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Mascoma Bank has partnered with Upstart (NASDAQ: UPST) to provide AI-powered personal loans, enhancing access to credit in Northern New England. This collaboration aims to diversify Mascoma Bank's lending offerings and enable it to reach more creditworthy borrowers. Launched in March 2022, Mascoma Bank will utilize Upstart's AI platform to streamline the lending process and create a digital-first experience for customers. The partnership is expected to improve loan approval rates and deliver tailored offers to applicants.
Positive
Partnership with Upstart enhances Mascoma Bank's lending offerings.
Utilization of AI to increase access to credit for more consumers.
Streamlined digital lending process potentially improves customer experience.
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None.
LEBANON, N.H. & SAN MATEO, Calif.--(BUSINESS WIRE)--
Mascoma Bank, a $2.6 billion mutual bank and Certified B-Corporation® serving Northern New England, announced today that 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 Ken Wells, Chief Retail Lending Officer for Mascoma Bank (Graphic: Business Wire)
“As Mascoma Bank expands the ways to best serve Northern New England, the partnership with Upstart allows us to diversify within the consumer lending space through a new personal loan offering,” said Ken Wells, Chief Retail Lending Officer for Mascoma Bank. “Through Upstart’s AI lending platform, Mascoma Bank will be able to reach and lend to more creditworthy borrowers while providing an all-digital modern consumer lending experience.”
As a new Upstart lending partner since March 2022, Mascoma Bank will be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Mascoma Bank’s credit policies receive tailored offers as they seamlessly transition into a Mascoma Bank-branded experience to complete the online application and closing process.
“We are excited to have Mascoma Bank as a new lending partner on the Upstart Referral Network,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through our partnership, Mascoma Bank will be able to reach and provide access to affordable credit to more consumers in Northern New England."
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 Mascoma Bank Headquartered in Lebanon, New Hampshire, Mascoma Bank is a $2.6 billion mutual bank and Certified B-Corporation® with 28 branches and 2 loan offices throughout Northern New England. Mascoma Bank was founded in 1899 by community members seeking ways to establish a healthy local economy. For over 122 years, Mascoma Bank's foundation of mutuality has continued to be a force for positive change supporting communities to reach thriving sustainability. Mascoma Bank has made a strong commitment of utilizing technology to help support its mission and values of putting the customer at the center of its work.
