Upgrade IPO: Renaud Laplanche’s Redemption Arc
This page contains links to our partners. We may be compensated when a link is clicked. Read the disclosures to learn more.
Explore opportunities to invest in Upgrade stock before the IPO.
Invest in leading AI, fintech, and defense startups at Fundrise Venture.
Table of Contents
Notable Upgrade News
10/16/2025: Upgrade valued at $7.3 billion
10/16/2025: Upgrade Raises $165 Million
11/16/2021: Upgrade Raises $280M at $6B Valuation
08/11/2021: Upgrade Closes $105 Million Series E
Older news…
About Upgrade
Upgrade is a fintech startup that offers consumer credit and banking products to help customers improve their financial health.
The company was founded in 2016 by fintech innovation pioneer Renaud Laplanche, who was the founder and long-time CEO of LendingClub, a two-sided lending and investing platform during his tenure.
Laplanche built Upgrade after his departure/ousting from LendingClub due to compliance, transparency, and trust issues with the Board of Directors.
Learning from past troubles and mistakes, he built Upgrade on a modern technology stack and financed loans with institutional investors instead of retail investors (which was the primary fintech innovation with LendingClub).
Its core products include personal loans and credit cards with predictable payment structures, as well as checking accounts and credit monitoring tools designed to encourage responsible borrowing.
These offerings are positioned as simpler and more disciplined than revolving credit, targeting consumers who want lower-cost debt and clearer payoff timelines.
Upgrade is headquartered in San Francisco, and its name reflects the idea of “upgrading” one’s financial life through better credit behavior.
In a crowded field that includes SoFi, LendingClub, Klarna, and Affirm, Upgrade differentiates itself through conservative underwriting and credit-health framing, giving it room to scale further as consumers seek stable, transparent lending amid economic uncertainty.
Ownership
Upgrade is a venture-backed startup owned by its founders, employees, and multiple venture capital firms.
Notable venture capital investors include Neuberger Berman, Dragoneer Investment Group, Vy Capital, Ribbit Capital, G Squared, Coatue Management, DST Global, Koch Disruptive Technologies, Ventura Capital, Rockstone Ventures, Santander, Union Square Ventures, Silicon Valley Bank, Noah Holdings, FirstMark Capital, SVB Financial Group, CreditEase, Uprising Ventures, Loka Capital, Quiet Capital, and Nevcaut Ventures.
Funding Rounds
| Round | Date | Est. Valuation | Raise Amount | Price |
|---|---|---|---|---|
| Series G | 10/15/25 | $7.5B | $165.0M | $5.88 |
| Series F | 11/15/21 | $6.3B | $280.0M | $5.64 |
| Series E | 08/10/21 | $3.4B | $105.0M | $3.22 |
| Series D | 06/16/20 | $1.0B | $40.0M | $1.08 |
| Series C | 08/22/18 | $520.6M | $62.0M | $0.58 |
| Series A | 04/05/17 | NA | $60.0M | $0.05 |
| Source: Caplight |
Valuation
The latest confirmed Upgrade valuation is $7.5 billion based on the October 2025 Series G funding round.
Monitor pre-IPO marketplace availability and price data at Hiive.
IPO Potential
The Upgrade IPO could come as early as Q4 2026 based on public statements.
Upgrade CEO Renaud Laplanche told CNBC in October 2025:
We’ve been cash flow positive over the past three years, so we didn’t have to do a new round. We’re probably 12 to 18 months away from an IPO at this stage. So we wanted to go ahead and make sure everyone could sell a little bit of stock now without having to wait for the IPO.
This would be Laplanche’s second startup that made it to an IPO. The LendingClub IPO was on December 10, 2014 and was the first IPO that the author of this article invested in.
An S-1 filing (confidential or public) is the most accurate sign that an IPO may be forthcoming. The intent to move forward with an IPO is usually leaked to the press long before the S-1 filing becomes available to the public.
How to Invest in Upgrade Stock
Upgrade is a venture-backed startup worth more than $7 billion as of Q4 2025. At this stage of valuation, headed into the IPO, pre-IPO shares may become available on various platforms.
However, the company has offered employees a chance for liquidation more than a year before the IPO. So private shares may not be available as the IPO approaches.
Here are some potential options to own Upgrade stock before, during, and after the IPO.
1. Invest Pre-IPO
Pre-IPO investment platforms may offer Upgrade stock for purchase as employees or early investors seek to sell some of their shares before the Upgrade IPO.
This appears less likely as of Q1 2026, because employees were offered the chance to liquidate some shares in the Series G round.
Accredited investors may still find access to shares in secondary marketplaces.
Monitor pre-IPO investing platforms such as Hiive, Equitybee, Augment, Forge Global, and EquityZen for share availability.
