The Only Way is Up
By Isabelle Castro Margaroli
Uplift is getting an upgrade... or rather its being acquired by consumer finance fintech, Upgrade.?
Renaud Laplanche - Upgrade’s legendary leader - bagged a bargain with it too, perhaps reflecting?the deflation of the BNPL bubble.
Originally Laplanche was approached by?BNPL provider,?Uplift, to participate in their series D funding round.?
Upgrade turned the tables, offering to buy the company for just $100 million.?
In what many are saying is a sign of the times, Uplift accepted, opening Upgrade to increased opportunities in the BNPL space. Until now, the company had been providing a BNPL-type product providing loans for home improvements that could be paid off over 6-36 monthly payments.?
Now it seems their focus will also be travel. The acquisition comes with an extensive network of partnering airlines, cruiseliners and hotels.?
In addition they will effectively double their customer base.
While it's unclear whether an IPO is in store for Upgrade this year, the addition of Uplift’s partners and customer base could catapult them further into prime position.
FEATURED
By Kyle Wiggers, Upgrade has acquired Uplift, a travel-focused BNPL vendor, for a fraction of what the latter company raised in equity and debt.
By Taktile,?Discover the 10 things risk experts say are a must-have for their decisioning.
SPONSORED
By American Fintech Council, The Summit serves as a pivotal gathering for industry leaders and policymakers to exchange ideas, explore emerging trends, and shape the future of financial technology.
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By Arjun Singh,?While many areas of embedded finance are getting a lot of airtime, embedded savings is not receiving the attention it deserves. That needs to change.
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