Fintech Upgrade Valued at $7.3 Billion in Funding Round

The financial-technology company Upgrade Inc. raised $165 million in a funding round that valued the company at more than $7.3 billion ahead of a planned initial public offering in the next year or two.

Neuberger, a collection of funds managed by NB Alternatives Advisers LLC, led the funding round, according to a statement Thursday. Peter Sterling, Neuberger’s head of specialty finance, will be joining Upgrade’s board of directors.