Welcome to our dedicated page for Upstart Holdings news (Ticker: UPST), a resource for investors and traders seeking the latest updates and insights on Upstart Holdings stock.
Upstart Holdings, Inc. (NASDAQ: UPST) is an artificial intelligence (AI) lending marketplace that connects consumer borrowers with banks and credit unions using its AI models and cloud applications. News about Upstart often centers on its financial results, capital markets activity, and partnerships with financial institutions that adopt its platform for personal loans, auto refinance loans, and home equity lines of credit.
On this page, readers can follow coverage of Upstart’s earnings announcements, including quarterly and full-year results, as well as conference call and webcast details described in its press releases. These updates typically reference key operating metrics such as transaction volume, conversion rate, contribution profit, and the percentage of loans that are fully automated on the platform.
Another major theme in Upstart news is lending partnerships. Recent releases highlight agreements with credit unions such as MyPoint Credit Union, Tech CU, Peak Credit Union, Corporate America Family Credit Union, and Cornerstone Community Financial Credit Union. These stories describe how partners use Upstart’s AI-powered, all-digital lending platform and the Upstart Referral Network to extend personal lending, auto refinance, and HELOC offerings to more consumers.
Investors and analysts can also track funding and securitization activity, including forward-flow agreements with institutional investors and securitizations of unsecured consumer loans originated through Upstart Network, Inc. Together, these news items provide insight into how Upstart’s AI lending marketplace operates, how it collaborates with banks and credit unions, and how it supports loan funding through capital markets structures.
For anyone researching UPST stock or the company’s role in AI-driven consumer lending, this news feed offers a centralized view of Upstart’s public announcements, marketplace developments, and regulatory communications referenced in press releases.
Diamond Credit Union, a prominent financial institution in Pennsylvania with over $1 billion in assets and more than 64,000 members, has partnered with Upstart (NASDAQ: UPST), an AI-driven lending marketplace, to offer personal loans. This collaboration, initiated in April 2023, aims to expand Diamond Credit Union's reach through an all-digital lending experience. Qualified applicants on Upstart.com who meet Diamond's credit policies will transition into a Diamond Credit Union-branded online application and closing process. This partnership is expected to enhance access to affordable credit for Diamond Credit Union's members.
Castlelake, a global alternative investment manager specializing in asset-based private credit investments, has agreed to purchase up to $1.2 billion of consumer installment loans originated on Upstart's AI lending marketplace. The 12-month forward flow arrangement builds on a previous 2023 agreement between the two companies. Upstart, which connects millions of consumers to over 100 banks and credit unions using AI for loan approval, benefits from this deal by ensuring a steady capital supply for affordable credit. Castlelake's decision is based on its experience in acquiring or financing over 17 million consumer credit and small business loans. This transaction further solidifies Castlelake's role in the consumer credit and specialty finance sector since 2015.
Seattle Credit Union, a leading credit union and Community Development Financial Institution in Washington state, has partnered with Upstart, an AI-driven lending marketplace. This partnership aims to offer personal loans digitally to new and existing members. Seattle Credit Union, which has assets exceeding $1 billion and serves 55,000 members, joined the Upstart Referral Network in February 2023. Qualified applicants on Upstart.com will receive tailored loan offers matching Seattle Credit Union’s credit policies, enhancing access to affordable credit in the community.
Upstart Holdings, Inc. (NASDAQ: UPST) announced its first quarter 2024 financial results, reporting total revenue of $128 million, a 24% increase from the previous year. Despite a 9% sequential decline, total fee revenue increased by 18%. The company originated 119,380 loans totaling $1.1 billion, with a 14% conversion rate. While income from operations improved to ($67.5) million, GAAP net income was ($64.6) million. Adjusted EBITDA was ($20.3) million, with a contribution margin of 59%.
CEO Dave Girouard expressed confidence in a return to sequential growth in the second half of the year and positive EBITDA by year-end, despite current credit challenges.
Upstart, a leading AI lending marketplace, has launched the first AI certification program for financial services. The online course aims to provide executives in financial services with the knowledge and skills needed to lead the AI transformation in their organizations. Upstart's CEO, Dave Girouard, highlights the importance of AI in shaping the financial industry. The course covers foundational AI concepts, model assessment, ethics, applications in financial services, and next steps for implementation. The program is free for a time and offers a digital badge and certificate upon completion.
FAQ
What is the current stock price of Upstart Holdings (UPST)?
What is the market cap of Upstart Holdings (UPST)?
