Upgrade valuation, funding and investors

Upgrade works in personal loan products distribution, based in San Francisco, United States. Founded in 2016, it has about 1,600 employees.

Loans & Financing San Francisco Series G

VALUATION · TODAY

$9.50B +0% after Series G

Range $6.27B – $10.93B · Grade A

TODAY

+12 MO

$5.00B

$10.00B

$15.00B

2017

2018

2019

2020

2021

2022

2023

2024

2025

2026

2027

Series A $60.0M

Series C $62.0M

Series D $40.0M

Series E $105M

Series F $280M

Series G $165M

ValuationBefore first round12-month outlook: where it points, how wide it fansHover the past: the outlook shows what was predicted then

HEADCOUNT · TODAY1,602 employees

+3%6m growth

+4%1y growth

+7%2y growth

1,000

2,000

Data from Jul 2024

TODAY

Predicted in 1 yr $9.50B +0% vs today

Predicted next raise $1.05B if a round comes

Winding-down probability 0%

Last round: Series G · $165M · Oct 2025
Valuation at last round: $7.30B
Headcount: 1,602 · flat
Grade: A
Founded: 2016

How VCMC values companies →

Upgrade valuation today

VCMC values Upgrade at $9.5B today, with a range of $6.3B to $10.9B and a grade of A. The valuation starts from its last funding round, a Series G round in Oct 2025.

Valuation by date (137 rows)

Each point is what the model would have shown on that date, using only what was known then; before its first round, a company is valued as a startup because it later raised.

