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, Member FDIC, Equal Housing Lender, originates personal loans, auto refinance loans, home improvement loans, BoostCash™ advances offered under Boost Money™, personal credit lines, and credit cards. It issues Upgrade Visa® Cards, including the Boost Money™ Card, that allow access to personal credit lines and Upgrade OneCard , pursuant to a license from Visa USA Inc. Rewards associated with the Upgrade OneCard, when applicable, are provided by Upgrade. Checking and savings accounts, including Boost Money™ Spend and Save accounts as well as Visa® Debit Cards made available through Upgrade are also provided by Cross River Bank, Member FDIC.

• The Bancorp Bank, N.A. 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. 

• Blue Ridge Bank, N.A, Member FDIC, Equal Housing Lender, originated personal loans through Upgrade through February 2026. 

• 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.