Upstart Holdings, Inc. - UPST STOCK NEWS

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.

Upstart (NASDAQ: UPST) has formed a partnership with Water and Power Community Credit Union (WPCCU) to enhance personal loan offerings in Los Angeles County. This collaboration aims to identify creditworthy borrowers and expand access to affordable credit. WPCCU, which serves nearly 40,000 members and manages over $900 million in assets, is utilizing Upstart's AI-driven platform to streamline the lending process. This partnership, part of the Upstart Referral Network, commenced in June 2021 and seeks to deliver a digital-first experience for members.

Upstart (NASDAQ: UPST) has launched its personal loan platform in Spanish, becoming the first online lender to offer full support for Spanish speakers in the U.S. With over 63 million Hispanic Americans, this move addresses a significant demographic. Upstart aims to enhance financial inclusion by providing an end-to-end lending experience in Spanish. Historically, their AI model has approved 27.2% more Hispanic borrowers compared to traditional models, with 10.5% lower interest rates. Currently, Spanish loans are available through Cross River Bank, with plans for additional partners.

Upstart (NASDAQ: UPST), an AI lending platform, partners with Patelco Credit Union to expand access to AI-driven personal loans in Northern California. Patelco, a not-for-profit credit union, aims to enhance members' financial health through this collaboration. Leveraging Upstart's all-digital lending solution, they will provide tailored offers to qualified loan applicants, increasing inclusivity in lending. Since June 2021, Patelco has been part of the Upstart Referral Network, allowing seamless application processes for members seeking affordable credit.

Upstart Holdings, Inc. (NASDAQ: UPST) announced the pricing of $575 million in Convertible Senior Notes due 2026. The offering also includes an option for initial purchasers to buy an additional $86.25 million. The notes, which bear an interest rate of 0.25%, are expected to generate around $561.2 million in net proceeds after expenses. The initial conversion price is approximately $285.26 per share, with a conversion premium of 42.5%. Upstart plans to use part of the proceeds for capped call transactions and general corporate purposes.

Upstart Holdings, Inc. (NASDAQ: UPST) plans to offer $575 million in Convertible Senior Notes due 2026 to qualified institutional buyers. Subject to market conditions, the company may grant an additional $86.25 million option to the initial purchasers. The notes will bear semi-annual interest and can be converted into cash, shares, or a combination. Proceeds will be used for capped call transactions and general corporate purposes, potentially affecting stock dilution. The offering won't be registered under the Securities Act, limiting sales without exemptions.

Upstart Holdings, Inc. (NASDAQ: UPST) reported remarkable second quarter 2021 financial results, showcasing a revenue surge to $194 million, a staggering 1,018% increase year-over-year. Fee revenue reached $187 million, up 1,308%. The platform facilitated 286,864 loans totaling $2.80 billion, marking a 1,605% increase. GAAP net income soared to $37.3 million, with diluted earnings per share at $0.39. The company forecasts third-quarter revenue between $205-$215 million and a full-year revenue around $750 million, up from previous guidance of $600 million.