Upgrade

Upgrade, a fintech startup led by LendingClub’s founder, secured $165 million in funding, raising its valuation to $7.3 billion. Led by Neuberger Berman, this round marks Upgrade’s first capital raise since 2021, driven by its positive cash flow. Initially a personal loan provider, Upgrade has expanded to include diverse financial services like BNPL (through its Uplift acquisition). With annualized revenue exceeding $1 billion, Upgrade is considering an IPO within 12-18 months to bolster its balance sheet and provide employee liquidity. They are focusing on streamlining customer experience and targeting growth in home improvement and auto financing.

DeepSeek has rapidly upgraded its R1 model to DeepSeek-R1-0528, achieving better performance across benchmarks and closing the gap with leading AI models. The new model has been quickly integrated into various products, demonstrating its immediate value. This enhanced version also significantly reduces “hallucinations,” improving reliability in areas like summarization and comprehension by an estimated 45-50%.