Upstart Holdings, Inc. - UPST STOCK NEWS

Upstart (NASDAQ: UPST), an AI lending platform, announced a partnership with AgFed Credit Union to offer personal loans to new members. This collaboration aims to enhance AgFed's ability to serve eligible borrowers across the nation. Since joining the Upstart Referral Network in September 2021, AgFed can provide tailored loan offers to applicants who meet its credit criteria. AgFed CEO Margie Click emphasized their commitment to high-quality service, while Upstart's SVP of Lending Partnerships, Michael Lock, highlighted the benefits of serving a broader borrower base.

Upstart Holdings, Inc. (NASDAQ: UPST) will release its fourth quarter and fiscal year 2021 financial results on February 15, 2022, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET. Investors can access the earnings press release and presentation on Upstart's investor relations website. The conference call can be joined via dial-in numbers provided for US, Canada, and international participants. The AI lending platform aims to improve lending access and efficiency.

Upstart (NASDAQ: UPST) has partnered with the National Bankers Association (NBA) to enhance access to affordable credit through minority-owned depository institutions (MDIs). This collaboration aims to utilize Upstart's AI lending platform to offer economic personal loans, targeting underserved communities and helping alleviate debt cycles from high-interest lenders. Special pricing and implementation support will be provided to NBA members. Optus Bank will be the first to implement this initiative, facilitating loans directly on its website.

Upstart has expanded its partnership with First National Bank of Omaha (FNBO) to enhance its personal loan program nationwide. Following a successful pilot program that achieved high approval rates and customer satisfaction, FNBO aims to utilize Upstart's AI platform to improve access to affordable credit for more borrowers. Currently, 78% of loans are approved instantly. The focus is on delivering a modern, digital lending experience while also planning to serve customers through affinity partners.

BCU, a leading credit union serving over 300,000 members, has partnered with Upstart (NASDAQ: UPST) to offer AI-powered personal loans. This collaboration aims to enhance financial inclusion and provide a seamless online lending experience. With Upstart's Referral Network, eligible loan applicants will transition smoothly into a BCU-branded application process. Since June 2021, Upstart has enabled over two-thirds of its loans to be approved instantly. BCU's assets exceed $4.9 billion, positioning it as one of the fastest-growing credit unions.

Upstart Holdings, Inc. (NASDAQ: UPST) reported a remarkable financial performance for Q3 2021, with total revenue reaching $228 million, a 250% increase year-over-year. The number of loans originated surged to 362,780, totaling $3.13 billion, reflecting a growth of 244%. GAAP net income rose to $29.1 million, with adjusted net income at $57.4 million. The company anticipates Q4 2021 revenue between $255 million and $265 million along with an adjusted EBITDA forecast of $51 million to $53 million.

Upstart (NASDAQ: UPST), an AI lending platform, has joined the Office of the Comptroller of the Currency’s (OCC) Project REACh to enhance financial inclusion by improving access to credit. The initiative aims to support small minority depository institutions and tackle the barriers faced by nearly 50 million Americans lacking credit scores. Upstart leverages AI to assess applications using over 1,000 variables, resulting in higher approval rates and lower interest rates for underserved populations, including 30% more Black borrowers and 27.2% more Hispanic borrowers in 2020.

Four Corners Community Bank has partnered with Upstart, a prominent AI lending platform, to enhance its consumer lending services. This collaboration aims to provide all-digital, AI-powered personal loans to local communities in New Mexico and Colorado. Since July, the bank has utilized Upstart's technology for efficient loan processing and customer experience improvements. The bank will also join the Upstart Referral Network, allowing qualified applicants to access tailored loan offers. This strategic partnership is expected to boost affordable credit access for consumers.