Drummond Community Bank Selects Upstart for Personal and Auto Lending
Upstart (NASDAQ: UPST) announced its partnership with Drummond Community Bank, enhancing the bank's ability to provide personal and auto loans through Upstart's AI-powered platform. This collaboration aims to increase credit access for Florida communities. Drummond Community Bank, a state-chartered institution with over $800 million in assets, will offer a fully digital experience for personal loans and auto loan refinancing. As part of the Upstart Referral Network, qualified applicants will receive tailored offers, streamlining the application process.
- Partnership with Drummond Community Bank enables access to more customers in Florida.
- AI-powered platform may lead to higher approval rates and improved customer experience.
- Drummond Community Bank has total assets exceeding $800 million, indicating financial stability.
- None.
SAN MATEO, Calif., April 28, 2021 /PRNewswire/ -- Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced Drummond Community Bank, a premier institution serving Florida communities since 1990, has partnered with Upstart to provide personal and auto loans to better serve their customers and community.
Drummond Community Bank became an Upstart bank partner in March 2021 and will be offering personal loans and auto loan refinancing powered by Upstart's all-digital, AI-lending platform on its bank website.
"Drummond Community Bank is partnering with Upstart to enhance credit access to improve the financial lives of people in our community," said Matthew Gallman, Vice President and Enterprise Risk Officer at Drummond Community Bank. "With Upstart's AI lending platform, we will be able to identify and lend to more people in our community who can benefit from affordable credit."
As an Upstart bank partner, Drummond Community Bank will also be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Drummond Community Bank's credit policies and risk parameters receive tailored offers as they seamlessly transition into a Drummond Community Bank-branded experience to complete the online application and closing process.
"We are excited to have Drummond Community Bank be part of the Upstart family of bank partners," said Michael Lock, SVP of Bank Partnerships for Upstart. "Through our AI lending platform, Drummond Community Bank will be able to offer its customers an all-digital personal and auto refinance experience that consumers today expect."
To learn more about Upstart for Banks and the Upstart Referral Network, please visit https://www.upstart.com/for-banks/ and watch this video.
About Upstart
Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks to expand access to affordable credit. By leveraging Upstart's AI platform, Upstart-powered banks 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 Drummond Community Bank
Drummond Community Bank is a state-chartered financial institution in northern Florida with total assets exceeding
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SOURCE Upstart
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