San Francisco-based Upgrade Inc. has announced its plan for a new development center in Montreal, which will create 100 jobs in the fintech space.
The Montreal development center will be the first Canadian office for Upgrade, an online consumer credit platform that has facilitated over $1 billion in consumer loans since its inception in 2016.
“We are convinced that Montreal’s vibrant technology culture and engineering talent pool will contribute to strengthen Upgrade’s technology and product DNA,” said Renaud Laplanche, co-founder and CEO of Upgrade.
Upgrade recently closed $62 million in Series C financing and boasts $142 million in total equity capital since 2016. This new round of financing will enable Upgrade to continue investments into consumer credit products, credit analytics, and risk management. The company is also looking to expand, hiring 75 engineers in the next two years, and they are confident Montreal will provide a high-quality talent pool.
“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,” said Hubert Bolduc, Montreal International’s president and CEO.
The city’s response to the development center is overwhelmingly positive. Montreal is already a hotbed for fintech in Canada with companies like Flinks raising impressive funding rounds. Luge Capital also has an office in the city to help find new companies to invest their $75 million fintech venture fund in.
“Companies in new technology sectors play a major role in Montreal and we are proud to have Upgrade join this burgeoning ecosystem,” said Valérie Plante, Mayor of Montreal. “Our talent pool and our quality of life are big draws that attract high value-added businesses such as Upgrade. And knowing that a hundred quality jobs will be created here is very positive for our flourishing economy.”
It’s safe to say that the 100 new jobs will be sought after, as earlier this year Upgrade was named a 2018 ‘Best Place to Work’ by the San Francisco Business Times.