Upgrade Card the Fastest Growing US Credit Card According to Nilson Report
Upgrade is the only Fintech in the top 50 U.S. Credit Card Issuers
SAN FRANCISCO, March 9, 2022 /PRNewswire/ -- Upgrade, Inc., a fintech company that offers affordable and responsible credit, mobile banking and payment products to mainstream consumers, today announced that it further accelerated growth in Upgrade Card in the second half of 2021 and again registered as the fastest growing US credit card by outstanding balances, according to the March 2022 issue of the Nilson Report.
Last year, Upgrade became the first fintech company to ever be listed in the report's top 50 U.S. Visa/Mastercard Credit Card Issuers, coming in at #48. In the final 6 months of 2021 Upgrade Card more than doubled in outstandings to leap 20 other card issuers to move to #27 on the list, with a growth rate of 539.5% year-over-year, the only card with a triple-digit growth rate. Upgrade remains the only Fintech company in the top 50 U.S. card issuers.
"We are excited to see the continued momentum of Upgrade Card," said Renaud Laplanche, co-founder and CEO of Upgrade. "We believe we offer the lowest cost and most consumer-friendly card in the market, designed in such a way that consumers pay down their balance every month, save on the cost of interest, and sleep better at night as they're paying down their debt".
Upgrade's product innovation and commitment to consumers' financial health has catapulted the company to success in the past year, with the closing of two funding rounds valuing the company at over $6 billion. Upgrade delivered over $12 billion in affordable consumer credit since inception, including $7.5 billion in 2021 alone. Most recently, Upgrade was ranked #1 in the Financial Times' list of Fastest Growing Companies in the Americas.
The fixed-rate nature of each Upgrade card balance is expected to be particularly helpful to consumers over the coming years in a rising rate environment, offering yet more savings compared to traditional variable-rate cards.
About Upgrade
Upgrade has delivered over $12 billion in affordable and responsible credit to mainstream consumers through cards and loans since inception in 2017. It also offers rewards checking accounts with debit cards that offer 2% cashback rewards on common everyday expenses and monthly subscriptions. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and a technology center in Montreal, Canada. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, and Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC. Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc. More information is available at: https://www.upgrade.com.
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SOURCE Upgrade, Inc.
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