SAN FRANCISCO, March 9, 2022 /PRNewswire/ — Upgrade, Inc.a fintech company that provides affordable and responsible credit, mobile banking and payment products to mainstream consumers, today announced that it has further accelerated the growth of Upgrade Card in the second half of 2021 and is registered again as fastest growing U.S. credit card per outstanding balance, depending on March 2022 question of the Nilson Report.
Last year, Upgrade became the first fintech company to feature in the top 50 Visa/Mastercard credit card issuers in the United States, ranking 48th. In the last 6 months of 2021, the outstanding upgrade card more than doubled to overtake 20 other card issuers and jump to 27th place in the list, with a growth rate of 539.5% from one year to the next, the only three-digit card. Rate of growth. Upgrade remains the only fintech company among the top 50 card issuers in the United States.
“We are excited to see the continued momentum of Upgrade Card,” said Renaud Laplanche, co-founder and CEO of Upgrade. “We believe we offer the cheapest and most user-friendly card on the market, designed so that consumers pay off their balance each month, save on interest costs and sleep better at night as they pay off their debt.”
Upgrade’s product innovation and commitment to consumer financial health has propelled the company to success over the past year, with the close of two funding rounds valuing the company at more than $6 billion. Upgrade delivered on $12 billion affordable consumer credit since its inception, including $7.5 billion in 2021 alone. More recently, Upgrade was ranked #1 in the list of Fastest Growing Companies in the Americas.
The fixed-rate nature of the balance of each Upgrade card should be particularly useful to consumers over the next few years in a rising rate environment, offering even more savings compared to traditional variable-rate cards.
About the upgrade
The upgrade delivered over $12 billion providing affordable and responsible credit to mainstream consumers through cards and loans since its inception in 2017. It also offers rewards checking accounts with debit cards that offer 2% cash back rewards on current daily expenses and monthly subscriptions. Upgrade is headquartered at San Francisco, Californiawith an operations center at Phoenix, Arizona and a technology center in Montreal Canada. Loans and lines of credit are issued and banking services are provided by Cross River Bank, a chartered commercial bank in the State of New Jersey, Member FDIC, Equal Housing Lender, and Blue Ridge Bank, a commercial bank in nationally chartered, member of the FDIC. The upgrade card is issued by Sutton BankFDIC member, pursuant to a license from Visa United States Inc. Upgrade Card rewards, if any, are provided by Upgrade, Inc. More information is available at: https://www.upgrade.com.
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SOURCE Upgrade, Inc.