US-based consumer credit platform, Upgrade has raised $62m in the Series C round.
The round was led by CreditEase Fintech Investment Fund.
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With the new financing, Upgrade has procured $142m in equity capital since its establishment in 2016.
Besides CreditEase Fintech Investment Fund, Upgrade’s all major existing investors participated in this round. Those included Apoletto, FirstMark Capital, Silicon Valley Bank, NOAH, Ribbit among others.
The company intends to utilise the funds to support further development of its product portfolio in the line of its recently launched Personal Credit Line.
Personal Credit Line service combines low-cost monthly amortisation of personal loans with flexible credit lines mostly received through credit cards.
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By GlobalDataThe monthly balance turns into a loan instalment assisting the customers to repay the borrowed amount every month over two, three or five years.
The consumer credit platform Upgrade facilitates more than $1bn in loan originations since its inception.
The new funding is also expected to be utilised to bolster Upgrade’s credit monitoring and education product, called Credit Health.
Upgrade co-founder and CEO Renaud Laplanche said: “The new capital will enable continued investments in product, credit analytics, compliance, risk management and expansion of our San Francisco, Phoenix, Montreal and Chicago offices.
“We are seeing a growing desire from consumers to better understand their overall credit situation. This allows them 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.”
Following this investment round, CreditEase managing director Anju Patwardhan will join the Upgrade board.
