Scient

Founded: 2016

Funding: $142M

Upgrade, Inc. is an online lending platform that combines access to affordable credit products with free credit education tools to help people understand their credit potential and achieve more affordable credit in the long run.

San Francisco, California, USA

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Funding: $230M

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Revolut is a provider of banking services including a pre-paid debit card (MasterCard or VISA), cryptocurrency exchange, currency exchange, and peer-to-peer payments. Currently, Revolut is the fastest growing bank in Europe.

San Francisco, California, USA

Founded: 2012

Funding: $230M

San Francisco, California, USA

Founded: 2015

Funding: $340M

San Francisco, California, USA

Founded: 2016

Funding: $142M

San Francisco, California, USA

Founded: 2015

Funding: $340M

San Francisco, California, USA

Founded: 2016

Funding: $142M

San Francisco, California, USA

Founded: 2012

Funding: $230M

San Francisco, California, USA

Upgrade, Inc. is an online consumer lending platform that provides access to credit products. The Company's main products are personal loans and personal credit lines. Upgrade also offers its customers tools for credit monitoring and financial education. The Company's business model revolves around acquiring customers and facilitating credit. All financial products obtained through the platform are originated by WebBank, a partner of Upgrade, given that the Company doesn't hold a banking license and, consequently, cannot issue the loans directly to its customers. Upgrade was founded in 2016 by Renaud Laplanche, Jeff Bogan, and Visar Nimani.

As of October 2018, Upgrade had issued more than $1 billion in loans and counted with over 100.000 customers. The average loan size was around $10.000, with an average APR in the mid-teens. The Company had 300 employees at the time.

Upgrade has two main products: personal loans and personal credit lines. The Company also offers tools for credit monitoring and financial education.

The personal loans are unsecured instalment loans with amounts ranging from $1,000 to $50,000. This product charges rates 7.99% to 35.89% (APR), which includes an origination fee ranging from 1.5% to 6%. Regarding the repayment period, the loans have terms of 36 or 60 months. The personal loans product is for customers looking to refinance credit cards, consolidate debt, make house improvements, or a major purchase. The loans don't have prepayment fees.

The personal credit line charges similar rates of 6.49% to 35.89% (APR) with line amounts ranging from $500 to $50,000. The rate, line amount, and default term depend on maintaining a qualifying credit score, a customer's credit usage history, requested amount, among other facts. Personal credit lines are not charged origination fees.

In both products, the lowest rates require Autopay (automatically drawing the monthly payment from the customer's bank account). The rates can change if the customer makes a late payment or subsequent charges and fees are put on the loan.

Renaud Laplanche Co-Founder & CEO

Renaud became a Co-Founder & CEO of Upgrade in August 2016. Previously, he was the Co-Founder & CEO of Lending Club, a P2P lending platform, for almost 10 years. In January 2000, Renaud was the Co-Founder & CEO of MatchPoint, which was acquired by Oracle in June 2005. He then spent 1 year working in product management for search technology at Oracle. Before entering the entrepreneurial path, Renaud worked at Cleary Gottlieb Steen & Hamilton as an associate from January 1995 to October 1999. Renaud Laplanche has a Master in Business Administration from HEC Paris and London Business School. Previously, he studied business and law and received a post-graduate degree in Tax and Corporate Law from Université de Montpellier.

Jeff Bogan Co-Founder & CFO

Visar Nimani Co-Founder & CTO
Helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than half a million members fast access to tools to get their money right.

Adelina G. Co-Founder & Head of Investor Group
Helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than half a million members fast access to tools to get their money right.

Leanid Mokin VP of Technology Operations
Helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than half a million members fast access to tools to get their money right.

Cliff Goldstein Director of Partnerships
Helps people achieve financial independence to realize their ambitions. Our products for borrowing, saving, spending, investing, and protecting give our more than half a million members fast access to tools to get their money right.