Diamond Credit Union Selects Upstart for Personal Lending

Rhea-AI Summary

Diamond Credit Union, a prominent financial institution in Pennsylvania with over $1 billion in assets and more than 64,000 members, has partnered with Upstart (NASDAQ: UPST), an AI-driven lending marketplace, to offer personal loans. This collaboration, initiated in April 2023, aims to expand Diamond Credit Union's reach through an all-digital lending experience. Qualified applicants on Upstart.com who meet Diamond's credit policies will transition into a Diamond Credit Union-branded online application and closing process. This partnership is expected to enhance access to affordable credit for Diamond Credit Union's members.

Positive

• Diamond Credit Union has over $1 billion in assets and 64,000 members, reflecting its significant market presence.
• The partnership with Upstart leverages AI technology, potentially increasing efficiency and customer satisfaction.
• The all-digital lending experience can attract a tech-savvy customer base and streamline loan processing.
• The collaboration aims to enhance access to affordable credit for both new and existing members, potentially increasing Diamond Credit Union's member base.

Negative

• None.

POTTSTOWN, Pa. & SAN MATEO, Calif.--(BUSINESS WIRE)-- Diamond Credit Union, a leading credit union in Pennsylvania holding over $1 billion in assets with over 64,000 members, has announced a new partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members.

“At Diamond Credit Union, we aim to guide, grow, and give back to every member of our community,” said Lori Levengood, Senior Vice President and Chief Lending Officer at Diamond Credit Union. "With our expanded community charter, our partnership with Upstart allows us to broaden and diversify our reach to serve more members through an all-digital, personal lending experience.”

Diamond Credit Union became an Upstart Referral Network lending partner in April 2023. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Diamond Credit Union’s credit policies will receive tailored offers as they seamlessly transition into a Diamond Credit Union-branded experience to complete the online member application and closing process.

“We welcome Diamond Credit Union to the Upstart family of lending partners,” said Michael Lock, Senior Vice President of Lending Partnerships at Upstart. “Through its partnership with Upstart, Diamond Credit Union is increasing access to affordable credit for new and existing members across the communities it serves.”

To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video.

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. More than 80% of borrowers are approved instantly, with zero documentation to upload. Founded in 2012, Upstart’s platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small-dollar “relief” loans. Upstart is based in San Mateo, California, and Columbus, Ohio.

About Diamond Credit Union

Diamond Credit Union is the 14^th largest credit union in Pennsylvania and is headquartered in Pottstown, Pa., with seven additional free-standing branches. Diamond serves Berks, Montgomery, Chester and Bucks Counties, and holds over $1 billion in assets with over 64,000 members. For more information about Diamond Credit Union, please visit diamondcu.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20240620600569/en/

Press Contact

press@upstart.com

Source: Upstart

FAQ

What did Diamond Credit Union announce in its recent press release?

Diamond Credit Union announced a partnership with Upstart to provide personal loans to new and existing members.

When did Diamond Credit Union become an Upstart Referral Network lending partner?

Diamond Credit Union became an Upstart Referral Network lending partner in April 2023.

How will Diamond Credit Union's partnership with Upstart benefit its members?

The partnership will provide an all-digital lending experience, increasing access to affordable credit for Diamond Credit Union's members.

What is Upstart's role in the partnership with Diamond Credit Union?

Upstart will offer AI-driven lending technology to streamline personal loan applications as part of the Diamond Credit Union-branded online experience.

How many members does Diamond Credit Union serve?

Diamond Credit Union serves over 64,000 members.