CorePlus Federal Credit Union Selects Upstart for Personal Lending

Rhea-AI Summary

CorePlus Federal Credit Union has partnered with Upstart (NASDAQ: UPST) to enhance its personal loan offerings, aiming to reach more members in Connecticut and beyond. This collaboration, which continues from their previous partnership initiated in April 2022, allows qualified loan applicants on Upstart.com to receive tailored offers that transition them into a CorePlus-branded application process. CorePlus emphasizes its commitment to financial wellness and aims to provide a modern, all-digital lending experience. Upstart's AI lending platform is designed to improve approval rates and reduce loss rates, ensuring an efficient lending process for borrowers. CorePlus currently serves over 28,000 members and manages $332 million in assets, aiming to leverage this partnership for greater member acquisition and loan approvals.

Positive

• Partnership with Upstart enhances personal loan offerings.
• Increased access to affordable credit for members.
• Higher approval rates and lower loss rates expected through AI platform.

Negative

• None.

NORWICH, Conn. & SAN MATEO, Calif.--(BUSINESS WIRE)-- CorePlus Federal Credit Union, a digital-first community credit union, today announced that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, to provide personal loans to better reach and serve more members.

“As a digital-forward credit union focused on financial wellness for all, our goal is to help new and existing members improve their financial wellness with the right product through the right channel for them,” said Ray Currier, EVP and Chief Operating Officer for CorePlus Federal Credit Union. “Our partnership with Upstart allows us to stay ahead of other online lenders while providing a modern, all-digital personal lending experience to more creditworthy members across Connecticut and beyond.”

CorePlus Federal Credit Union became an Upstart lending partner in April 2022 to be on the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet CorePlus’ credit policies will receive tailored offers as they seamlessly transition into a CorePlus-branded experience to complete the online member application and closing process.

“We are proud to partner with CorePlus to expand their personal loan offering to more people,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through the Upstart Referral Network, CorePlus will be able to reach more potential members across their field of membership, approve more borrowers, and gain new members.”

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 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 CorePlus Federal Credit Union

CorePlus Federal Credit Union, founded in 1936, currently has 7 full service branches locally in Norwich, East Lyme, Waterford, Groton, Pawcatuck, Plainfield and Foxwoods. CorePlus currently has more than 28,000 members and $332 million in assets. CorePlus Federal Credit Union is managed by an all-volunteer Board of Directors along with President and CEO, Nicholas K. Fortson. For more information call 860-886-0576 or visit https://www.coreplus.org/.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230412005359/en/

press@upstart.com

Source: Upstart

FAQ

What is the partnership between Upstart and CorePlus Federal Credit Union?

CorePlus Federal Credit Union has partnered with Upstart to enhance its personal loan offerings, leveraging Upstart's AI platform.

When did CorePlus become an Upstart lending partner?

CorePlus became an Upstart lending partner in April 2022.

How does the Upstart Referral Network benefit CorePlus members?

The Upstart Referral Network allows qualified applicants to receive tailored loan offers and a seamless application process.

What is the stock symbol for Upstart?

The stock symbol for Upstart is UPST.

What financial position does CorePlus Federal Credit Union hold?

CorePlus Federal Credit Union has over 28,000 members and manages $332 million in assets.