FinTech Upgrade, Inc., unveiled the addition of Northwoods Credit Union as its 100th credit union (CU) partner on Wednesday (March 30), according to a joint press release.
Upgrade’s partnerships with CUs allow the CUs to buy loans and card receivables through Upgrade and enroll new members through Upgrade’s online and mobile platform.
“We are thrilled to count so many loyal and valuable partners,” Upgrade co-founder Adelina Grozdanova said in the release. “We started working with credit unions shortly after our launch in 2017 and look forward to continuing to deepen our relationships in the space.”
The release also noted that Nilson Report recently lauded Upgrade’s flagship product Upgrade Card as the fastest-growing credit card in America.
According to the release, the Upgrade Card “promotes responsible credit by turning every balance into a fixed-rate installment plan, and by paying rewards to cardholders as they pay down their balance.”
In February, Upgrade — which offers its customers a suite of consumer credit, mobile banking and payment products — announced Upgrade Shopping, a new solution designed to help customers reduce the sting of inflation.
“Consumer prices rose 7% over the last year,” Renaud Laplanche, co-founder and CEO of Upgrade, said at the time. Pointing to the fact that so many workers don’t receive pay raises to match inflation, he added that Upgrade “decided to help balance our customers’ budget and put more money into their pocket.”
Upgrade Shopping offers consumers 5% to 10% cash-back rewards at local retailers and national brands. For example, H&M offers 6% in-store and online, Shake Shack gives 10% online and Adidas offers 5%.
The cash-back rewards are combined with the fee-free Upgrade Card, which offers rewards and competitive rates. Upgrade Shopping aligns with the company’s mission of helping people get a handle on their finances, and the Upgrade Shopping rewards are in addition to the Upgrade Card’s cash-back rewards.