Fintech company Upgrade has raised $165 million in a Series G funding round.
The investment was led by Neuberger Berman Funds.
The company will use the new capital to expand its range of financial products for its growing customer base. Upgrade provides services like checking accounts, personal loans, and credit cards. One popular product helps customers refinance high-interest credit card debt. The company underwrites these loans, then sells them in batches to other financial institutions. Upgrade also offers a buy-now-pay-later service called Flex Pay. It partners with large companies like United Airlines to reach new customers. This strategy helps lower marketing costs.
The company serves 7.5 million customers and has been cash flow positive for three years. With this funding, Upgrade plans to go public within 12 to 18 months.
Other investors in the round include LuminArx, DST Global, and Ribbit Capital. Peter Sterling from Neuberger will also join the company's board of directors.