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01.12 - 14:21
Credit card start-up Upgrade jumps 83% in valuation in just four months to $6.28 billion
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cnbc.comUpgrade, the fintech start-up that turns credit card balances into installment loans, has closed a fundraising round that values the company at $6.28 billion, CNBC has learned.
The company raised $280 million in its Series F round led by new investors Coatue Management and DST Global, according to Upgrade CEO Renaud Laplanche. That's an 83% jump from a previous round this year that valued Upgrade at $3.43 billion, he said.
Most of that increase stemmed from steep growth in the San Francisco-based company's revenue, which climbed 70% between June and October, the two fundraising periods, Laplanche said in a Zoom interview.
Upgrade's main product is a card that turns purchases into fixed-rate installment loans, making the start-up the latest
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