Upgrade raises $280m in Series F funding at $6bn valuation

San Francisco-based Upgrade, which offers credit and mobile banking, has completed a $280 million Series F funding round at a $6 billion pre-money valuation.

The fintech has raised $600m since 2017

The fintech has raised $600 million in equity capital since inception in 2017.

The round was led by Coatue Management and DST Global. Other participants were Dragoneer Investment Group and a number of existing investors.

Upgrade has delivered over $10 billion in credit through cards to date and claims it is on track to deliver $8 billion in 2021 alone.

It also offers Rewards Checking accounts, launched earlier this year, with debit cards that pay 2% rewards on everyday transactions and monthly subscriptions.

Upgrade has an operations centre in Phoenix, Arizona and a technology centre in Montreal. It has a number of banking partners and works with NYDIG Execution for Bitcoin execution and custody services.

The new round comes just four months after the company’s $105 million Series E, which Upgrade co-founder and CEO Renaud Laplanche says demonstrates his firm’s “rapid growth”.