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Abound Credit Union Partners with Upstart to Expand Loan Access for Kentuckians
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Neutral)
Tags
partnership
Rhea-AI Summary
Upstart (NASDAQ: UPST), an AI lending platform, announced a partnership with Abound Credit Union, Kentucky’s largest credit union, to provide all-digital personal loans. This collaboration enhances Abound's offerings to serve Kentuckians, including military families, through Upstart's AI-powered platform. Abound joined Upstart's Referral Network in July 2021, allowing qualified applicants to receive tailored loan offers seamlessly. The partnership aims to improve the financial well-being of Kentuckians and demonstrates Upstart's commitment to expanding access to affordable credit.
Positive
Partnership with Abound Credit Union enables expansion of digital lending in Kentucky.
Access to Upstart's AI platform provides tailored loan offers and automated loan approvals.
Increased potential to serve military and civilian families through enhanced credit solutions.
Negative
None.
SAN MATEO, Calif.--(BUSINESS WIRE)--
Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced Abound Credit Union, Kentucky’s largest credit union and an advocate of financial education for youth and adults throughout Kentucky, has partnered with Upstart to provide personal loans through all-digital lending powered by AI.
Quote from Ray Springsteen, President & CEO, Abound Credit Union (Graphic: Business Wire)
“Our partnership with Upstart will allow Abound to create more possibilities for Kentuckians through an enhanced all-digital personal loan experience,” said Ray Springsteen, President & CEO. “With Upstart, we now have an additional channel to help hard-working families in our service areas, including the military and civilian members we’ve served for more than 70 years.”
Abound Credit Union became an Upstart lending partner in July 2021 and will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Abound’s credit policies receive tailored offers as they seamlessly transition into an Abound-branded experience to complete the online member application and closing process.
“Upstart is proud to partner with Abound Credit Union to fuel their mission of improving the financial lives of the Kentucky families they serve,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through the Upstart Referral Network and our AI lending platform, Abound will be able to reach and lend to new members to improve the financial well-being of more Kentuckians."
To learn more about Abound Credit Union and Upstart, register for the Wednesday, October 20 webinar, "How Credit Union Leaders are Navigating Digital Transformation”. To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video.
About Upstart
Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart's AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.
About Abound Credit Union
Abound Credit Union has been providing valuable banking solutions to help hardworking Kentucky families thrive for more than 70 years. Today, we’ve grown to become Kentucky’s largest credit union with 18 locations, $1.9 billion in assets and over 113,000 military and civilian members. The Credit Union was named 2021’s Best Mortgage Lender and Best Financial Institution in The News-Enterprise Readers’ Choice Awards and has been recognized for its leadership in financial education at the state and national level. Abound Credit Union is also proud to be one of the Best Places to Work in Kentucky. It’s simple to become a Member, visit our website at www.AboundCU.com to see how you may be eligible.
What is the significance of Upstart's partnership with Abound Credit Union?
The partnership aims to enhance digital lending options for members of Abound Credit Union and improve overall access to affordable credit in Kentucky.
When did Abound Credit Union become a partner of Upstart?
Abound Credit Union became an Upstart lending partner in July 2021.
How does Upstart's AI platform benefit Abound Credit Union?
Upstart's AI platform allows Abound to offer tailored loan solutions and improve approval rates for personal loans.
What types of loans will Abound Credit Union offer through Upstart?
Abound Credit Union will provide personal loans through an all-digital lending experience powered by Upstart's AI technology.
How will this partnership impact Kentuckians?
The partnership is expected to create more possibilities for Kentuckians by enhancing access to financial services and improving their financial well-being.
