Upgrade deepens capital backing with upsized facility ahead of planned IPO

Upgrade, a leading U.S. consumer fintech platform, has strengthened its capital base with an expanded revolving credit facility from Cross River Bank, increasing capacity from $150 million to $250 million. This upsized facility supports continued growth across Upgrade’s diversified suite of consumer credit and banking products, reinforcing strong institutional backing.

Founded in 2017 and headquartered in San Francisco, Upgrade has delivered over $42 billion in credit to more than 7.5 million customers across personal loans, credit card and digital banking and more recently across its 3 additional B2B products such as Flex Pay (BNPL), auto-refinance and home improvement. In 2025, the company achieved revenues north of $1 billion, reflecting sustained product adoption and diversified monetization across its platform.

This expanded capacity comes on the heels of a significant Series-G funding round in late 2025 that valued Upgrade at $7.3 billion, a valuation that reflects renewed investor confidence in its capital discipline and multi‑product strategy. The round was led by Neuberger Berman with participation from long‑standing backers including DST Global and Ribbit Capital.

The upsized credit facility, combined with strong late-stage equity backing, signals robust institutional confidence ahead of Upgrade’s anticipated IPO in the next 12–18 months. Secured by Upgrade’s personal credit line assets, the facility highlights the platform’s disciplined underwriting, high-quality credit portfolio, and scalable technology-driven model.

With its broad suite of products and growing customer base, Upgrade continues to strengthen its position as a leading innovator in U.S. consumer fintech and advance toward long-term growth and public market ambitions.

Source: Cross River’s communication & market news