Upgrade, a San Francisco, CA-based fintech company that offers affordable and responsible credit, mobile banking and payment products to mainstream consumers, acquired Uplift, a Menlo Park, California-based provider of Buy Now Pay Later (BNPL) payment and credit products to travelers, for $100M.
Uplift offers a full range of BNPL products, including popular 0% financing offers that help consumers align the payment of their travel expenses with their own cash flows at no cost to them. It is currently available throughout the United States and Canada. Loans are issued by Uplift, Inc., Uplift Canada Services ULC, CBW Bank, Member FDIC or Celtic Bank, Member FDIC. Uplift also performs credit bureau reporting, allowing users to keep up their good credit score as they make monthly payments. The company now serves 3.3 million customers in partnership with over 300 of the largest airlines, cruise lines and hotel chains in the United States and Canada.
Led by Renaud Laplanche, co-founder and CEO, Upgrade has delivered over $24 billion in affordable and responsible credit to mainstream consumers through cards and loans since its inception in 2017. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, and/or Blue Ridge Bank, National Association, a nationally chartered commercial bank, Member FDIC. Upgrade Card and Upgrade OneCard are issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc.
The company has operations center in Phoenix, Arizona, a technology center in Montreal, Canada and regional offices in Atlanta, Georgia and Irvine, California.
FinSMEs
28/07/2023