Upgrade, Inc., a fintech company that offers credit, mobile banking and payment products to mainstream consumers, has acquired Uplift, Inc., a provider of Buy Now Pay Later (BNPL) payment and credit products for travelers.
Uplift offers a full range of BNPL products, including 0% financing offers that help consumers align the payment of their travel expenses with their own cash flows at no cost. Uplift performs credit bureau reporting, allowing users to keep up their good credit scores as they make monthly payments.
“We are thrilled to welcome Uplift team members, partners and customers to Upgrade,” said Renaud Laplanche, co-founder and CEO, Upgrade. “The Uplift team has established the company as the leading BNPL provider in the travel industry, and we look forward to combining forces to make travel more accessible and affordable for millions of consumers and over time implement similar solutions in adjacent parts of our customers’ lives.”
“We believe this combination will accelerate Uplift’s ability to help consumers pay for their trips through simple and affordable monthly installments,” said Tom Botts, chief commercial officer, Uplift. “As part of Upgrade, more resources will be available to better serve our partners and customers to continue to develop simple, surprise-free, and straightforward payment plans to ensure people can pay for the things that matter most, the ones that elevate their lives.”
Travel financing fits in Upgrade’s strategy of making credit available at the point of sale to finance meaningful expenses such as buying a car or making home improvements, in addition to making credit available directly to consumers through cards and loans.
Uplift’s complete range of flexible payment options drives higher conversion and loyalty for partners while allowing customers to pay over time with no late fees or prepayment penalties.
San Francisco-based Upgrade, Inc has delivered over $24 billion in affordable and responsible credit to mainstream consumers through cards and loans since 2017.