Fintech Scaleup Upgrade Pack Secures £1.5M Investment

Dominique Adams

28 January 2020, 01.07pm

This fresh investment will enable the fintech to expand into North America and ramp up its APAC operations.

Fintech startup Upgrade Pack has finalised investment of £1.5 million from a private funding round.

This latest cash injection takes the company’s seeding funding past the £5 million mark. In August 2019, the firm expanded its operations in APAC and this investment will help it to accelerate its commercial growth in the region.

The funding, which increases the firm’s market cap to £23 million just 18 months after being established, will also facilitate the company entering the North American market with the opening of a Toronto office in H1 2020.

The startup provides a travel app-based platform that gives its users exclusive discounts on flight and hotel upgrades as a loyalty benefit.

It is only distributed through banks and credit card issuers as a premium customer reward, and through corporations as an innovative employee benefit.

The company will launch its highly anticipated platform this year after onboarding its first banking client, which will roll out the app to its high-net-worth (HNW) customers.

Group CEO Craig Unsworth commented: “With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond.

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“Alongside launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto. Many investors have said just how compelling and unlike anything else hitting their desks our app is.

“That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating. It’s also a really pleasing validation of our strategy of growth through private investment rather than venture capital as we take our platform live this year.”