Upgrade Inc. said Tuesday it raised a $280 million Series F round of financing led by Coatue Management and DST Global at a $6 billion valuation for the credit card company. The capital comes after Upgrade drew a valuation of $3.325 billion in August when it announced a $105 million Series E round. Along with Coatue Management and DST Global, other Series F investors in Upgrade Inc. include Dragoneer Investment Group and existing investors Gopher Asset Management, G-Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital and Vy Capital. Upgrade co-founder and CEO Renaud Laplanche led the deal. Philippe Laffont, frounder and CEO of Coatue Management, said Upgrade “is an exciting example of a credit-led neobank.”
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