Upgrade, a US-based consumer credit platform, has raised $105m in Series E funding round at a $3.32bn pre-money valuation.

Koch Disruptive Technologies led the round, which also saw participation from new as well as existing investors such as BRV and Ventura Capital.

Upgrade co-founder and CEO Renaud Laplanche said: “We are thrilled to partner with KDT. We have experienced unprecedented growth and profitability this year, and the additional capital will enable us to further establish Upgrade Card as a mainstream credit card and continue designing innovative products that benefit consumers”.

Upgrade Card is the firm’s flagship offering, which turns every balance into a fixed-rate instalment plan and rewards cardholders as they pay down their balance.

The firm launched a checking account earlier this year and last month added Upgrade Bitcoin Rewards Card to its product line up, which is a credit card that pays rewards in bitcoin rather than cash.

Upgrade claims that it has delivered over $7bn in credit to customers through cards and loans since its inception and aims to deliver that same amount in 2021 alone.

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KDT managing director Byron Knight said: “We are seeing rapid innovation in banking, and believe fintech, and neobanks in particular, will profoundly transform the banking industry to the greater benefit of consumers.

“Upgrade has proven success in designing products that deliver more value and a better experience to consumers, and we believe they are uniquely suited to be a market leader.”