Upstart

What Upstart does

Upstart is a publicly traded AI lending marketplace (NASDAQ: UPST) founded in 2012 and headquartered in Burlingame/San Mateo, California, that connects consumer loan applicants to a network of more than 100 partner banks and credit unions across the United States. The company operates three core distribution surfaces: a direct-to-consumer self-serve website and iOS app for personal loans, HELOCs, short-term relief loans, and the recently launched Cash Line revolving credit product; a B2B/B2B2C lender network where regulated financial institutions originate loans under their own charters using Upstart's AI underwriting; and a B2B auto dealer channel (Upstart Auto Finance and Upstart Digital Retail) serving dealership financing. As of 3/31/2026, Upstart had facilitated over $57 billion in cumulative originations across 4 million-plus customers.

The platform is built around a proprietary and patented loan-month underwriting model that analyzes over 2,500 variables and predicts default and prepayment probability for each month of every loan's term. The model is trained on approximately 110 million monthly repayment events and is refreshed regularly (Model 25.0.1 launched December 2025). In Q1 2026, 91% of loans originated through the platform were fully automated end-to-end with no Upstart human involvement. The company has completed 51 asset-backed securitizations, operates the Upstart Macro Index (UMI) to calibrate to macroeconomic conditions, and has filed an application to establish Upstart Bank, N.A. as an insured national bank and become a bank holding company.

Upstart monetizes through a combination of loan referral and origination fees (up to 12% on personal loans), gains on loan sales via forward-flow agreements with institutional capital partners (over $4 billion committed across Castlelake, Fortress, Centerbridge, Neuberger, Eltura, Aperture, and Wafra), ABS securitization revenue, and platform/subscription fees from lender partners. FY2025 revenue was approximately $1.1 billion (up ~59% YoY) at an 82.71% gross profit margin, and management has guided FY2026 revenue to approximately $1.4 billion with a 35% revenue CAGR target through FY2028. The customer base is highly distributed — millions of consumer borrowers and 100+ institutional lender partners — with no material single-customer concentration.

Name

Upstart

Legal name

Upstart Network, Inc.

Website

https://upstart.com/about

Company type

Public

Founded year

2012

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Upstart (NASDAQ: UPST) is a public AI lending marketplace connecting consumer borrowers to 100+ partner banks and credit unions, using a patented loan-month underwriting model trained on 110 million repayment events to originate personal, auto, and HELOC loans.

Ownership category

akta.pro rank

Product category

AI Consumer Lending Platform

NAICS

Mortgage and Nonmortgage Loan Brokers (52231), Credit Intermediation and Related Activities (522), Activities Related to Credit Intermediation (5223)

SIC

Loan Brokers (6163), Personal Credit Institutions (6141), Services-Prepackaged Software (7372)

akta.pro primary industry

Marketplace & Loan Aggregation Platforms (Borrower-Lender Matching) (FSAGAHAL)

akta.pro secondary industry

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)

Keywords

• AI lending marketplace
• Consumer credit underwriting
• Personal loan platform
• Auto finance technology
• Embedded lending infrastructure

Headquarters

HQ city

San Mateo

HQ country

United States

HQ region

North America

Offices2 records

Markets served

GTM type

B2B and B2C

Offering type

Software

Cost components

Technology or R&D, Personnel, Marketing or Sales, Operations, Infrastructure

Revenue model

1. Loan referral and origination fees: Upstart charges fees for referring borrowers to lending partners on its AI marketplace. Origination fees on personal loans can range up to 12% (representative example shows 7.25% origination fee on a $10,000 / 60-month loan). These are transactional fees earned at loan origination.
2. Loan securitization revenue: Upstart earns revenue from loan securitization transactions (e.g., Upstart Securitization Trust 2026-3 was a $320M ABS deal, the 51st such transaction). The platform monetizes originated loans through securitization and sale to institutional investors.
3. AI risk model and platform services: Revenue from providing AI underwriting-as-a-service to bank and credit union partners (100+ lending institutions), including model risk management, fairness testing, and platform cloud applications.
4. Forward-flow loan sale agreements (capital partner monetization): Upstart sells originated loans through forward-flow purchase commitments to institutional capital partners (e.g., $1.5B with Castlelake, $600M with Neuberger Specialty Finance, $1.25B with Fortress, $1.2B with Centerbridge, deals with Eltura Ventures, Aperture Investors, and Wafra), generating fee and gain-on-sale revenue tied to loan origination volumes.

