Credit unions of all sizes partner with Upgrade to acquire assets and new members
SAN FRANCISCO, March 30, 2022 /PRNewswire/ — Upgrade, Inc., a financial technology company that provides affordable and responsible credit, mobile banking and payment products to mainstream consumers, today announced that it has reached a new milestone with the signing of its 100th credit union partnership with the addition of Northwoods Credit Union. These partnerships allow credit unions to purchase loans and card receivables issued by Upgrade and enroll new members through Upgrade’s online and mobile platform.
“Over the past few years, Upgrade and PenFed have developed a very seamless, transparent and efficient process that has generated billions in loans,” said jay fee, PenFed Vice President, Retail Banking. “Our partnership with Upgrade has made PenFed and our great rates accessible to even more people.”
“Upgrade has become the partner of choice for credit unions,” said Amy Henderson, Director of Consumer Services at GreenState Credit Union. “Our loan-to-deposit ratios are such that we can all benefit from the type of card loans and receivables that Upgrade has to offer, with an attractive yield and a relatively short duration of less than two years. With billions of new creations every quarter, it’s good to know we can get scale too.”
“I like that there is no black box, all credit decisions are explainable,” said matt valentine, director of loans at Carter Credit Union. “We understand how credit underwriting works and then we can overlay our own credit criteria and even our geographic footprint. We also love that we can enroll new members through our Upgrade partnership which continues to drive household growth for our credit union.”
“We really appreciate the flexibility of our partnership with Upgrade,” said Curtis Onofri, director of loans, at Pathways Credit Union. “There are no minimum purchases or long-term commitments. We know we may make a different decision month-to-month based on our own needs. This is extremely valuable to us. .”
“We are delighted to have so many loyal and valued partners,” said the co-founder of Upgrade Adelina Grozdanova. “We began working with credit unions shortly after our launch in 2017, and we look forward to continuing to deepen our relationships in the space.”
Upgrade’s flagship product Upgrade Card was recently recognized by Nilson Report as the fastest growing credit card in America. Upgrade Card promotes responsible credit by turning every balance into a fixed rate installment plan and paying out rewards to cardholders when they pay down their balance. Upgrade recently launched Upgrade Shopping™, which offers consumers 5-10% cash back at local retailers and national brands.
About the upgrade
The upgrade delivered over $12 billion providing affordable and responsible credit to mainstream consumers through cards and loans since its inception in 2017. It also offers rewards checking accounts with debit cards that offer 2% cash back rewards on current daily expenses and monthly subscriptions. Upgrade is headquartered at San Francisco, Californiawith an operations center at Phoenix, Arizona and a technology center in Montreal Canada. Loans and lines of credit are issued and banking services are provided by Cross River Bank, a chartered commercial bank in the State of New Jersey, Member FDIC, Equal Housing Lender, and Blue Ridge Bank, a commercial bank in nationally chartered, member of the FDIC. The upgrade card is issued by Sutton BankFDIC member, pursuant to a license from Visa United States Inc. Upgrade Card rewards, if any, are provided by Upgrade, Inc. More information is available at: https://www.upgrade.com.
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SOURCE Upgrade, Inc.