Firstmark Credit Union Selects Upstart for Personal Lending

Rhea-AI Summary

Firstmark Credit Union, the oldest state-chartered credit union in San Antonio, Texas, has partnered with Upstart (NASDAQ: UPST), a leading AI lending platform, to offer personalized loans through the Upstart Referral Network. This partnership aims to enhance member experience by utilizing Upstart's all-digital, AI-powered lending platform. The collaboration will provide fair access to capital and improve financial wellness for the community's members. Firstmark, a not-for-profit institution with nearly 100,000 members, aims to reach more creditworthy borrowers and streamline the lending process.

Positive

• Partnership with Upstart enhances lending capabilities and member experience.
• Utilization of AI technology increases approval rates for loans.
• Provides fair access to capital, improving financial wellness for members.

Negative

• None.

SAN ANTONIO & SAN MATEO, Calif.--(BUSINESS WIRE)-- Firstmark Credit Union, the oldest state-chartered credit union in San Antonio, Texas, serving nearly 100,000 members, today announced it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, to offer personal loans powered by Upstart’s all-digital, AI-lending platform through the Upstart Referral Network.

Quote from Danny Smith, senior vice president and chief experience officer at Firstmark Credit Union (Graphic: Business Wire)

“As a tech-forward credit union looking to transform the way we serve our members, we chose to partner with Upstart because of their all-digital, AI-powered lending platform that modernizes the member experience,” said Danny Smith, senior vice president and chief experience officer at Firstmark Credit Union. “In partnership with Upstart, Firstmark Credit Union will be offering a new personal loan product that provides fair access to capital, meets the needs of the communities we serve, and improves the financial wellness of our members.”

Firstmark Credit Union became an Upstart lending partner in December 2021, allowing the credit union to reach and serve more of its community through the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Firstmark’s credit policies receive tailored offers as they seamlessly transition into a Firstmark-branded experience to complete the online member application and closing process.

“We’re excited that Firstmark Credit Union has chosen to partner with Upstart to serve the financial wellness needs of its members,” said Michael Lock, senior vice president of lending partnerships for Upstart. “Through our partnership, Firstmark will be able to reach and approve more creditworthy borrowers while delivering a seamless, digital experience across the communities it serves.”

To learn more about Upstart for credit unions, 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 Firstmark Credit Union

Firstmark Credit Union has been helping people for 90 years. The Firstmark story began in 1932 at Fox Tech High School where ten teachers signed a charter to form the San Antonio Teachers Credit Union. Firstmark has grown the ten teachers’ original $475 investment to almost 100,000 members and over $1 billion in assets. Firstmark is a not-for-profit, member-owned financial institution offering products and services that stimulate savings, provide a pathway to home ownership and promote financial wellness. For more information, visit https://www.firstmarkcu.org/ or call 210.442.0100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220505005497/en/

Press Contact

Mike Nelson

mike.nelson@upstart.com

Danny Smith

Firstmark Credit Union

dannys@firstmarkcu.org

Source: Upstart

FAQ

What is the recent partnership announcement involving UPST?

Firstmark Credit Union has partnered with Upstart (NASDAQ: UPST) to offer personal loans through the Upstart Referral Network.

How does the Upstart Referral Network benefit Firstmark Credit Union?

The Upstart Referral Network helps Firstmark reach and approve more creditworthy borrowers, enhancing their lending capabilities.

When did Firstmark Credit Union become an Upstart lending partner?

Firstmark Credit Union became an Upstart lending partner in December 2021.

What is the objective of the partnership between Firstmark and Upstart?

The objective is to modernize the member experience by providing fair access to capital and improving financial wellness.

How many members does Firstmark Credit Union serve?

Firstmark Credit Union serves nearly 100,000 members.