Overview of Transaction

• On August 11, 2021, Upgrade announced it raised $105 million in Series E financing led by Koch Disruptive Technologies (KDT), with participation from existing investors including BRV and Ventura Capital
• The round values the Company at more than $3.3 billion, which represents a 3x increase over the prior 2020 round
• Upgrade is a neobank that offers affordable and responsible credit to mainstream consumers through cards and personal loans, along with a rewards checking account that offers 2% cashback rewards to consumers on common everyday expenses and monthly subscriptions
• Upgrade has delivered over $7 billion in affordable credit to consumers through cards and loans since inception in 2017, and is on track to deliver $7 billion in 2021 alone
• In July, the Company launched the Upgrade Bitcoin Rewards Card, a credit card that pays rewards in bitcoin rather than cash, allowing consumers to enjoy the potential upside of bitcoin without putting their own money at risk

Significance of Transaction

• The investment will fuel the rapid growth of the Upgrade Card, an innovative credit card that brings the low cost of responsible credit of installment lending to millions of retail locations in the U.S.

FT Partners' Role

• FT Partners served as exclusive financial and strategic advisor to Upgrade
• FT Partners previously advised Upgrade on its Series D financing at a $1 billion valuation in June 2020
• This transaction highlights FT Partners’ deep domain expertise with neobanks and Consumer FinTech, as well as its successful track record generating highly favorable outcomes for high-growth FinTech companies globally