Overview of Transaction

• On November 16, 2021, Upgrade announced it raised $280 million in Series F financing led by Coatue Management and DST Global with participation from Dragoneer Investment Group and existing investors
• The round values the Company at more than $6 billion, which represents a ~2x increase over the prior 2021 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 $10 billion in affordable credit to mainstream consumers through cards and loans since inception in 2017, and is on track to deliver $8 billion in 2021 alone
• Upgrade was recognized as the fastest growing company in the Americas by the Financial Times earlier this year, and Upgrade Card was recently recognized by Nilson Report as the fastest growing credit card in the US, marking the first time a FinTech company is listed among the top 50 US credit card issuers

Significance of Transaction

• The investment will fuel the rapid growth of 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 led by Santander InnoVentures in 2020 and Series E financing led by KDT in August 2021 – over this time period, Upgrade’s valuation has grown over ~6x
• 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