London fintech scaleup reaches £5m seed funding
London fintech scaleup Upgrade Packhas surpassed £5m in seed funding after finalising a new £1.5m private investment round today.
Upgrade Pack, which offers an app providing discounted flight and hotel upgrades, expanded into Asia-Pacific (APAC) in August last year.
The funding, which increases Upgrade Pack’s market cap to £23m just 18 months after being established, will also facilitate the company entering the North America market, with the opening of a Toronto office in H1 2020.
Craig Unsworth, CEO of Upgrade Pack, said: “With our inaugural banking and airline partners confirmed, and unwavering interest from hotels around the world to join our platform, this new capital will help us fully release the commercial potential of Upgrade Pack in 2020 and beyond.
“Alongside launch, our near-term focus will be on expanding our APAC commercial and marketing teams in Singapore and opening our North American operation in Toronto.”
“Many investors have said just how compelling and unlike anything else hitting their desks our app is.
“That feedback, together with how quickly we’ve secured this funding, just days after opening it up, shows the excitement around what we’re creating.
“It’s also a really pleasing validation of our strategy of growth through private investment rather than venture capital as we take our platform live this year.”
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