This company offers personal loans, credit cards, and rewards checking accounts to consumers. They provide features like high APY on savings, cash back rewards on purchases, and flexible payment options for credit products. The platform integrates banking services with lending to offer users enhanced financial tools.
Funding
$800.1M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
+4Founders
Product
Problem
Many consumers lack access to affordable and convenient financial services, often facing high fees and limited rewards with traditional banking platforms. This can hinder their ability to manage finances effectively, build credit, and achieve financial goals.
Solution
Upgrade provides a mobile-first banking platform designed to offer accessible and rewarding financial solutions. The platform features a no-fee checking account with cash back rewards on purchases, a high-yield savings account, and personal loans with fixed rates and no prepayment penalties. By integrating these services into a single, user-friendly app, Upgrade aims to simplify financial management and empower users to improve their financial well-being. The platform also offers credit score monitoring and educational resources to help users make informed financial decisions.
Target Audience
Upgrade targets mainstream consumers seeking accessible and rewarding financial services, including those looking to consolidate debt, improve their credit score, and manage their finances more effectively through a mobile platform.
Features
- Rewards Checking Plus account with up to 2% cash back on everyday purchases at convenience stores, drugstores, restaurants, bars, gas stations, and recurring payments on utilities and streaming services.
- Performance Savings account offering a competitive APY on deposits.
- Personal loans up to $50,000 with fixed interest rates and repayment terms from 24 to 84 months.
- Upgrade OneCard offering 3% cash back on everyday purchases and 2% on all other purchases when paying back.
- Flex Pay "Buy Now, Pay Later" option for purchases with hundreds of travel and retail partners.
- Mobile app for managing accounts, tracking rewards, making payments, and monitoring credit scores.
- Early direct deposit feature, providing access to funds up to two days early.