Recently, Upgrade, Inc., the lending startup co-founded by the former CEO of Lending Club, announced that it closed a $105 million Series E round led by Koch Disruptive Technologies (KDT).
This funding round takes the firm’s valuation to $3.325 billion. Participation from new and existing investors included BRV and Ventura Capital advised by Julius Baer.
Upgrade recently launched a credit card that pays rewards in bitcoin rather than cash. The firm said that it will use proceeds to fuel next phase of financial innovation that benefits consumers.
Source: Upgrade
According to Upgrade, Bitcoin Rewards Credit Card is meant for crypto enthusiasts and those customers who are just getting started, and want a low-risk way to participate in the crypto economy.
Renaud Laplanche, co-founder and CEO of Upgrade, 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".
KDT is an investment arm of Koch Industries, the largest private company in the US. Byron Knight, MD at KDT, said "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."
FT Partners LP and FTP Securities LLC served as the exclusive financial and strategic advisor to Upgrade in this transaction.
Its worth noting that Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. And, rewards associated with the the Card are provided by Upgrade, Inc.
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