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Koch leads investment in Upgrade at $3.4 billion valuation

July 2021

Client(s) Koch Disruptive Technologies

Jones Day represented Koch Disruptive Technologies in connection with its investment in the Series E round of Upgrade, Inc. at a $3.4 billion pre-money valuation. KDT is a unique investment firm partnering with principled entrepreneurs who are building transformative companies that are changing the world. San Francisco-based Upgrade is a fintech company that offers affordable and responsible credit to mainstream consumers. 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. Upgrade debuted a rewards checking account earlier this year that offers 2% cashback rewards to consumers on common everyday expenses. The company also launched in July 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.

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