Upgrade, a provider of personal credit lines and other consumer financial products, today announced that it’s agreed to acquire Uplift, the buy now, pay later (BNPL) vendor, for $100 million in cash and stock.
It’s likely not the exit Uplift was hoping for — and a sign of serious consolidation in the BNPL space, which just a few years ago was booming, buoyed by pandemic-era spending habits. Uplift had raised nearly $700 million in equity and debt, securing $123 million at a reported $195 million valuation in its Series C round alone.