Pricing tiers

Go-to-market motion5 records

Distribution channels5 records

Marketing channels10 records

Core offering

Upstart operates an AI lending marketplace that connects consumer loan applicants to a network of 100+ bank and credit union partners who originate personal loans, auto loans, HELOCs, and short-term credit under their own charters using Upstart's proprietary underwriting models. The company also sells its AI lending platform directly to banks, credit unions, and auto dealerships as a B2B underwriting and digital retailing technology, while generating loan-referral, origination, securitization, and forward-flow sale revenue from loans facilitated through the marketplace.

Differentiator

Problem solved

Functional benefit

Brands

• Cash Line: Upstart's first unsecured revolving credit product offering an always-on credit limit with instant deposits, launched in February 2026.
• Upstart Home Lending
• Upstart Auto Retail

Products and services

• Personal Loans Unsecured personal loan product offered to US retail borrowers in amounts from $1,000 to $75,000 with 3- or 5-year fixed terms and APRs of 6.2%-35.99%, priced by Upstart's AI model that considers education and employment in addition to credit history. Originated by Upstart's bank and credit union partners under their own charters.
• Cash Line Unsecured revolving line of credit with $200 minimum initial draw, instant deposits, an 'Always On Commitment' ensuring the credit limit only goes up over time, flexible repayment, and no late fees on draws of $200 or less. Available initially on iOS in select US states.
• Home Equity Line of Credit (HELOC) Variable-rate home equity line of credit offered by Upstart Mortgage, LLC dba Upstart Home Lending (NMLS #2443873), with credit limits of $26,000 to $250,000, APRs from 6.52% to 18.00% (variable, tied to Prime Rate), and a 0%-4.99% origination fee. Lowest rate requires credit union membership, FICO 780+, CLTV under 70%, and DTI under 45%.
• Short-Term Relief Small-dollar short-term loan product offering $200 to $2,500 with 3-18 month repayment terms and clear costs up to 36% APR (no interest; origination fee comprises the APR). Targets everyday bills and expenses for borrowers across a broad range of income levels, with a $12,000 minimum annual income requirement.
• Upstart Auto Finance AI-powered credit decisioning platform for auto dealerships that uses thousands of data points (not just credit scores) plus soft credit pulls and instant re-hashing to expand approvals across the full credit spectrum, structure more profitable deals, and speed funding. Sold to dealers through Upstart's B2B field sales channel.
• Upstart Digital Retail Digital retailing platform for auto dealerships that connects online auto shoppers to AI-powered financing, drives credit application submissions, speeds in-store deal flow, and presents best offers to close deals faster.
• AI in Financial Services Professional Certification Online 6-hour professional certification course covering foundational AI concepts, model understanding, ethics and oversight, applications in financial services, and next steps for applying AI. Taught by Upstart senior executives and awarded with a digital 'AI Certified' badge; sold to financial services professionals and lenders as a paid training course.

Quantifiable outcome

• 41% more loan approvals than traditional underwriting model
• +7 more outcomes

Named customers18 records

Segments5 records

Ideal customer profiles5 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability6 records

Feature6 records

Partnerships

13 partnerships are on record, tiered core securitization ratings partner, secondary network partner, flagship credit union partner, strategic board appointment, secondary bank partner (testimonial), secondary credit union partner (testimonial), flagship dealer testimonial, flagship regulatory partnership (bank charter application) and industry coalition.

