Upgrade acquires travel BNPL provider Uplift in $100m deal
Upgrade, Inc., a fintech firm renowned for offering affordable credit and mobile banking solutions, today reported its acquisition of Uplift, Inc., a top-tier provider of Buy Now Pay Later (BNPL) payment solutions predominantly used by travelers.
The consideration for the acquisition is $100 million in both cash and stock.
Recently witnessing an impressive surge in growth, Uplift now services 3.3 million customers, partnering with over 300 premier airlines, cruise lines, and hotel chains across the United States and Canada.
Renaud Laplanche, co-founder and CEO at Upgrade, expressed excitement about the new merger, stating, “We are thrilled to welcome Uplift team members, partners, and customers to Upgrade. The Uplift team has established the company as the leading BNPL provider in the travel industry, and we look forward to combining forces to make travel more accessible and affordable for millions of consumers, and over time implement similar solutions in adjacent parts of our customers’ lives.”
Uplift boasts an extensive range of BNPL products, including popular 0% financing offers which align with consumer cash flow trends, all at no extra cost. Uplift’s systematic credit bureau reporting enables customers to maintain their positive credit scores with timely monthly payments.
Tom Botts, Chief Commercial Officer at Uplift, believes that the merger will further propel Uplift’s mission to offer consumers simplified and affordable monthly installments for their travel expenses. “As part of Upgrade, more resources will be available to better serve our partners and customers to continue to develop simple, surprise-free, and straightforward payment plans to ensure people can pay for the things that matter most, the ones that elevate their lives.”
This move aligns with Upgrade’s strategy of providing credit at the point of sale for significant expenses like car purchases or home improvements, besides offering direct consumer access to credit through cards and loans.