Upgrade: valuation by date, as the model would have shown it on each date
Date	Valuation	Range	Predicted in 1 yr	Phase	Headcount	Trend	Grade	Winding-down probability
1 Jan 2016	$6.98M	$2.54M – $19.2M	$8.37M (+20%)	before first round	–	unknown	D	0%
1 Feb 2016	$7.01M	$2.55M – $19.3M	$8.60M (+23%)	before first round	–	unknown	D	0%
1 Mar 2016	$7.04M	$2.56M – $19.3M	$8.82M (+25%)	before first round	–	unknown	D	0%
1 Apr 2016	$7.07M	$2.57M – $19.4M	$9.06M (+28%)	before first round	–	unknown	D	0%
1 May 2016	$7.09M	$2.58M – $19.5M	$9.29M (+31%)	before first round	–	unknown	D	0%
1 Jun 2016	$7.12M	$2.59M – $19.6M	$9.55M (+34%)	before first round	–	unknown	D	0%
1 Jul 2016	$7.15M	$2.60M – $19.6M	$9.80M (+37%)	before first round	–	unknown	D	0%
1 Aug 2016	$7.34M	$2.67M – $20.2M	$10.1M (+37%)	before first round	–	unknown	D	0%
1 Sep 2016	$7.54M	$2.74M – $20.7M	$10.3M (+37%)	before first round	–	unknown	D	0%
1 Oct 2016	$7.74M	$2.82M – $21.3M	$10.6M (+37%)	before first round	–	unknown	D	0%
1 Nov 2016	$7.95M	$2.89M – $21.8M	$10.9M (+37%)	before first round	–	unknown	D	0%
1 Dec 2016	$8.16M	$2.97M – $22.4M	$11.2M (+37%)	before first round	–	unknown	D	0%
1 Jan 2017	$8.37M	$3.05M – $23.0M	$11.5M (+37%)	before first round	–	unknown	D	0%
1 Feb 2017	$8.60M	$3.13M – $23.6M	$11.8M (+37%)	before first round	–	unknown	D	0%
1 Mar 2017	$333M	$219M – $913M	$600M (+80%)	after a round	–	unknown	C	0%
2 Mar 2017	$334M	$219M – $913M	$600M (+80%)	after a round	–	unknown	C	0%
1 Apr 2017	$350M	$219M – $913M	$600M (+71%)	after a round	–	unknown	C	0%
1 May 2017	$368M	$219M – $913M	$600M (+63%)	after a round	–	unknown	C	0%
1 Jun 2017	$387M	$219M – $913M	$600M (+55%)	after a round	–	unknown	C	0%
1 Jul 2017	$406M	$219M – $913M	$600M (+48%)	after a round	–	unknown	C	0%
1 Aug 2017	$426M	$219M – $913M	$600M (+41%)	after a round	–	unknown	C	0%
1 Sep 2017	$448M	$219M – $913M	$600M (+34%)	after a round	–	unknown	C	0%
1 Oct 2017	$470M	$219M – $913M	$600M (+28%)	after a round	–	unknown	C	0%
1 Nov 2017	$494M	$219M – $913M	$600M (+21%)	after a round	–	unknown	C	0%
1 Dec 2017	$519M	$219M – $913M	$600M (+16%)	after a round	–	unknown	C	0%
1 Jan 2018	$545M	$219M – $913M	$600M (+10%)	after a round	–	unknown	C	0%
1 Feb 2018	$573M	$219M – $913M	$600M (+5%)	after a round	–	unknown	C	0%
1 Mar 2018	$600M	$219M – $913M	$600M (0%)	after a round	–	unknown	C	0%
1 Apr 2018	$600M	$208M – $913M	$600M (0%)	after a round	–	unknown	C	0%
1 May 2018	$600M	$198M – $913M	$600M (0%)	after a round	–	unknown	C	0%
1 Jun 2018	$600M	$188M – $913M	$600M (0%)	after a round	–	unknown	C	0%
1 Jul 2018	$600M	$179M – $913M	$600M (0%)	after a round	–	unknown	C	0%
1 Aug 2018	$600M	$170M – $913M	$600M (0%)	after a round	–	unknown	C	0%
24 Aug 2018	$500M	$435M – $748M	$650M (+30%)	after a round	–	unknown	A	0%
1 Sep 2018	$503M	$435M – $748M	$650M (+29%)	after a round	–	unknown	A	0%
1 Oct 2018	$514M	$435M – $748M	$650M (+26%)	after a round	–	unknown	A	0%
1 Nov 2018	$526M	$435M – $748M	$650M (+24%)	after a round	–	unknown	A	0%
1 Dec 2018	$537M	$435M – $748M	$650M (+21%)	after a round	–	unknown	A	0%
1 Jan 2019	$549M	$435M – $748M	$650M (+18%)	after a round	–	unknown	A	0%
1 Feb 2019	$562M	$435M – $748M	$650M (+16%)	after a round	–	unknown	A	0%
1 Mar 2019	$573M	$435M – $748M	$650M (+13%)	after a round	–	unknown	A	0%
1 Apr 2019	$586M	$435M – $748M	$650M (+11%)	after a round	–	unknown	A	0%
1 May 2019	$599M	$435M – $748M	$650M (+9%)	after a round	–	unknown	A	0%
