Upgrade raises $165m, targets IPO within 12–18 months

Consumer finance fintech Upgrade raised $165 million in a late-stage funding round that values the company near $7.3 billion, the firm said. Management indicated plans for an initial public offering within 12–18 months, subject to market conditions. Upgrade will use the fresh capital to deepen consumer lending products, accelerate customer acquisition and expand partnerships with banks and payment networks. Analysts say the round underscores demand for embedded finance and BNPL alternatives among U.S. consumers.