KBA Associate Member

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Upgrade is a marketplace lender having facilitated origination of $3 billion in personal loans since inception. We partner with community banks to give them access to prime consumer assets for income goals, customer base growth as well as co-branded digital solutions. Upgrade can offer community banks digital unsecured consumer loans, secured consumer loans, cards, auto loans as well as HELOCs. We can provide community banks a digital channel to access customers in their communities with a flawless user experience.

Upgrade was founded in 2016 and launched in April 2017. Upgrade offers affordable and responsible credit products to mainstream consumers through personal loans, auto refinance loans, credit lines and cards. Upgrade also offers free credit monitoring, credit alerts and credit education is offered to our user base through the Upgrade Credit Health product. Upgrade has raised over $200M in equity funding from a world-class investor base, including a top 10 global bank. The average Upgrade customers are, seeking frictionless online credit products, not living paycheck to paycheck and not looking for high-yield savings. Upgrade Loan Customers 82% refinance credit card debt with a better rate and fixed installment plan

Upgrade Value Proposition:
  1. High yield, short duration asset, par pricing on personal loans
  2. Ability to deploy liquidity quickly, no minimums or commitment schedules, place orders month-over-month
  3. No black box, bank partners can overlay credit criteria
  4. Ability to geo-target and purchase in desired footprint
  5. Ability to cross sell to Upgrade borrowers
Other Key Points:
  • Loans are sold fill-to-order in whole-loan format on a forward flow
  • Upgrade facilitates origination of all products via partner bank model with Cross River Bank
  • Upgrade retains servicing and does all collections
  • Robust compliance, vendor management and legal/regulatory teams for fast and flawless onboarding

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