Nilson Names Upgrade Card “Fastest Growing Card in US”

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Last updated on August 14th, 2023

Last year, Upgrade became the first fintech to make Nilson Report’s top 50 credit card issuers list. Now, Upgrade is enjoying even more success – reaching #27 on the latest Nilson Report thanks to over 500% growth in 2021.

Upgrade Card Fastest Growing US Credit Card According to Nilson

Fintech Upgrade has been named the fastest-growing credit card by outstanding balances by Nilson Report. The fintech and neobank was the first fintech to make Nilson’s top 50 U.S. Visa/Mastercard Credit Card Issuers in 2021, topping out at #48 on the list.

Upgrade’s growth has accelerated through Q3-4 of 2021, with the company more than doubling its level of outstanding balances (or money owed by accountholders). All told, Upgrade is claiming a growth rate of 539.5% year-over-year, placing it at #27 on Nilson’s top card issuers list.

Upgrade’s Innovations Continue to Prove Successful

“We are excited to see the continued momentum of Upgrade Card,” said Renaud Laplanche, co-founder and CEO of Upgrade, in a press release. “We believe we offer the lowest cost and most consumer-friendly card in the market, designed in such a way that consumers pay down their balance every month, save on the cost of interest, and sleep better at night as they’re paying down their debt.”

Upgrade’s product innovation and commitment to consumers’ financial health has catapulted the company to success in the past year, with the closing of two funding rounds valuing the company at over $6 billion. Since its inception, Upgrade has delivered over $12 billion in affordable consumer credit, including $7.5 billion in 2021 alone. Upgrade was ranked #1 in the Financial Times’ list of Fastest Growing Companies in the Americas.

About Upgrade

Upgrade’s products include a selection of credit cards designed to provide exceptional APR, robust rewards, and no annual fees. The fintech’s product line includes cash back cards, low rate cards, and a cryptocurrency rewards card:

Upgrade Cash Rewards Visa®

Upgrade Triple Cash Rewards Visa®
Earn 1.5% unlimited cash back on card purchases every time you make a payment Unlimited cash back on payments – 3% on Home, Auto and Health categories and 1% on everything else
All Upgrade Visa cards provide the following benefits:
Combine the flexibility of a credit card with the predictability of a personal loan
No touch payments with contactless technology built in
See if you qualify in minutes without hurting your credit score
No annual fee

Upgrade has issued more than $3.5 billion in total credit since 2017. The company’s success is due in no small part to the cards’ exceptional APR – plus other great features. The fixed-rate nature of each Upgrade card balance continues to be helpful for consumers compared to traditional variable-rate cards.

Related Article: The Best Fintech & Crypto Credit Cards of 2022

Featured image by Upgrade

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About: Cory Santos
Cory Santos

Cory is the senior credit card editor at BestCards, specializing in everything credit card-related. He’s worked extensively with credit cards and other personal finance topics, including nearly five years at BestCards. Cory’s extensive knowledge is an essential part of the BestCards experience, helping readers to live their best financial lives with up-to-date insights and comprehensive coverage of all facets of the credit card space, including market trends, rewards guides, credit advice, and comprehensive credit card reviews.

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