Upstart Holdings, Inc. Stock Price, News & Analysis

Commonwealth Credit Union, serving over 117,000 members in Central Kentucky and the Louisville Metro Area, has partnered with Upstart (NASDAQ: UPST) to offer personal loans to more residents. This collaboration expands access to affordable credit via Upstart's AI lending platform. Since becoming a partner in June 2022, Commonwealth has utilized the Upstart Referral Network to provide tailored loan offers to qualified applicants. Both organizations aim to improve financial situations for more Kentuckians, with Commonwealth emphasizing its commitment to community service.

Upstart Holdings, Inc. (NASDAQ: UPST) will release its third quarter fiscal year 2022 results on November 8, 2022, after market close. A conference call will be held at 1:30 p.m. PT / 4:30 p.m. ET to discuss these results. Interested parties can access the earnings press release and investor presentation on Upstart’s investor relations website. The live webcast will also be available on their site, with an archived version to follow.

The Atlantic Federal Credit Union, serving Essex and Union counties in New Jersey, has partnered with Upstart (NASDAQ: UPST) to offer personal loans to its members. This collaboration enhances the credit union's ability to provide loans to a diverse range of borrowers through Upstart's AI-driven platform. Since September 2021, The Atlantic has been part of Upstart's Referral Network, enabling seamless applications for qualified loan applicants. This partnership aims to improve lending experiences and expand access to credit.

Upstart has partnered with Vantage West Credit Union to offer personal loans to Arizona members, expanding credit access. The collaboration aims to streamline the loan process, allowing borrowers to apply and receive decisions quickly through the Upstart platform. Vantage West, with over 170,000 members and $2.6 billion in assets, is part of the Upstart Referral Network, enhancing their lending capabilities to qualified applicants. This initiative highlights Upstart's focus on using AI to improve lending efficiency and borrower experience.

Alliant Credit Union has partnered with Upstart (NASDAQ: UPST) to provide AI-powered personal loans across the U.S. Alliant, one of the top 10 credit unions with over $15 billion in assets, aims to improve lending efficiency through this collaboration. The partnership allows qualified personal loan applicants to receive tailored offers and complete the application process swiftly, enhancing the digital experience. Upstart's AI platform is expected to expand Alliant's reach, enabling better access to affordable credit for its members.

Upstart Holdings, Inc. (NASDAQ: UPST) reported its second-quarter fiscal results for 2022, indicating a challenging macroeconomic environment. Total revenue rose to $228 million, an 18% year-over-year increase, while fee revenue reached $258 million, up 38%. However, the company recorded a net loss of $(29.9) million, improved from $(37.3) million last year. The adjusted EBITDA fell to $5.5 million, a significant decrease from $59.5 million. As a forward outlook, Upstart anticipates third-quarter revenue of approximately $170 million and a net loss of around $(42) million.

Upstart (NASDAQ: UPST) is enhancing its AI lending services by providing preferred access, without implementation fees, to Community Development Financial Institutions (CDFIs) across the U.S. This initiative builds upon its commitment to Minority Depository Institutions (MDIs) and aligns with its role as a founding member of the Economic Opportunity Coalition. The coalition aims to improve economic equity and assist communities in need by advancing access to credit. Upstart’s AI-driven model helps approve more borrowers of color and offers lower APRs compared to traditional models.

Upstart (NASDAQ: UPST) has been recognized as the fastest growing auto retail software in the U.S. for Q2 2022, as reported by Automotive Market Data. The company saw nearly 240 dealerships adopt Upstart Auto Retail between April and June, achieving the highest dealer growth in its category. This success is attributed to the platform's unique features providing both in-store customization and online access. Upstart aims to enhance the car buying experience and has established partnerships with major OEMs such as Subaru and VW.