Upgrade, Inc. Announces Partnership with One Hundred Credit Unions

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Credit Unions of all sizes partner with Upgrade to acquire assets and new members

SAN FRANCISCO, March 30, 2022Upgrade, Inc., a fintech company that offers affordable and responsible credit, mobile banking and payment products to mainstream consumers, today announced that it reached a new milestone with the signing of its hundredth credit union partnership with the addition of Northwoods Credit Union. These partnerships let credit unions purchase loans and card receivables originated through Upgrade and enroll new members through Upgrade’s online and mobile platform.    

“Over the past few years, Upgrade and PenFed have developed a very seamless, transparent and efficient process that has produced billions in loans,” said Jay Fee, PenFed Vice President, Consumer Banking. “Our partnership with Upgrade has introduced PenFed and our great rates to even more people.”

“Upgrade has become the partner of choice for credit unions,” said Amy Henderson, Chief Consumer Services Officer at GreenState Credit Union. “Our loan-to-deposit ratios are such that we can all benefit from the type of loans and card receivables Upgrade has to offer, with attractive yield and relatively short duration under two years. With billions in new originations every quarter, it’s good to know we can get scale too.”

“I love the fact that there is no black box, all credit decisions are explainable,” said Matt Valentine, Chief Lending Officer at Carter Credit Union. “We understand how the credit underwriting works, and then we can overlay our own credit criteria and even geographic footprint. We also love the fact that we can sign up new members through our Upgrade partnership which continues to drive household growth for our credit union.”

“We really appreciate the flexibility of our partnership with Upgrade,” said Curtis Onofri, Chief Lending Officer, at Pathways Credit Union. “There are no minimum purchases or long-term commitments. We know we can make a different decision month over month based on our own needs. This is hugely valuable to us.”

“We are thrilled to count so many loyal and valuable partners,” said Upgrade co-founder Adelina Grozdanova. “We started working with credit unions shortly after our launch in 2017, and look forward to continuing to deepen our relationships in the space.”

Upgrade’s flagship product Upgrade Card was recently recognized by Nilson Report as the fastest growing credit card in America. Upgrade Card promotes responsible credit by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down their balance. Upgrade recently launched Upgrade Shopping™, which offers consumers 5 to 10% cashback rewards at local retailers and national brands.

About Upgrade


Upgrade has delivered over $12 billion in affordable and responsible credit to mainstream consumers through cards and loans since inception in 2017. It also offers rewards checking accounts with debit cards that offer 2% cashback rewards on common everyday expenses and monthly subscriptions. Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona and a technology center in Montreal, Canada. 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 Blue Ridge Bank, a nationally chartered commercial bank, Member FDIC. Upgrade Card is issued by Sutton Bank, Member FDIC, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade, Inc. More information is available at: https://www.upgrade.com.

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SOURCE Upgrade, Inc.