Upgrade’s $165 Million Fundraise Comes as Buy Now, Pay Later Sector Faces Pressure
Upgrade, the fintech firm with a buy now, pay later unit called Flex Pay, has raised $165 million in a Series G funding.
Neuberger Berman and LuminArx led the round, which pushes Upgrade’s total funding to $750 million and values the company at $7.4 billion, according to Tom Botts, President of Flex Pay.
A Second Act for BNPL in TravelUpgrade made its biggest travel move in 2023 when it acquired Uplift for $100 million, later rebranding it as Flex Pay.
Two years later, that deal appears to be paying off. Botts said Flex Pay’s annual revenue run rate has doubled since the acquisition, driven by larger transaction volumes and deeper integrations with travel brands.
“We’ve seen both volume and transaction size grow organically as BNPL has become a must-have payment option,” Botts tol
skift.