1 Jun 2019	$612M	$435M – $748M	$650M (+6%)	after a round	–	unknown	A	0%
1 Jul 2019	$626M	$435M – $748M	$650M (+4%)	after a round	–	unknown	A	0%
1 Aug 2019	$640M	$435M – $748M	$650M (+2%)	after a round	–	unknown	A	0%
1 Sep 2019	$650M	$429M – $748M	$650M (0%)	after a round	–	unknown	A	0%
1 Oct 2019	$650M	$410M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 Nov 2019	$650M	$392M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 Dec 2019	$650M	$374M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 Jan 2020	$650M	$357M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 Feb 2020	$650M	$341M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 Mar 2020	$650M	$327M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 Apr 2020	$650M	$312M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 May 2020	$650M	$298M – $748M	$650M (0%)	after a round	–	unknown	B	0%
1 Jun 2020	$650M	$285M – $748M	$650M (0%)	after a round	–	unknown	B	0%
18 Jun 2020	$1.0B	$869M – $1.5B	$1.3B (+30%)	after a round	–	unknown	A	0%
1 Jul 2020	$1.0B	$869M – $1.5B	$1.3B (+29%)	after a round	–	unknown	A	0%
1 Aug 2020	$1.0B	$869M – $1.5B	$1.3B (+26%)	after a round	–	unknown	A	0%
1 Sep 2020	$1.1B	$869M – $1.5B	$1.3B (+23%)	after a round	–	unknown	A	0%
1 Oct 2020	$1.1B	$869M – $1.5B	$1.3B (+20%)	after a round	–	unknown	A	0%
1 Nov 2020	$1.1B	$869M – $1.5B	$1.3B (+18%)	after a round	–	unknown	A	0%
1 Dec 2020	$1.1B	$869M – $1.5B	$1.3B (+15%)	after a round	–	unknown	A	0%
1 Jan 2021	$1.2B	$869M – $1.5B	$1.3B (+13%)	after a round	–	unknown	A	0%
1 Feb 2021	$1.2B	$869M – $1.5B	$1.3B (+10%)	after a round	–	unknown	A	0%
1 Mar 2021	$1.2B	$869M – $1.5B	$1.3B (+8%)	after a round	–	unknown	A	0%
1 Apr 2021	$1.2B	$869M – $1.5B	$1.3B (+6%)	after a round	–	unknown	A	0%
1 May 2021	$1.3B	$869M – $1.5B	$1.3B (+3%)	after a round	–	unknown	A	0%
1 Jun 2021	$1.3B	$869M – $1.5B	$1.3B (+1%)	after a round	–	unknown	A	0%
1 Jul 2021	$1.3B	$852M – $1.5B	$1.3B (0%)	after a round	–	unknown	A	0%
1 Aug 2021	$1.3B	$813M – $1.5B	$1.3B (0%)	after a round	–	unknown	B	0%
12 Aug 2021	$3.3B	$2.9B – $4.9B	$4.3B (+30%)	after a round	–	unknown	A	0%
1 Sep 2021	$3.4B	$2.9B – $4.9B	$4.3B (+28%)	after a round	–	unknown	A	0%
1 Oct 2021	$3.4B	$2.9B – $4.9B	$4.3B (+25%)	after a round	–	unknown	A	0%
1 Nov 2021	$3.5B	$2.9B – $4.9B	$4.3B (+23%)	after a round	–	unknown	A	0%
17 Nov 2021	$6.3B	$5.5B – $9.4B	$8.2B (+30%)	after a round	–	unknown	A	0%
1 Dec 2021	$6.3B	$5.5B – $9.4B	$8.2B (+29%)	after a round	–	unknown	A	0%
1 Jan 2022	$6.5B	$5.5B – $9.4B	$8.2B (+26%)	after a round	–	unknown	A	0%
1 Feb 2022	$6.6B	$5.5B – $9.4B	$8.2B (+23%)	after a round	–	unknown	A	0%
1 Mar 2022	$6.8B	$5.5B – $9.4B	$8.2B (+21%)	after a round	–	unknown	A	0%
1 Apr 2022	$6.9B	$5.5B – $9.4B	$8.2B (+18%)	after a round	–	unknown	A	0%
1 May 2022	$7.1B	$5.5B – $9.4B	$8.2B (+15%)	after a round	–	unknown	A	0%
1 Jun 2022	$7.2B	$5.5B – $9.4B	$8.2B (+13%)	after a round	–	unknown	A	0%
1 Jul 2022	$7.4B	$5.5B – $9.4B	$8.2B (+10%)	after a round	–	unknown	A	0%
1 Aug 2022	$7.6B	$5.5B – $9.4B	$8.2B (+8%)	after a round	–	unknown	A	0%
1 Sep 2022	$7.7B	$5.5B – $9.4B	$8.2B (+6%)	after a round	–	unknown	A	0%
1 Oct 2022	$7.9B	$5.5B – $9.4B	$8.2B (+3%)	after a round	–	unknown	A	0%
1 Nov 2022	$8.1B	$5.5B – $9.4B	$8.2B (+1%)	after a round	–	unknown	A	0%
1 Dec 2022	$8.2B	$5.3B – $9.4B	$8.2B (0%)	after a round	–	unknown	A	0%
