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Financial Partners Credit Union Selects Upstart for Personal Lending
Rhea-AI Impact
(Neutral)
Rhea-AI Sentiment
(Very Positive)
Tags
Rhea-AI Summary
Financial Partners Credit Union, with $2.1 billion in assets, has partnered with Upstart (NASDAQ: UPST) to enhance its personal loan offerings through AI-powered solutions. This collaboration aims to improve access to credit for more individuals across California. Since December 2021, Financial Partners has been part of the Upstart Referral Network, enabling streamlined loan applications for qualified customers. The partnership promises increased loan approvals and better service for the community through advanced AI lending.
Positive
Partnership with Upstart enables enhanced personal loan offerings.
Increased access to credit for a larger member base.
Higher approval rates for loans through AI-powered technology.
Negative
None.
DOWNEY, Calif. & SAN MATEO, Calif.--(BUSINESS WIRE)--
Financial Partners Credit Union, a $2.1 billion credit union with over 86,000 members, and branches across California, from South San Francisco to San Diego, today announced it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, to offer AI-powered personal loans to more people.
Quote from Joseph Brancucci, Senior Vice President of Lending & Chief Lending Officer at Financial Partners (Graphic: Business Wire)
“By partnering with Upstart, we’re able to help more people borrow smarter! Upstart will help us bring on new members through an online, AI-powered lending experience,” said Nader Moghaddam, President and CEO of Financial Partners Credit Union. “These new members will not only get access to a great personal loan from our credit union, but they will also discover better banking that meets their financial needs.”
“To better serve the community and meet them in their time of need, we are excited to expand our personal loan offering through this partnership with Upstart,” said Joseph Brancucci, Senior Vice President of Lending & Chief Lending Officer at Financial Partners. “The combination of Upstart’s AI lending marketplace and the integrity of their team made them the natural choice to help us further expand access to affordable credit to new and existing members.”
As an Upstart lending partner since December 2021, Financial Partners Credit Union will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Financial Partners Credit Union’s credit policies receive tailored offers as they seamlessly transition into a Financial Partners-branded experience to complete the online member application and closing process.
“We welcome Financial Partners Credit Union to the growing family of Upstart lending partners,” said Michael Lock, Senior Vice President of Lending Partnerships for Upstart. “As part of the Upstart Referral Network, Financial Partners will be able to lend to more creditworthy borrowers in California who meet their field of membership requirements.”
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 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 Financial Partners Credit Union
Member-owned and not for profit, Financial Partners Credit Union is dedicated to helping Californians build better financial lives. With $2.1 billion in assets and branches from San Francisco to San Diego, including new branches in Mission Viejo, Irvine, and Seal Beach, membership is open to everyone who lives in Los Angeles, Orange, Riverside and San Diego counties, as well as Alameda and South San Francisco. #BankSmarter #BorrowSmarter #SaveSmarter! Visit fpcu.org or call 844.TRY.FPCU for details.
