San Francisco-based Upgrade plans to open development centre in Montreal

San Francisco-based Upgrade, which has developed a consumer credit platform to help users monitor and understand their credit, announced it plans to open a development centre in Montreal.

In the new development centre, Upgrade is planning to hire 75 engineers over the next two years to join its existing team of 25 members. Upgrade said it will partner with Montreal-based design firm ACDF to design and customize its 14,000 square foot downtown office space.

“We are convinced that Montréal’s vibrant technology culture and engineering talent pool will contribute to strengthen Upgrade’s technology and product DNA.”

“We’ve just closed a $62 million equity financing that will enable continued investments in product, credit analytics, compliance and risk management across the company including the Montréal office,” said Renaud Laplanche, co-founder and CEO of Upgrade. “We are convinced that Montréal’s vibrant technology culture and engineering talent pool will contribute to strengthen Upgrade’s technology and product DNA.”

Laplanche added that Upgrade looks forward to leveraging Montreal’s engineering talent pool and its expertise in emerging technologies such as big data, AI, and blockchain.

Upgrade has raised $142 million in equity capital from investors including Apoletto, CreditEase FinTech Fund, FirstMark Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital, and others. The company’s platform has facilitated over $1 billion in originations of consumer loans since it launched.

“Greater Montréal has the highest concentration of high-tech jobs in Canada and stands out for its sizeable and thriving financial sector,” said Hubert Bolduc, president and CEO of Montréal International. “Upgrade will find here all the talent and expertise to boost its capacity for innovation while helping position the region as a key FinTech player.”