1 Jan 2023	$8.2B	$5.1B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Feb 2023	$8.2B	$4.9B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Mar 2023	$8.2B	$4.7B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Apr 2023	$8.2B	$4.5B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 May 2023	$8.2B	$4.3B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Jun 2023	$8.2B	$4.1B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Jul 2023	$8.2B	$3.9B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Aug 2023	$8.2B	$3.7B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Sep 2023	$8.2B	$3.5B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Oct 2023	$8.2B	$3.4B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Nov 2023	$8.2B	$3.2B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Dec 2023	$8.2B	$2.9B – $9.4B	$8.2B (0%)	after a round	–	unknown	B	0%
1 Jan 2024	$8.2B	$2.8B – $9.4B	$8.2B (0%)	after a round	–	unknown	C	0%
1 Feb 2024	$8.2B	$2.6B – $9.4B	$8.2B (0%)	after a round	–	unknown	C	0%
1 Mar 2024	$8.2B	$2.5B – $9.4B	$8.2B (0%)	after a round	–	unknown	C	0%
1 Apr 2024	$8.2B	$2.4B – $9.4B	$8.2B (0%)	after a round	–	unknown	C	0%
1 May 2024	$8.2B	$2.3B – $9.4B	$8.2B (0%)	after a round	–	unknown	C	0%
1 Jun 2024	$8.2B	$2.2B – $9.4B	$8.2B (0%)	after a round	–	unknown	C	0%
1 Jul 2024	$8.2B	$2.1B – $9.4B	$8.2B (0%)	after a round	1,500	unknown	C	0%
1 Aug 2024	$8.2B	$2.0B – $9.4B	$7.6B (-7%)	after a round	1,500	flat	C	0%
1 Sep 2024	$8.2B	$1.9B – $9.4B	$7.5B (-8%)	after a round	1,500	flat	C	0%
1 Oct 2024	$8.2B	$1.8B – $9.4B	$7.5B (-8%)	after a round	1,500	flat	C	0%
1 Nov 2024	$8.2B	$1.7B – $9.4B	$7.4B (-9%)	after a round	1,500	flat	C	0%
1 Dec 2024	$8.1B	$1.6B – $9.4B	$7.4B (-10%)	after a round	1,500	flat	C	0%
1 Jan 2025	$8.1B	$1.5B – $9.3B	$7.3B (-10%)	after a round	1,500	flat	C	0%
1 Feb 2025	$8.0B	$1.4B – $9.2B	$7.2B (-10%)	after a round	1,500	flat	C	0%
1 Mar 2025	$7.9B	$1.4B – $9.1B	$7.2B (-10%)	after a round	1,500	flat	C	0%
1 Apr 2025	$7.9B	$1.3B – $9.0B	$7.1B (-10%)	after a round	1,500	flat	C	0%
1 May 2025	$7.8B	$1.3B – $9.0B	$7.1B (-10%)	after a round	1,500	flat	C	0%
1 Jun 2025	$7.7B	$1.2B – $8.9B	$7.0B (-10%)	after a round	1,500	flat	D	0%
1 Jul 2025	$7.7B	$1.1B – $8.9B	$7.0B (-9%)	after a round	1,541	flat	D	0%
1 Aug 2025	$7.7B	$1.1B – $8.8B	$7.0B (-9%)	after a round	1,546	flat	D	0%
1 Sep 2025	$7.6B	$1.0B – $8.8B	$7.0B (-9%)	after a round	1,546	flat	D	0%
1 Oct 2025	$7.6B	$973M – $8.7B	$6.9B (-9%)	after a round	1,546	flat	D	0%
17 Oct 2025	$7.3B	$6.3B – $10.9B	$9.5B (+30%)	after a round	1,546	flat	A	0%
1 Nov 2025	$7.4B	$6.3B – $10.9B	$9.5B (+29%)	after a round	1,546	flat	A	0%
1 Dec 2025	$7.5B	$6.3B – $10.9B	$9.5B (+26%)	after a round	1,592	flat	A	0%
1 Jan 2026	$7.7B	$6.3B – $10.9B	$9.5B (+23%)	after a round	1,592	flat	A	0%
1 Feb 2026	$7.9B	$6.3B – $10.9B	$9.5B (+20%)	after a round	1,592	flat	A	0%
1 Mar 2026	$8.0B	$6.3B – $10.9B	$9.4B (+18%)	after a round	1,558	flat	A	0%
1 Apr 2026	$8.2B	$6.3B – $10.9B	$9.4B (+15%)	after a round	1,558	flat	A	0%
1 May 2026	$8.4B	$6.3B – $10.9B	$9.4B (+13%)	after a round	1,558	flat	A	0%
1 Jun 2026	$8.6B	$6.3B – $10.9B	$9.5B (+10%)	after a round	1,568	flat	A	0%
1 Jul 2026	$8.8B	$6.3B – $10.9B	$9.5B (+8%)	after a round	1,568	flat	A	0%
1 Aug 2026	$9.0B	$6.3B – $10.9B	$9.5B (+6%)	after a round	1,568	flat	A	0%
1 Sep 2026	$9.2B	$6.3B – $10.9B	$9.5B (+3%)	after a round	1,568	flat	A	0%
1 Oct 2026	$9.4B	$6.3B – $10.9B	$9.5B (+1%)	after a round	1,602	flat	A	0%
24 Oct 2026	$9.5B	$6.3B – $10.9B	$9.5B (0%)	after a round	1,602	flat	A	0%

