Upgrade completes second securitisation

The $225m transaction was rated by Kroll Bond Rating Agency and saw investment bank Jefferies acting as the structuring lead and Barclays and Credit Suisse acted as co-leads.

Upgrade, the consumer credit platform launched by LendingClub’s ex-CEO, has closed its second securitisation of personal loans.

The Upgrade Receivables Trust 2019-1 issued approximately $225m in notes backed by personal loan assets facilitated through the Upgrade platform.

Jefferies acted as the structuring lead and Barclays and Credit Suisse acted as co-leads. Upgrade contributed collateral to the transaction and, as the sponsor of the transaction, served as the risk retention party.

The firm said the transaction was significantly oversubscribed, over 10x for certain classes and that intends to issue quarterley securitisations.

“We are pleased that this deal attracted strong interest from institutions, many that are new to our program, allowing us to tighten pricing and provide attractive term financing to both our platform and our whole loan investor base,” said Renaud Laplanche, co-founder and CEO of Upgrade.