Core Insights - Upgrade has successfully navigated challenges faced by neobanks through product diversification and a focus on loans, which provide higher margins compared to transaction payments [3][7] - The company raised $165 million in a Series G funding round, achieving a valuation of $7.3 billion and serving 7.5 million customers [2] Business Model - Upgrade's loan offerings, particularly for refinancing credit cards, allow customers to manage high-interest debt, with the company underwriting these loans and selling them to other financial institutions based on risk [4] - The Flex Pay product, part of Upgrade's buy-now, pay-later services, is offered through partnerships with major companies like United Airlines, which helps in customer acquisition and marketing [5][6] Financial Performance - Upgrade has maintained cash flow positivity over the past three years and is planning to go public within the next 12 to 18 months [7]