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Upgrade submits applications to establish an industrial loan company
Upgrade, Inc. today announced it has submitted applications to the Nevada Financial Institutions Division and the Federal Deposit Insurance Corporation (FDIC) to establish Upgrade Bank, a proposed Nevada-chartered industrial loan bank.
The establishment of Upgrade Bank would complement Upgrade's existing relationships with bank partners and loan buyers, giving the company greater flexibility and additional options to fund affordable and responsible credit products.
Since its founding in 2016, Upgrade has delivered over $53 billion in credit to more than 8.5 million customers.
Virginia Varela has been named CEO of Upgrade Bank. Ms. Varela currently serves as Upgrade's Head of Banking Strategy and brings more than 35 years of experience in banking supervision and financial services. She previously served as an officer at SoFi Bank, N.A., and as President & CEO of Golden Pacific Bank, N.A. until its 2022 acquisition by SoFi, and has held CEO, President, or board positions at four banks, including as a director of the Federal Home Loan Bank of San Francisco.
"We are excited at the prospect of establishing a new bank that will advance Upgrade’s mission of bringing responsible and affordable credit to consumers," said Virginia Varela, CEO of Upgrade Bank.
If approved, Upgrade Bank would operate as a wholly owned, Nevada-chartered, FDIC-insured subsidiary of Upgrade, Inc. with independent governance and internal controls, adding to Upgrade's existing business and bank partnerships. The Bank's initial Board of Directors is proposed to include Ms. Varela along with Jeffrey Bogan (co-founder and CFO of Upgrade), and independent directors Raymond Specht, Daniel Quan, and Dalibor Snyder.
The applications remain subject to regulatory review, and there is no guarantee that either application will be approved, or as to the timing of any approval.
About Upgrade
Upgrade is a financial technology company that offers affordable and responsible credit, mobile banking, and payment products to mainstream consumers. Since its inception in 2017, Upgrade has delivered over $53 billion in credit to over 8.5 million customers. Upgrade's platform includes five core products: Mobile Banking, BNPL, Personal Loans, Credit Cards and Auto Financing. Loans and credit lines are issued, and banking services are provided, by Cross River Bank, a New Jersey State Chartered Commercial Bank, Member FDIC, Equal Housing Lender, operating from its Delaware branch location, and Celtic Bank, a Utah State Chartered Industrial Bank, Member FDIC.
Upgrade is headquartered in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Wilmington, Delaware, Atlanta, Georgia, and Irvine, California. More information is available at: https://www.upgrade.com
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Anna Woodruff Roubos
Sr. Director, Communications
press@upgrade.com
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