Key facts about Upgrade

Founded: 2016
Headquarters: San Francisco, United States
Employees: about 1,600 +4% in a year
Total raised: $712M
Funding rounds: 6
Last round: Series G Oct 2025

Upgrade was founded in 2016 by Adelina Grozdanova, Jeff Bogan, Matt Wierman, Renaud Laplanche and Visar Nimani.

Upgrade funding history

Upgrade has 6 funding rounds on record, from Mar 2017 to Oct 2025, $712M in total. The latest disclosed valuation is $7.30B post-money (Series G, Oct 2025).

Series G 16 Oct 2025
Led by Neuberger Berman Funds; with LuminArx Capital Management, DST Global, Ribbit.
Sources: miranda-intelligence.com, upgrade.com, finovate.com and 3 more
$165M
$7.30B post-money
Series F 16 Nov 2021
Led by Coatue, DST Global; with Dragoneer Investment Group, Gopher Asset Management, G Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit, Sands Capital, Ventura Capital, Vy Capital.
Sources: upgrade.com, techcrunch.com, fintechfutures.com and 6 more
$280M
$6.28B post-money
Series E 11 Aug 2021
Led by Koch Disruptive Technologies; with Black River Ventures, Ventura Capital, Invariantes Fund.
Sources: hollandfintech.com, upgrade.com, prnewswire.com and 5 more
$105M
$3.30B post-money
Series D 17 Jun 2020
Led by Mouro Capital; with Union Square Ventures, Ribbit, Vy Capital, Silicon Valley Bank, Ventura Capital, Uncorrelated Ventures.
Sources: techcrunch.com, ftpartners.com, heyfuturenexus.com and 4 more
$40M
$1.00B post-money
Series C 23 Aug 2018
Led by CreditEase Fintech Investment Fund; with Apoletto, FirstMark, NOAH, Ribbit, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital.
Sources: upgrade.com, prnewswire.com, finextra.com and 2 more
$62M
$500M post-money
Series A 1 Mar 2017
With 8VC, CE Innovation Capital, CreditEase, FirstMark, Founder Collective, F-Prime Capital, GSR Ventures, IA Ventures, Streamlined Ventures, WestCap, ashby monk, apoletto, noah holdings, Ribbit, Silicon Valley Bank, Union Square Ventures, Uprising, Vy Capital, Sands Capital.
Sources: archive.citybuzz.co
$60M

