Upstart Holdings, Inc. - UPST STOCK NEWS

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.

Berkshire Hills Bancorp (NYSE: BHLB) has partnered with Upstart (NASDAQ: UPST), an AI lending platform, to enhance consumer lending options. This collaboration aims to provide a seamless digital experience and improve access to affordable credit, leveraging Upstart's technology for better risk assessments. The partnership is part of Berkshire's strategic transformation plan initiated in August 2021. With this alliance, Berkshire expects to boost its consumer loan portfolio and deliver more inclusive lending options, ultimately enhancing customer experience.

Upstart Holdings, Inc. (NASDAQ: UPST) will release its third quarter fiscal year 2021 results on November 9, 2021, after the market closes. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET, and the earnings press release will be accessible prior on the company's investor relations site. Upstart is known for its AI lending platform, which enhances banks' approval and loss rates. The release highlights their goal to expand access to affordable credit.

Upstart (NASDAQ: UPST), an AI lending platform, announced a partnership with Abound Credit Union, Kentucky’s largest credit union, to provide all-digital personal loans. This collaboration enhances Abound's offerings to serve Kentuckians, including military families, through Upstart's AI-powered platform. Abound joined Upstart's Referral Network in July 2021, allowing qualified applicants to receive tailored loan offers seamlessly. The partnership aims to improve the financial well-being of Kentuckians and demonstrates Upstart's commitment to expanding access to affordable credit.

Upstart (NASDAQ: UPST) has launched Upstart Auto Retail, an AI-enabled software solution revolutionizing the car buying process. The platform enhances consumer and dealership experiences by providing easy access to Upstart-powered auto loans. Since the acquisition of Prodigy Software in April 2021, dealership participation has nearly tripled. With over $1 billion in vehicle sales via this platform in Q2 2021, Upstart aims to transform financing in the automotive sector, providing an improved customer experience in the auto sales industry.