“Upgrade, a two-year-old, San Francisco-based consumer lending venture founded by Renaud Laplanche, has raised $62 million in Series C funding led by CreditEase Fintech Investment Fund. The company’s earlier investors also joined the round, including Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital, Silicon Valley Bank, Union Square Ventures and Vy Capital. The money brings the total capital that Upgrade has raised to date to $142 million.

It’s easy to appreciate investors’ interest in the company, which already employs 300 people. Since its founding, it says, it has amassed more than 100,000 customers and issued more than $1 billion loans. The average loan size is roughly $10,000.

The company is gaining traction without giving away the store, too. Though the interest rate that it charges compares favorably to average credit card rates of about 18 percent for consumers with good credit, Upgrade still gets away with an APR in the low to mid-teens, charging some customers up to 30 percent interest per year — which is similar to the highest rates on credit cards. Indeed, the minimum credit score that a consumer need have to secure a loan from Upgrade, its minimum is 620, which the credit reporting bureau Experian says falls into the range of subprime borrowers who may be offered less-than-ideal loan terms because of their perceived ability to repay a loan on time.”