Upgrade investors

35 investors have backed Upgrade; DST Global, Koch Disruptive Technologies and Coatue and 3 more led at least one round.

DST Global lead, 2 rounds
Coatue lead
CreditEase Fintech Investment Fund lead
Neuberger Berman Funds lead
Ribbit 5 rounds
Sands Capital 3 rounds
Silicon Valley Bank 3 rounds
Union Square Ventures 3 rounds
apoletto 2 rounds
FirstMark 2 rounds
8VC
ashby monk
CE Innovation Capital
CreditEase
Dragoneer Investment Group
G Squared
Gopher Asset Management
GSR Ventures
NOAH
noah holdings
Old Well Partners
Uncorrelated Ventures
Uprising
WestCap

What Upgrade does

Upgrade works in loans & financing, with 13 recorded offerings and customers in financial services.

Upgrade, Inc. is an American financial technology company that operates as an online marketplace platform, partnering with banks and financial institutions to offer credit products such as personal loans, credit cards, and checking accounts. The company also provides Buy Now, Pay Later solutions and rewards checking accounts, and offers payment plan matching for enterprise brands. Upgrade's products are available in multiple states and are insured through participating financial institutions.

Description from Veridion's company data.

Products and services

Personal Loan Products Distribution
Credit Card Products Distribution
Checking Account Products Distribution
Rewards Checking Account Distribution
Automated Payment Feature Integration
Financial Institution Partnership Development
Deposit Insurance Integration Services
Online Financial Marketplace Platform Services
Responsible Credit Product Design and Development
Flexible Credit Solution Development
Predictable Credit Solution Development
Multi-State Financial Product Distribution
Customer Financial Journey Support Services

Markets

Financial Services

Business model

Business-to-Consumer

Industry codes (NAICS)

522291 Consumer Lending 50% match
522210 Credit Card Issuing 30% match
522110 Commercial Banking 20% match

Questions about Upgrade

What is Upgrade worth?

Valuation $9.5B (range $6.3B to $10.9B), as of 24 Oct 2026. The last disclosed valuation was $7.30B (Series G, Oct 2025).

Has Upgrade raised money?

Upgrade has 6 funding rounds on record, from Mar 2017 to Oct 2025, $712M in total. The latest disclosed valuation is $7.30B post-money (Series G, Oct 2025).

Who has invested in Upgrade?

DST Global, Koch Disruptive Technologies, Coatue, CreditEase Fintech Investment Fund, Mouro Capital and Neuberger Berman Funds, and 29 more. Lead investors include DST Global, Koch Disruptive Technologies, Coatue and CreditEase Fintech Investment Fund.

How many people work at Upgrade?

About 1,600, up 4% over the last year. Headcount held at about 1,602 from Jul 2024 to Sep 2026.

What does Upgrade do?

Upgrade works in loans & financing, with 13 recorded offerings and customers in financial services. Its main offerings are personal loan products distribution, credit card products distribution and checking account products distribution.

When was Upgrade founded, and where is it based?

Upgrade was founded in 2016 and is based in San Francisco, United States. It has about 1,600 employees, up 4% over the last year.

How we value companies Report an issue

Upgrade valuation, funding and investors

Upgrade valuation today

Key facts about Upgrade

Upgrade funding history

Series G 16 Oct 2025

Series F 16 Nov 2021

Series E 11 Aug 2021

Series D 17 Jun 2020

Series C 23 Aug 2018

Series A 1 Mar 2017