California, USA-based fintech company offering affordable and responsible credit, mobile banking and payment products to mainstream consumers, Upgrade acquired Uplift. The latter is a California, USA-based provider of Buy Now Pay Later (BNPL) payment and credit products to travellers. The deal cost USD 100 million in cash and stock deal. The transaction took place on July 28, 2023.
Purpose of acquisition by Upgrade
The acquisition of Uplift’s operations of travel financing aligns with Upgrade’s strategy of making credit available at the point of sale. It seeks to further finance meaningful expenses such as buying a car or making home improvements. Meanwhile, the company can now make credit available directly to consumers through cards and loans.
What the Upgrade official has to say
Renaud Laplanche, co-founder and CEO at Upgrade, said, “We are thrilled to welcome Uplift team members, partners and customers to Upgrade. The Uplift team has established the company as the leading BNPL provider in the travel industry. We look forward to combining forces to make travel more accessible and affordable for millions of consumers and, over time, implement similar solutions in adjacent parts of our customers’ lives.”
What the officials of Uplift have to comment
Tom Botts, Chief Commercial Officer at Uplift, further said, “We believe this combination will accelerate Uplift’s ability to help consumers pay for their trips through simple and affordable monthly instalments. As part of Upgrade, more resources will be available to better serve our partners and customers to continue to develop simple, surprise-free, and straightforward payment plans to ensure people can pay for the things that matter most, the ones that elevate their lives.”
Uplift offers a comprehensive suite of BNPL products, such as popular 0% financing offers that help consumers align the payment of their travel expenses with their own cash flows at no cost to them.
About Upgrade
Renaud Laplanche is the Chief Executive Officer of the company launched in 2016. Since its inception, Upgrade has delivered more than USD 24 billion in affordable and responsible credit to mainstream consumers. The company leverages cards and loans for distribution. The company has headquarters in San Francisco, California, with an operations centre in Phoenix, Arizona, a technology centre in Montreal, Canada, as well as regional offices in Atlanta, Georgia and Irvine, California. Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, and/or Blue Ridge Bank, National Association, a nationally chartered commercial bank, Member FDIC, provides
Loans and issue credit lines and offer banking services.
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