Upgrade, Inc., a fintech company offering affordable credit and payment products, has announced its acquisition of Uplift, Inc., the leading provider of Buy Now Pay Later (BNPL) payment and credit products for travelers. The acquisition was made for $100 million in cash and stock. Uplift has experienced significant growth in recent years, serving 3.3 million customers in collaboration with more than 300 major airlines, cruise lines, and hotel chains in the United States and Canada.
The CEO of Upgrade, Renaud Laplanche, expressed excitement about the acquisition, stating that Uplift has established itself as a leading BNPL provider in the travel industry. Upgrade aims to combine forces with Uplift to make travel more accessible and affordable for millions of consumers. Over time, they plan to introduce similar solutions in other areas of their customers’ lives.
Uplift offers various BNPL products, including popular 0% financing offers that allow consumers to align their travel expenses with their cash flows at no additional cost. Uplift also reports to credit bureaus, enabling users to maintain their good credit scores as they make monthly payments.
Tom Botts, Chief Commercial Officer at Uplift, believes that this merger will accelerate Uplift’s ability to help consumers pay for their trips through simple and affordable monthly installments. He expects that being part of Upgrade will provide more resources to better serve their partners and customers and continue developing straightforward payment plans that ensure people can pay for the things that matter most in their lives.
The addition of travel financing aligns with Upgrade’s strategy of making credit accessible at the point of sale to finance significant expenses, such as purchasing a car or making home improvements, as well as offering credit directly to consumers through cards and loans.
Upgrade has provided over $24 billion in affordable and responsible credit to mainstream consumers through cards and loans since its inception in 2017. The company is headquartered in San Francisco, California, with operational centers in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California.
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/or Blue Ridge Bank, National Association, a nationally chartered commercial bank, Member FDIC.
Uplift is a leading Buy Now, Pay Later solution that empowers people to make thoughtful purchases and get more out of life. Serving the world’s top enterprise-level travel brands, Uplift’s range of flexible payment options drives higher conversion and loyalty for partners while providing customers with a simple, surprise-free way to pay over time, without late fees or prepayment penalties.
