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Towardex Invests In Major Upgrade To Strategic Boston Area Network Hub

Jan 25, 2022•over 3 years ago

Description

TOWARDEX, a Boston-based network provider specializing in data center interconnections and high-bandwidth fiber optic communications, and operator of the Massachusetts Internet Exchange (MASS IX), announces the completion of a historic upgrade to underground utilities in Somerville's Inner Belt. The upgrade more than doubles the total fiber optic capacity linking the downtown Boston area to the region's Cable Landing Station, significantly increasing connectivity for the area's carrier neutral data centers serving enterprise businesses and broadband fiber optic providers serving the Boston metro.

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Today, the company is announcing $280 million in new funding at a $6 billion pre-money valuation. In August, the company announced its Series E round — $105 million at a $3.325 billion valuation. The company offers 1.5% cash back on all purchases with its Cash Rewards card. The company has also launched checking accounts and debit cards for people looking for alternative to their existing bank account. Overall, the company has delivered $10 billion in credit to consumers through its credit cards and personal loans. But Upgrade’s growth has been accelerating as the company expects to deliver $8 billion in credit in 2021 alone.