Upstart Holdings, Inc. - UPST STOCK NEWS

Upstart Holdings (NASDAQ: UPST), an AI lending marketplace company, has announced it will release its fourth quarter and full year 2024 financial results on February 11, 2025. The company will host a conference call at 1:30 p.m. PT / 4:30 p.m. ET on the same day.

The earnings press release and investor presentation will be available on Upstart's investor relations website (ir.upstart.com) after market close. Investors can access the live webcast through the company's IR website, and an archived version will be available afterward. For those joining by phone, U.S. and Canada participants can dial +1 888-394-8218, while international participants can call +1 313-209-4906, using conference code 1025998.

Sandia Area Federal Credit Union, a New Mexico-based credit union with nearly 90,000 members and over $1.2 billion in assets, has partnered with Upstart (NASDAQ: UPST) to expand its personal lending operations. The partnership, which began in April 2024 through the Upstart Referral Network, enables qualified loan applicants on Upstart.com to receive tailored offers and transition to a Sandia Area-branded experience.

Through this collaboration, Sandia Area aims to scale its personal loan offering while providing online access to affordable credit across New Mexico. The partnership allows Sandia Area to expand its membership and diversify its loan portfolio while offering members access to additional high-quality products and services.

Advia Credit Union, a major credit union with $3 billion in assets and nearly 200,000 members across Michigan, Wisconsin, and Illinois, has partnered with Upstart (NASDAQ: UPST) to expand its personal lending services. The partnership, which began in July 2024 through the Upstart Referral Network, enables qualified loan applicants on Upstart.com to receive tailored offers and transition to an Advia-branded experience for completing their member application and loan closing process.

The collaboration aims to help Advia diversify its consumer lending portfolio while acquiring high-quality, creditworthy members. Advia chose Upstart for its digital-forward experience and expertise in AI lending marketplace technology, aligning with modern consumers' preferences for intuitive and fast lending experiences.

Upstart announced that DR Bank is implementing its small-dollar loan product to help customers with short-term financial needs. The loans range from $250 to $2,500 with terms between 3 to 18 months at or below 36% APR. This initiative aims to provide a faster, simpler, and more affordable alternative to traditional high-cost credit options. DR Bank's partnership with Upstart leverages AI technology to expand credit access while helping lenders operate these programs profitably at scale, addressing economic and regulatory constraints that have historically small-dollar loan programs.

UNCLE Credit Union, serving over 38,000 members in Northern California, has partnered with Upstart (NASDAQ: UPST) to provide personal loans through the Upstart Referral Network. The partnership, which began in July 2024, enables qualified loan applicants on Upstart.com to receive tailored offers and transition to an UNCLE-branded experience for completing their membership and loan process. The collaboration aims to expand inclusive lending and membership growth across Alameda, Contra Costa, San Joaquin, and Stanislaus counties through an all-digital lending experience.

Upstart Holdings (NASDAQ: UPST) has priced $425 million of 1.00% Convertible Senior Notes due 2030 in a private offering to qualified institutional buyers. The notes will bear 1.00% annual interest, payable semi-annually, and mature on November 15, 2030. The initial conversion rate is 10.8702 shares per $1,000 principal amount, equivalent to approximately $91.99 per share. The company expects net proceeds of about $414.8 million, which will be used for general corporate purposes, including potential debt repayment. An additional option for $75 million in notes was granted to initial purchasers.

Upstart Holdings (NASDAQ: UPST) has announced plans to offer $425 million in Convertible Senior Notes due 2030 through a private offering to qualified institutional buyers. The company may grant initial purchasers an option to buy an additional $75 million in notes. The notes will be senior, unsecured obligations with semi-annual interest payments, convertible into cash, Upstart common stock, or a combination at the company's discretion. The proceeds will be used for general corporate purposes, including potential debt repayment. Specific terms, including interest rate and conversion rate, will be determined during pricing.

Upstart Holdings, Inc. (NASDAQ: UPST), leading AI lending marketplace, announced its third-quarter 2024 results, ending September 30, 2024. Revenue reached $162 million, a 20% increase YoY and 27% sequentially. Total fee revenue was $168 million, up 14% YoY and 28% sequentially. 188,149 loans were originated, totaling $1.6 billion, up 30% YoY and 43% sequentially. Conversion rate improved to 16.3% from 9.5% YoY. Despite a GAAP net loss of $6.8 million, an improvement from the $40.3 million loss YoY, adjusted net loss was $5.3 million, down from $3.9 million YoY. Adjusted EBITDA was $1.4 million, down from $2.3 million YoY. For Q4 2024, Upstart projects revenue of $180 million and adjusted EBITDA of $5 million.

Upstart has launched T-Prime, a new lending program within its Referral Network targeting affluent 'super prime' borrowers with credit scores above 720. Fourteen lenders have already joined the initiative, which aims to help banks and credit unions leverage competitive funding costs to serve this demographic. The program combines competitive rates with instant, automated approvals, with approximately 90% of Upstart-powered loans in 2024 approved instantly without document uploads. T-Prime loan offers are currently available on Upstart.com and will soon expand to partner sites.