Upgrade

The company aims to offer an online and mobile banking experience that delivers exceptional value, including affordable loans and cards and helps customers make good financial decisions to build the future they want.

Upgrade was recognized as the fastest-growing company in the Americas by the Financial Times, and Upgrade Card was recognized by Nilson Report as the fastest-growing credit card in America, marking the first time a fintech company has appeared among the top 50 US credit card issuers.

Upgrade is headquartered in San Francisco, California, with an operations centre in Phoenix, Arizona and a technology centre in Montreal, Canada. The founding team pioneered fintech over a decade ago, and now the company employs a team of over 1,000 talented and passionate fintech engineering, product, credit, finance, legal, compliance, design, operations and marketing professionals.

Upgrade offers personal loans and a credit card, but both products operate an instalment structure with a fixed rate and a set number of equal payments to ensure the balance declines every month. A customer with good credit will generally qualify for an interest rate significantly lower than the average rate for traditional cards. At the same time, the company's loan default rate is similar to that of other credit cards. Since the beginning, more than 12m people have applied for loans from the platform.

Upgrade also provides clients with a Rewards Checking account that offers 2% cash back debit card rewards to consumers on everyday expenses.

The company launched the Upgrade Bitcoin Rewards Card. This credit card pays rewards in bitcoin rather than cash, allowing consumers to enjoy the potential upside of bitcoin without putting their own money at risk upfront.

The global neo-banking market was valued at USD 47.39 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 53.4% from 2022 to 2030. The rising demand for convenience among customers in the banking sector is expected to drive market growth. Neobanks offer banking solutions without the need for physical branches or offices. They help users validate their service offerings in real time through online channels and mobile sites. In addition, the growing adoption of smartphones and the internet worldwide for online banking is expected to further accelerate the demand for neo-bank platforms.

The increasing number of partnerships of banks and organizations to launch neo-bank platforms is also accelerating market growth. Such partnerships aim to provide a better customer experience and enhanced safety and stability.

Technological advancements and the notable increase in internet penetration globally allow financial service providers to offer novel digital services to customers. Moreover, the growth in digital wallets has also driven the demand for online banking platforms.

Upgrade positions itself as the US's only mainstream credit-led neo-bank of scale. The company’s average customer is in their 40s and earning about $100,000 a year.