Upgrade, founded by Renaud Laplanche, raises $165 million in funding, valuing the company at $7.3 billion. The company, offering personal loans and expanding into financial services, acquired Uplift for $100 million. Revenue has doubled, surpassing $1 billion annually. Upgrade plans to IPO and enhance customer experience across products.

Upgrade CEO Renaud Laplanche plans to IPO and secure additional capital for the company’s balance sheet. The majority of Upgrade’s customers are moving from traditional banks to take advantage of faster services. The company is focusing on home improvement and auto financing, surpassing $2 billion and $1 billion respectively in loan originations.

Competition in the fintech industry is increasing with companies like Chime, SoFi, PayPal, and Block offering banking services. In the BNPL sector, Affirm and Klarna are strong players. Upgrade’s focus in BNPL is in the travel industry, partnering with airlines, cruise lines, rental cars, and hotels for unique services.

Read more at CNBC: Fintech startup Upgrade valued at $7.3 billion in new funding round