CreditEase FinTech Investment Fund, a a venture fund owned by Chinese fintech firm CreditEase, has led a US$62 million series C round in Upgrade, Inc., a San Francisco-based online lending start-up.
All major existing investors including Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital Ventures, Silicon Valley Bank, Union Square Ventures and Vy Capital participated in the round, according to Upgrade’s press release on Thursday.
This US$62 million series C round includes the conversion of all previously issued convertible notes. With the new round, Upgrade has raised equity capital totaling US$142 million.
Founded in 2016, Upgrade is a consumer credit platform that provides online lending service with credit monitoring and educational tools. It has facilitated over UD$1 billion in originations of affordable consumer loans since inception.
"We are very proud to be leading this round. We believe Upgrade will grow into a mainstream consumer credit brand that is dedicated to helping consumers better understand their credit and encourages responsible credit behavior and we are excited to be part of the journey," said Anju Patwardhan, managing director at CreditEase, who will be joining the Upgrade board.
The new financing will fuel Upgrade’s continued product innovation. Recently, the company launched its personal credit line, a product designed to combine the low cost, fixed rate and monthly amortization of personal loans with the flexibility and utility of lines of credit typically obtained through credit cards.
CreditEase FinTech Investment Fund is a venture fund founded in 2016 to invest in finTech companies globally. It has an equivalent of US$1 billion in the total committed capital.