Credit card fintech Upgrade has ambitions to offer an initial public offering within 18 months after announcing yesterday it has secured a $105 million series E round from the investment arm of Koch Industries.

“We believe we’ll be ready to go public in the next 18 months,” CEO and co-founder Renaud Laplanche told Bank Automation News on Wednesday. “We’ve recorded unprecedented growth — over 200% this year — while staying profitable, which is a rare combination. Investors also really like our product strategy centered around Upgrade Card.”

Upgrade Card is a buy now, pay later (BNPL) credit card that turns every purchase into an installment plan. Unlike other BNPL fintechs, however, Upgrade Card is accepted wherever Visa is accepted, Laplanche explained.

“Instead of getting into high-cost revolving debt, consumers enjoy the predictability and lower cost of installment plans, with fixed rates and fixed monthly payments,” Laplanche said.

Prior to Upgrade, Laplanche was CEO and co-founder of Lending Club, an American peer-to-peer lending company.

Upgrade has delivered more than $7 billion in credit to consumers through cards and loans since its inception in 2017, and the company stated in a release that it is “is on track to deliver $7 billion in 2021 alone.”

The series E funding, announced last Thursday, was led by Koch Disruptive Technologies (KDT) with participation from new and existing investors including BRV and Ventura Capital advised by Julius Baer. It brings the company’s total valuation to $3.43 billion. The company plans to use the new funds to develop new products and hire an additional 250 employees, mostly in engineering and operations, Lapanche said.

Earlier this year, the fintech began offering a rewards-based checking account that offers 2% cashback to consumers on everyday expenses. In July, it launched Upgrade Bitcoin Rewards Card, a credit card that pays rewards in Bitcoin rather than cash.

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