• KBRA (Kroll Bond Rating Agency)core securitization ratings partnerTechnology or Integration · 23 June 2026KBRA assigns preliminary ratings to Upstart's asset-backed securitizations (e.g., UPST 2026-3 was a $320M ABS deal and the 51st such securitization, with Class A through Class D rated notes; UPST 2026-2 was the 50th). Ratings reflect credit enhancement levels ranging from 64.75%–66.05% for Class A to 20.50% for Class D notes. KBRA's rating framework is foundational to Upstart's capital-markets access.
• Pagaya Technologiessecondary network partnerStrategic or Co-development Partner · 15 June 2026Pagaya Technologies' $800M AAA-rated personal loan ABS securitization (PAID 2026-4) included personal loans from Upstart as a new network partner. The transaction included 39 unique investors and brought Pagaya's year-to-date issuance to nearly $4 billion. Upstart loans are among the collateral sources for Pagaya's structured credit products.
• Community Choice Credit Unionflagship credit union partnerChannel Partner/ Reseller/ Distributor · 27 May 2026Michigan-based Community Choice Credit Union (114,000+ members, $2B+ in assets) partnered with Upstart to offer personal loans through Upstart's AI marketplace. Lending operations began March 2026. Qualified applicants on Upstart.com transition into a Community Choice-branded experience for the membership application and closing process.
• Tim Wennes (former Santander US CEO)strategic board appointmentOthers · 20 May 2026Upstart appointed Tim Wennes, former President and CEO of Santander Holdings USA (where he oversaw $200B+ in assets), to its Board of Directors effective May 28, 2026. Wennes brings 35+ years of financial services experience to bolster traditional banking and digital transformation expertise as Upstart expands AI-driven lending into mainstream banking. Jeff Huber stepped down from the board on the same date.
• USF Credit Unionflagship credit union partnerChannel Partner/ Reseller/ Distributor · 13 May 2026USF Credit Union ($1.4B+ in assets, 80,000+ members) partnered with Upstart to offer personal loans through Upstart's AI lending marketplace. Partnership launched March 2026; USF Credit Union serves its members with Upstart-powered digital lending.
• nbkc Banksecondary bank partner (testimonial)Channel Partner/ Reseller/ Distributor · 1 May 2026nbkc Bank is a Upstart lending partner using the AI marketplace. Jenna Stricker (SVP, Director of Digital Lending) endorsed Upstart's AI in Financial Services certification. Partner on Upstart's auto retail lending and personal lending marketplace.
• Vantage West Credit Unionsecondary credit union partner (testimonial)Channel Partner/ Reseller/ Distributor · 1 May 2026Vantage West Credit Union is a Upstart lending partner using the AI marketplace. Michelle Goeppner (VP, Consumer Lending + Product Strategy) endorsed Upstart's AI in Financial Services certification. Upstart featured Vantage West on its AI Certification testimonial page.
• Auto Boutique of Floridaflagship dealer testimonialChannel Partner/ Reseller/ Distributor · 1 May 2026Auto dealership using Upstart Auto Finance. David Toxey quoted: 'You give us better rates, and you give us better back-end profits. We're definitely selling more cars.' Featured as a customer testimonial on the Upstart Auto Retail website.
• Audi Jacksonvilleflagship dealer testimonialChannel Partner/ Reseller/ Distributor · 1 May 2026Auto dealership using Upstart Auto Finance. Evan Driscoll quoted: 'It's literally the easiest tool there is to submit a deal.' Featured as a customer testimonial on the Upstart Auto Retail website.
• Ron Bouchard Auto Storesflagship dealer testimonialChannel Partner/ Reseller/ Distributor · 1 May 2026Auto dealership group using Upstart Auto Finance. Chad Bouchard quoted: 'We're speeding up financing and creating a better process for our sales managers and customers.' Featured as a customer testimonial on the Upstart Auto Retail website.
• Justice Federal Credit Unionflagship credit union partnerChannel Partner/ Reseller/ Distributor · 30 April 2026Virginia-based Justice Federal Credit Union ($1.2B in assets) partnered with Upstart to offer personal loans through Upstart's AI-powered digital lending platform. Partnership launched January 2026 and enables Justice Federal to expand beyond its traditional channels and reach new audiences nationwide.
• Office of the Comptroller of the Currency (OCC), FDIC, and Federal Reserveflagship regulatory partnership (bank charter application)Others · 10 March 2026On March 10, 2026, Upstart announced it will apply to the OCC, FDIC, and Federal Reserve to establish Upstart Bank, N.A. as an insured national bank and become a bank holding company. The charter would streamline operations and replace the complex web of state and federal regulations currently navigated through hundreds of partner financial institutions.
• More Than Fair coalitionindustry coalitionGTM or Marketing Partner · 10 March 2026Upstart is a founding member of 'More Than Fair,' a community of organizations dedicated to improving access to affordable and inclusive credit for American consumers and small businesses. Upstart regularly engages with advocacy groups, policymakers, and regulators to advance the responsible use of AI in lending.

