An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
Carver Federal Savings Bank Partners with Artificial Intelligence (AI) Lending Marketplace Leader Upstart to Enhance its Loan Offering Capabilities and Expand Credit
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
partnership
Rhea-AI Summary
Carver Federal Savings Bank has partnered with Upstart, a leading AI lending marketplace, to enhance access to personal loans for middle-income communities. This collaboration aims to utilize Upstart's AI technology to assess creditworthiness beyond traditional credit scores, promoting economic empowerment. Carver, which became an Upstart lending partner in August 2022, will offer tailored loan offers to qualified applicants via the Upstart Referral Network. The partnership aims to provide affordable credit and improve the online lending experience for consumers.
Positive
Partnership with Upstart enhances Carver's ability to lend in diverse communities.
Utilization of AI technology improves credit assessment and expands loan access.
Carver becomes part of Upstart Referral Network, increasing lending outreach.
Negative
None.
The partnership will accelerate Carver's ability to lend in diverse, middle-income communities through cutting-edge technology
NEW YORK & SAN MATEO, Calif.--(BUSINESS WIRE)--
Carver Federal Savings Bank ("Carver" or the "Bank"), a certified Minority Depository Institution ("MDI"), today announced that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, to provide personal loans to more borrowers and unlock credit where it is needed the most.
"Upstart's AI technology is supporting Carver Bank’s priority to provide affordable credit to our customers. By using AI, we are expanding credit access while more appropriately assessing the creditworthiness of loan applicants to go beyond narrowly focused traditional credit scores," said Michael T. Pugh, President and CEO of Carver. “Our partnership with Upstart is yet another way Carver aims to spread economic empowerment across the diverse communities the Bank serves."
Carver Federal Savings Bank became an Upstart lending partner in August 2022 and is part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Carver’s credit policies receive a tailored offer from the Bank as they seamlessly transition into a Carver-branded experience to complete the online application and closing process.
“We are excited to partner with Carver to provide the communities the Bank serves with greater access to fairly-priced credit,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through the partnership with Upstart, Carver is enhancing its offerings and delivering an all-digital, personal lending experience that better meets the needs of more consumers during these challenging times."
Upstart (NASDAQ: UPST) is a leading AI lending marketplace 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 across races, ages, and genders 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 Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for Carver Federal Savings Bank, a federally chartered stock savings bank. Headquartered in Harlem, NY, Carver was founded in 1948 to serve African American communities whose residents, businesses, and institutions had limited access to mainstream financial services. The U.S. Treasury Department has designated Carver as a Community Development Financial Institution ("CDFI") because of its community-focused banking services and dedication to its local community's economic viability and revitalization. Carver is one of the largest African- and Caribbean-American managed banks in the United States. The Bank recently expanded its online presence to include consumer checking and savings accounts across nine states, from Massachusetts to Virginia, and Washington, D.C. For further information, please visit the Company's website at www.carverbank.com. Be sure to connect with Carver on Facebook, LinkedIn, and Twitter.
