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Winter Capital and Black River Ventures complete follow-on Investment in Upgrade, a US-based neobank, as a part of a Series E funding round

Winter Capital and Black River Ventures announced a follow-on investment via participation in a Series-E funding round arranged by Upgrade, Inc., a neobank offering affordable and responsible credit options to mainstream consumers. The $ 105 million Series E round at a $ 3.325 billion pre-money valuation was led by Koch Disruptive Technologies (KDT) along with a number of new and existing investors.
Upgrade offers products designed to give consumers more value and a better experience than those offered by traditional banks. Upgrade Card, the company’s flagship product, promotes responsible credit by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down their balance.
Upgrade has delivered over $ 7 billion in affordable credit to consumers through cards and loans since inception in 2017 and is on track to deliver $ 7 billion in 2021 alone. Upgrade debuted a reward checking account earlier this year, offering 2% cashback rewards to consumers on everyday expenses. In July, the company launched its Upgrade Bitcoin Rewards Card, a credit card that pays rewards in bitcoin rather than in cash, allowing consumers to enjoy the potential upside of bitcoin without putting their own money at risk.

About Upgrade

Upgrade is a neobank that offers affordable and responsible credit to mainstream consumers through cards and personal loans, along with free credit monitoring and education tools to help consumers better understand and manage their finances. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and a technology center in Montreal, Canada. More information is available at:

About Black River Ventures (BRV)

Black River Ventures (BRV) is focused on innovative companies at the growth and later stages across the European and US technology space, with a particular interest in Financial Services, Data Analytics/AI, Software/Services and IoT. BRV provides capital to technology companies seeking investments in the $ 3 million to $ 20 million range.

About Winter Capital Partners (WCP) Investment Funds

With total assets under management exceeding $ 1 billion, Winter Capital Partners (WCP) investment funds focus on private equity and venture capital investments globally. The funds invest in fast-growing technology companies in a number of selected verticals: healthcare, education, financial and consumer services.