Upgrade Home Improvement Surpasses $1 Billion in Loans Originated

We’re proud to announce that we have surpassed $1 billion in home improvement loan originations. That is over 65,000 loans that have empowered homeowners to enhance their living spaces, improve energy efficiency, and increase property value through essential upgrades.

We began building our home improvement loan program in March of 2022 with the hire of Christopher Forshay, SVP and Head of Home Improvement at Upgrade. By November 2022, we originated our first loan of $18,645 for a customer in need of HVAC improvements. Just a few months later, by February 2023, we celebrated our first million in originations, and by September 2023, we reached the remarkable $100 million milestone. This rapid growth reflects our commitment to product innovation and the satisfaction of our partners and customers.

Upgrade’s home improvement loans are designed to be simple and accessible, providing a streamlined application process and direct disbursement of funds to contractors, ensuring that projects proceed smoothly. This efficient approach is coupled with our robust technology platform, which integrates seamlessly with merchant partners, creating an exceptional customer experience.

What Sets Upgrade Apart

Upgrade’s home improvement financing model is differentiated by several factors:

• Product Innovation: We have built product features that enhance the borrowing experience for both contractors and customers. For example, we offer contractors the ability to pre-screen prospective customers in real time, so they can forecast the availability of financing options ahead of a customer visit and make the experience easier for everyone involved.

• Distribution Network: We have partnered with over 2,000 contractors. This extensive and fast-growing network allows us to facilitate a wide array of home improvement projects.

• Value for Homeowners: Our Home Improvement customers get the benefit of exceptional rates, often subsidized by contractors, and flexible financing options that can be adjusted with their project scope.

In 2025, we will continue our commitment to innovation by improving our product, expanding our network of partners, and providing exceptional value to homeowners.

We extend our heartfelt congratulations to the entire Home Improvement team for their hard work and dedication that have driven this success. Together, we are building a fast-growing billion-dollar business that enhances the lives of homeowners across the country.

For more information, please visit https://www.upgrade.com/home-improvement/.

About Upgrade

Upgrade, Inc. offers affordable and responsible credit, mobile banking and payment products to mainstream consumers. Upgrade has delivered over $35 billion in affordable and responsible credit to customers since its inception in 2017. The company's headquarters are in San Francisco, California, with an operations center in Phoenix, Arizona, a technology center in Montreal, Canada, and regional offices in Atlanta, Georgia, and Irvine, California. Upgrade is a financial technology company, not a bank. More information is available at: https://www.upgrade.com.