Scale indicators17 records

Recent moves7 records

Expansion highlights7 records

Broad incumbents

• Rocket Loans: Online personal-loan product of Rocket Companies (NYSE: RKT), originating unsecured consumer loans via a digital funnel backed by Rocket's mortgage and personal finance brand. Comparable in digital-first personal loan origination and increasingly in applying AI to credit decisioning at scale.
• OneMain Financial: Large public subprime/near-prime consumer lender specializing in personal loans, auto refinance, and home equity. Comparable in serving similar borrower credit tiers as Upstart, but operates a traditional branch-based origination model rather than an AI marketplace.

Emerging players

• Pagaya Technologies: AI-driven credit asset manager that has issued AAA-rated ABS securitizations containing personal loans from Upstart as a network partner. Comparable in using AI/ML to source, underwrite, and securitize consumer credit, and in partnering with Upstart as a counterparty in structured credit products.
• Affirm: Public BNPL/point-of-sale lender that originated as a digital consumer credit platform and is now expanding into longer-duration unsecured lending. Comparable in applying modern underwriting tech to consumer credit and in originating through bank partners, with a more retail/commerce-focused footprint than Upstart's personal loan core.

Others

• Marqeta: Public card-issuing and embedded finance infrastructure platform powering fintech and bank partners. Comparable as a fintech infrastructure company enabling regulated partners to deliver consumer credit products, though focused on card/transactional credit rather than unsecured personal loan underwriting like Upstart.

Direct peers

• Prosper Marketplace: Online consumer lending marketplace that has historically matched individual borrowers with individual and institutional lenders for personal loans. Directly comparable to Upstart's marketplace model in target customer (near-prime/prime personal loan borrowers) and in originating via a network of capital partners.
• LightStream (a Truist brand): Online unsecured personal-loan division of Truist, offering prime and near-prime borrowers 6.2%-35.99% APR range loans through a fully digital funnel. Listed alongside Upstart in LendingTree's 2026 best wedding-loan platforms, and competes head-to-head in unsecured personal loans originated via digital channels.
• SoFi Technologies: Public digital personal-loan originator with a national bank charter (SoFi Bank, N.A.) offering unsecured personal loans, auto refinance, and home loans — directly comparable to Upstart's products and now ahead of Upstart in achieving the chartered-bank structure that Upstart is pursuing.
• Avant: Online lender focused on near-prime and subprime personal loans, founded 2012 (same year as Upstart). Directly comparable in target borrower segment, digital-only origination, and use of alternative underwriting signals beyond traditional credit scores.
• LendingClub: Public online lending marketplace that connects borrowers to investors/banks for personal loans. Operates the same two-sided model of brokering consumer credit between applicants and capital providers; recently acquired a bank charter (Radius) to vertically integrate funding, directly comparable to Upstart's pending Upstart Bank, N.A. application.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat7 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/Upstart
• Facebookfacebook.com/TeamUpstart
• LinkedInlinkedin.com/company/upstart-network
• Instagraminstagram.com/upstart

Compliance5 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles16 records

Subsidiaries1 record

Funding overview

Funding rounds13 records

Investors19 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments2 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Upstart