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San Francisco based challenger banks raised $40m in Series D funding led by Santander InnoVentures at a $1b valuation.
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The startup told TechCrunch that ten million individuals have applied for credit from the company. That demand has led to rising loan volume — Upgrade expects to do $3 billion in lending this year, including $2 billion in personal loans and $1 billion in credit card volume, it said — and a growing user base. That user base is part of why the startup is targeting banking in the near future. And that move is why it needed money.
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