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.

https://techcrunch.com/2020/06/17/credit-focused-fintech-startup-upgrade-raises-40m-after-reaching-100m-run-rate/