San Francisco’s Upgrade has opened a development office in Montreal.
The company, which offers personal loans and credit-monitoring services, has hired 25 engineers to date in Montreal with plans to hire 75 more.
Upgrade announced last week that it has closed a $62 Million Series C Round led by CreditEase Fintech Investment Fund.
The new financing will fuel Upgrade’s continued product innovation on the heels of the recent launch of its Personal Credit Line and the expansion of Credit Health, Upgrade’s credit monitoring and education product.
“The new capital will enable continued investments in product, credit analytics, compliance, risk management and expansion of our San Francisco, Phoenix, Montreal and Chicago offices,” said Renaud Laplanche, co-founder and CEO of Upgrade.
“We are seeing a growing desire from consumers to better understand their overall credit situation and to learn to make great financial decisions that give them access to more affordable credit. This encourages us to keep building responsible consumer credit products that fit these trends.”
“Montreal features a great talent pool with top-notch expertise in diverse technology fields including big data, artificial intelligence and blockchain,” Laplanche expanded in a release.
Upgrade’s recently launched Personal Credit Line is designed to combine the low cost, fixed rate and monthly amortization of personal loans with the flexibility and utility of lines of credit typically obtained through credit cards.
The monthly balance turns into an installment loan that teaches customers the discipline of paying down the principal every month over two, three or five years.
The Upgrade platform has facilitated over $1 billion in originations of affordable consumer loans since inception.