Is Upgrade a bank?

Upgrade, Inc. (“Upgrade”) is an online marketplace platform that provides access to affordable and responsible credit, mobile banking, and payment products with free credit monitoring and education.

Upgrade is a financial technology company, not a bank. We partner with banks and other financial institutions who originate loans, provide deposit accounts, and other services obtained through Upgrade. Upgrade (NMLS #1548935) holds the following state licenses and does business under the following DBAs. Upgrade is not FDIC insured, but works with the below FDIC insured institutions.

Cross River Bank, Member FDIC, Equal Housing Lender, originates personal loans, auto refinance loans, home improvement loans, BoostCash™ advances offered under Boost Money™, personal credit lines, and issues Upgrade Visa® Cards, including the Boost Money™ Card, that allow access to personal credit lines, pursuant to a license from Visa USA Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade. Checking and savings accounts, including Boost Money™ Spend and Save accounts as well as Visa® Debit Cards made available through Upgrade are also provided by Cross River Bank, Member FDIC.

The Bancorp Bank, N.A. issues Upgrade Visa® Cards that allow access to personal credit lines, pursuant to a license from Visa USA Inc. Rewards associated with the Upgrade Card, when applicable, are provided by Upgrade.

Blue Ridge Bank, N.A, Member FDIC, Equal Housing Lender, originated personal loans through Upgrade through February 2026.

Sutton Bank, Member FDIC, issued Upgrade Visa® Cards through October 2024 that allowed access to personal credit lines, pursuant to a license from Visa USA Inc.

WebBank, Member FDIC, originated personal loans obtained through Upgrade from 2017 through January 2020.

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