Renaud Laplanche’s vision for a second generation lending platform seems to have struck a chord with borrowers and investors alike. We learned at LendIt Fintech USA 2018 that the company was originating around $100 million a month at the time, and now has crossed $1 billion in originations
Today, the firm announced their Series C financing round of $62 million, led by the CreditEase Fintech Investment Fund. This new funding round reportedly values Upgrade at $500 million, an impressive number given they made their first loan just 16 months ago.
We spoke with CEO and Co-Founder, Renaud Laplanche, who gave us an update on the business and what is driving investor interest.
The CreditEase Fintech Investment Fund is not a new name to those who follow the fintech space, but many people don’t realize that it is the largest fintech-focused investment fund in the world. The $1 billion fund has participated in every Upgrade round, but this is the first time they are leading a round in a US based fintech. They have chosen to take a more active role in Upgrade and Anju Patwardhan, Managing Director at CreditEase will be joining the Upgrade board.
When we asked Laplanche to give us his perspective on their investment he shared that the CreditEase Fintech Investment fund understands Upgrade’s value proposition of building a second generation online lender.
Upgrade builds upon what he and others have learned over the last decade or so in online consumer lending. Laplanche also believes that Upgrade can become a household name and deliver products to meet all of a consumer’s credit needs. Upgrade was built from the ground up to offer a full range of consumer credit products. They have already made inroads on delivering on that vision with their launch of the personal credit line and Laplanche hinted that development on new products and innovations are well underway.