A neobank you should know about…

Upgrade is an online lending platform that joined the Prime Unicorn Index in the quarterly reconstitution. The most recent $40 million Series D round was led by Santander InnoVentures and follows $82.54 million raised for Series C. The terms surrounding the Series D include a senior liquidation preference to all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $2.1556, an up round from Series C at $1.1690.

The investment will fuel the continued growth of Upgrade Card, an innovative credit card that brings the low cost and responsible credit of installment lending to millions of retail locations in the U.S., and the upcoming launch of Upgrade Account, a mobile banking product offering exceptional value to mainstream consumers.

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Bloomberg Ticker: PUNICORN

Reuters Ticker: .PUNICORN

Q3 2020 Reconstitution Report

 

Deals and post-money valuations on the new 5 components to the Prime Unicorn Index