Upgrade, Inc. is a San Francisco-based financial technology company that offers consumer credit products online, including personal loans and auto refinance loans, and says it has delivered more than $53 billion in credit to more than 8.5 million customers.
Upgrade is a nonbank company; its loans have been originated through bank partners such as Cross River Bank rather than by a bank it owns. On October 12, 2026 it applied to the Nevada Financial Institutions Division and the FDIC to establish Upgrade Bank, a proposed Nevada-chartered industrial loan bank. Those applications are pending and neither has been approved. Customer and credit-volume figures are company claims.
Upgrade says the proposed Upgrade Bank would be a wholly owned, FDIC-insured subsidiary and would complement, not replace, its existing bank-partner and loan-buyer relationships. The company states there is no guarantee of approval or timing.
Upgrade, Inc. said on October 12 that it has applied to Nevada's banking regulator and the FDIC to create Upgrade Bank, a Nevada-chartered industrial loan bank. The company says the bank would add to its existing bank partners; there is no guarantee either application will be approved.
Bank & fintech · Company announcement; applications pendingA separate last-checked date for this profile has not been recorded. Relationship evidence and Utah banking records show their own source-check dates where available; news and research dates refer to those articles.