If shares become available, expect to pay at least a $10,000 investment minimum, often more.
Non-accredited investors can invest in pre-IPO companies via venture capital funds targeted at retail investors.
Fundrise Venture is an excellent option. However, Upgrade is not currently in the portfolio.
Please note: This is a testimonial in partnership with Fundrise. We earn a commission from partner links on AccessIPOs.com. All opinions are my own.
2. Participate in the Upgrade IPO through a broker
When a company eventually goes public, ordinary investors can sometimes buy the stock during the IPO at the IPO price.
Some online brokers (listed below) allow investors to invest in IPOs for free, even if they have limited funds in their accounts.
TradeStation has a more established track record of accessing more than 400 IPOs and secondary offerings via its partnership with Click Markets (formerly Click Markets).
Robinhood has the advantage of Silicon Valley networks and a history of getting allocations for high-profile IPOs.
Check out this list of the best brokers for IPO investing to learn more about IPO access for retail investors.
3. Directed Share Program (Customers)
Another possibility is a directed share program.
When LendingClub went public in 2014, the company offered IPO shares to investors on its platforms.
The opportunity was yet another pioneering fintech maneuver by Renaud Laplanche.
Investors (including me) had a chance to participate through a directed share program administered by Fidelity.
Upgrade can attribute its success to its customers.
This presents a unique opportunity to offer IPO shares to the Upgrade borrowing community.
Though we’d love to see Upgrade reward customers this way, LendingClub did not offer IPO shares to borrowers.
And since there is no retail investor class under the Upgrade umbrella, this opportunity seems less likely than LendingClub.
However, we’ll be closely watching the Upgrade S-1 for any mentions of a directed share program.
4. Buy Upgrade stock after the IPO
Most retail and institutional investors will need to wait until after the IPO to invest.
Waiting for the IPO has advantages, such as access to more established financials after the first quarter of trading. Pre-IPO investing has limited financials.
High-demand companies may have exaggerated valuations initially. Investors can benefit by attempting to sell near the peak, but may suffer when prices revert to fair valuations.
IPOs often start with high valuations, but stock prices may fall after the first and second-quarter earnings reports expose significant numbers and trends.
Stock price declines can be excellent entry points for recent IPO stock. Avoid buying overvalued shares immediately after the IPO due to lockup expirations and earnings disappointments.
However, the most disruptive companies may perform better over a decade, so patience is key.
Conclusion
Renaud Laplanche’s second act, Upgrade, was formed with lessons learned from his experience with LendingClub.
He built the new company with trusted team members from his previous company, improved technology, and a shift away from the two-sided marketplace and retail investing platform, which had complicated the core business of lending.
The focus on institutional capital has reduced reputational and regulatory risk while improving balance-sheet control.
Being cash-flow positive ahead of an IPO window suggests optionality rather than urgency, which tends to support pricing discipline when public markets reopen.
Upgrade’s competitive differentiation is about execution: conservative underwriting, amortizing credit products, and a consistent credit-health narrative.
Laplanche’s prior IPO experience is another differentiator, as few fintech founders have navigated both the upside and consequences of public scrutiny.
For investors, the key diligence question is durability — how Upgrade performs as consumer credit normalizes and loss curves mature.
If it maintains underwriting discipline post-IPO (and through market cycles), Upgrade could appeal to public market investors seeking fintech exposure without reliance on credit expansion.
Upgrade News Archive
06/17/2020: Upgrade Closes $40 Million Series D
08/23/2018: Upgrade Closes $62 Million Series C
Frequently Asked Questions (FAQs)
Craig Stephens founded Access IPOs in 2016 to help ordinary investors explore IPO and pre-IPO opportunities. He also manages the Access Club, a membership community for IPO and startup investors. Craig studied Finance at Michigan State University and lives in Northern Virginia. Learn more about Craig.
* This is a testimonial in partnership with Fundrise, Hiive, Robinhood, and other affiliate partners. We earn a commission from partner links on AccessIPOs.com. All opinions are my own. If you sign up with one of our partners through certain on this website, Access IPOs will be compensated at no additional cost to the reader. See the full disclosure here. Risk Statement: Access IPOs is for informational purposes only and does not recommend buying or selling any specific pre-IPO company, IPO, or public company. Investing in IPOs and pre-IPO startups involves significant risk. Do not invest in companies based solely on what is included in this article. Only invest in IPOs and pre-IPO companies with money you can afford to lose. Mentions of specific investments should not be construed as financial advice. Conduct personalized research and consider consulting with an investment advisor before investing. Disclosure: The author may hold an active or pending position in this company either directly or indirectly through an investment fund.
