Is Upgrade a bank?

Upgrade, Inc. (“Upgrade”) is an online marketplace platform that provides access to affordable and responsible credit, mobile banking, and payment products with free credit monitoring and education.

Upgrade is a financial technology company, not a bank. We partner with banks and other financial institutions who originate loans, provide deposit accounts, and other services obtained through Upgrade. Upgrade (NMLS #1548935) holds the following state licenses and does business under the following DBAs. Upgrade is not FDIC insured, but works with the below FDIC insured institutions.

Cross River Bank, a New Jersey state-chartered commercial bank, Member FDIC, Equal Housing Lender, originates personal loans, auto refinance loans, home improvement loans, and personal credit lines, and issues Upgrade Visa® Cards that allow access to personal credit lines, pursuant to a license from Visa USA Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade. Checking and savings accounts are also provided by Cross River Bank, Member FDIC.

Blue Ridge Bank, N.A, Member FDIC, Equal Housing Lender, originates personal loans and auto refinance loans.

The Bancorp Bank, N.A. issues Upgrade Visa® Cards that allow access to personal credit lines, pursuant to a license from Visa U.S.A. Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade.

Sutton Bank, Member FDIC, issued Upgrade Visa® Cards through October 2024 that allowed access to personal credit lines, pursuant to a license from Visa USA Inc.

WebBank, Member FDIC, originated personal loans obtained through Upgrade from 2017 through January 2020.

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