From Pymnts · PYMNTS · · 1m 20s
Upgrade Bank Ambitions Expand FinTech Choices
Upgrade's new bank application shows how FinTechs grow banking choices with partners.
In brief
Upgrade's new bank application shows how FinTechs grow banking choices with partners. Upgrade's proposed Nevada bank will complement existing partnerships without replacing financial institutions, expanding credit options for FinTechs. Originally reported by Pymnts.
FinTechs and Banks Partner
Bank partnerships give FinTechs regulated infrastructure and funding while delivering deposits, loans, transactions and fee revenue to financial institutions.
Upgrade Bank Application
Upgrade facilitated more than $53 billion in credit through a model built with banks and loan buyers when it applied this week to establish its own bank.
Bank Partnerships Expand
PYMNTS Intelligence found that credit unions use outside providers for an average of nine products, up from six in November 2024.
Scale Benefits Partnerships
Large FinTechs can spread origination, funding and other banking services among more providers or bring selected functions inside without abandoning partnerships.
Credit Unions Use Partners
Among credit unions with $1 billion to $5 billion in assets, 61% said partners help them innovate faster or at greater scale, up from 55% in November 2025.
Upgrade Bank Complements
The proposed Nevada industrial loan bank would give Upgrade additional ways to fund its credit products, but the company isn’t planning to replace the financial institutions already supporting its business.
The short version
Upgrade's proposed Nevada bank will complement existing partnerships without replacing financial institutions, expanding credit options for FinTechs.
