Corning Credit Union Selects Upstart for Personal Lending

Rhea-AI Summary

Corning Credit Union (CCU), a $2.1 billion credit union, has partnered with Upstart (NASDAQ: UPST) to enhance access to AI-powered personal loans. This collaboration, part of the Upstart Referral Network, aims to deliver tailored loan offers to qualified applicants directly through the CCU interface. Jason Bierman, CCU's SVP, emphasized the union's commitment to improving digital services for members. Upstart, founded by ex-Googlers, leverages AI to provide higher approval rates and a seamless lending experience, serving diverse demographics through its platform.

Positive

• Partnership with Upstart expands access to AI-driven personal loans.
• Integration into the Upstart Referral Network enhances loan offer capabilities.
• Increased approval rates and improved lending experience for CCU members.

Negative

• None.

CORNING, N.Y. & SAN MATEO, Calif.--(BUSINESS WIRE)-- Corning Credit Union (CCU), a $2.1 billion credit union with a field of membership that includes more than 1,700 employer groups, associations, and businesses, today announced it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, to offer AI-powered personal loans to more people.

Quote from Jason Bierman, SVP & Chief Administrative Officer at CCU (Graphic: Business Wire)

“To better serve the ever-changing needs of our communities and members, CCU has made significant investments in its digital strategy and online experience over the past several years,” said Jason Bierman, SVP & Chief Administrative Officer at CCU. “Through the strategic partnership with Upstart, CCU is able to deliver a modern, all-digital experience powered by AI to lend to more people.”

As an Upstart lending partner since September 2021, CCU will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet CCU’s credit policies receive tailored offers as they seamlessly transition into a CCU-branded experience to complete the online member application and closing process.

“We welcome CCU to the growing family of Upstart lending partners,” said Michael Lock, SVP of Lending Partnerships for Upstart. “As part of the Upstart Referral Network, CCU will be able to reach and lend to more qualified members and provide more access to affordable credit."

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 for every race, ethnicity, age, and gender, 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 CCU

Corning Credit Union (CCU) is a member-owned, not-for-profit, independent financial organization that serves more than 140,000 members across the United States and in many foreign countries. It operates 13 offices in the Corning-Elmira region of New York; in Wilmington, North Carolina; and in Franklin County, Pennsylvania. For more information, visit www.corningcu.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220126005417/en/

Mike Nelson

mike.nelson@upstart.com

Source: Upstart

FAQ

What is the significance of the partnership between Upstart and Corning Credit Union?

The partnership allows Corning Credit Union to offer AI-powered personal loans, enhancing access and approval rates for members.

When did Corning Credit Union start partnering with Upstart?

Corning Credit Union has been an Upstart lending partner since September 2021.

How does Upstart improve loan applications for Corning Credit Union?

Upstart's platform provides a seamless experience, allowing qualified applicants to receive tailored loan offers and complete applications online.

What is Upstart's stock symbol?

Upstart trades under the stock symbol NASDAQ: UPST.