American consumer credit platform Upgrade has raised $280m in a Series F funding round at a pre-money valuation of $6bn.

Coatue Management and DST Global co-led the round, which was also joined by Dragoneer Investment Group.

Existing investors Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital and Vy Capital also joined the round.

Upgrade, which offers credit and mobile banking services to mainstream consumers, will use the funding to promote its flagship credit card offering, called Upgrade card.

Upgrade card turns every balance into a fixed-rate instalment plan and rewards cardholders for balance payments to promote responsible credit.

Founded in 2017, the fintech says it has delivered $10bn in credit to consumers via cards and loans and claims to be on track to deliver $8bn in 2021 itself.

Upgrade CEO and co-founder Renaud Laplanche said: “We are thrilled to partner with DST, Coatue and Dragoneer. This new round comes just four months after our Series E and demonstrates Upgrade’s rapid growth and commitment to delivering innovative financial products that benefit consumers.”

Upgrade closed its $105m Series E funding round in August this year. It has raised $600m in equity capital so far.

Coatue Management founder and CEO Philippe Laffont said: “Upgrade is an exciting example of a credit-led neobank. Credit is a key component of banking and has been a major source of revenue for banks. We are excited by Upgrade’s innovative credit products that we believe can help the company capture a significant share of the mobile banking market.”