Upgrade Enters The BNPL Space With A $100 Million Acquisition Of Uplift
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Last updated 10/24/2023 by
SuperMoney TeamEdited by
Summary:
Upgrade, Inc. has acquired Uplift, Inc., a top Buy Now Pay Later provider in the travel sector, in a $100 million cash and stock deal. This strategic move is set to enhance travel accessibility and affordability for millions, leveraging Uplift’s partnership with major airlines, cruise lines, and hotels.
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Fintech giant Upgrade, Inc. announces its latest acquisition
In a move to expand its reach and enhance its suite of financial products, San Francisco-based Upgrade, Inc. has acquired Uplift, Inc., a leading name in the Buy Now Pay Later (BNPL) segment that specializes in travel financing. This collaboration marks a significant step in reshaping how consumers experience and finance their travels.
Uplift’s thriving trajectory
Over the recent years, Uplift has emerged as a dominant player in the BNPL travel sector. With partnerships encompassing over 300 of North America’s premier airlines, cruise lines, and hotel chains, they now serve an impressive clientele of 3.3 million. Their innovative financial solutions, especially their popular 0% financing offers, have redefined the way travelers manage and align their expenditures.
A merger promising enhanced travel financing solutions
Upgrade’s CEO, Renaud Laplanche, expressed his enthusiasm about integrating the Uplift team into their fold. This merger is not merely a business strategy but aims to simplify travel for millions by making it more accessible and affordable. Moreover, Upgrade sees potential in introducing similar BNPL solutions in other consumer sectors, broadening their product spectrum.
A bright horizon for Uplift under Upgrade
Tom Botts, Uplift’s Chief Commercial Officer, anticipates an accelerated growth trajectory following this merger. With Upgrade’s resources, Uplift is poised to refine its offerings further, ensuring consumers can seamlessly finance their trips. The overarching goal remains to empower users to fund moments that enrich their lives without any financial hiccups.
Key takeaways
- Upgrade, Inc. acquires Uplift, Inc. for $100 million in a combination of cash and stock.
- The acquisition is set to revolutionize travel financing, making it more accessible and affordable.
- Uplift’s partnerships with major travel industry players position them as a BNPL leader in this sector.
- Upgrade foresees potential in branching out into other BNPL sectors beyond travel.
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