consumer applications for an Upgrade card or loan. The company has already provided over $3bn in credit so far.
