Upstart Holdings, Inc. - UPST STOCK NEWS

Upstart (NASDAQ: UPST) has partnered with Telhio Credit Union, enhancing personal loan offerings for members in Ohio. This collaboration, initiated in May 2021, utilizes Upstart's AI-driven lending platform, allowing better credit access through over 1,000 risk variables instead of traditional credit scores. Telhio aims to provide a member-centric digital experience while improving financial wellness for more individuals. This partnership enables seamless user transitions and tailored loan offers, promoting financial accessibility and efficiency.

Upstart Holdings, Inc. (NASDAQ: UPST) will announce its Q2 2021 financial results on August 10, 2021, after the market closes. A conference call and live webcast will follow the release at 1:30 p.m. PT / 4:30 p.m. ET. Investors can access the earnings press release and presentation in advance on Upstart's investor relations website. Upstart is an AI lending platform that collaborates with banks to provide affordable credit, boasting high loan approval rates and low loss rates.

NXTsoft and Upstart have announced a partnership to enhance Upstart's AI lending platform integration with U.S. financial institutions. This collaboration aims to improve efficiency and enable banks and credit unions to approve up to three times more borrowers at identical loss rates as traditional models. Upstart's platform utilizes over 1,000 variables for accurate risk assessment and offers a digital lending experience, with over 70% of loans fully automated. NXTsoft provides essential API connectivity, supporting 99% of U.S. core systems for seamless integration.

Upstart (NASDAQ: UPST) has announced an expansion and extension of its partnership with Customers Bank to enhance its personal loan program via the Upstart Referral Network. This collaboration utilizes Upstart's AI lending platform, enabling better risk-based credit decisions and a growing consumer installment loan portfolio. Customers Bank, which successfully adapted its lending strategy during the PPP, anticipates continued growth and improved customer experience. Future plans include seamless loan and deposit account openings in a single digital session for approved applicants.

Upstart Holdings, Inc. (NASDAQ: UPST) announced strong financial results for Q1 2021, with total revenue of $121 million, reflecting a 90% increase year-over-year.
Fee revenue reached $116 million, while bank partners originated 169,750 loans worth $1.73 billion, also up 102%.
Net income was $10.1 million, yielding an EPS of $0.11, and adjusted EBITDA saw a remarkable 472% increase to $21 million.
For Q2 2021, the company expects revenue between $150 to $160 million, revising its 2021 revenue outlook to approximately $600 million from $500 million.

Upstart (NASDAQ: UPST) announced its partnership with Drummond Community Bank, enhancing the bank's ability to provide personal and auto loans through Upstart's AI-powered platform. This collaboration aims to increase credit access for Florida communities. Drummond Community Bank, a state-chartered institution with over $800 million in assets, will offer a fully digital experience for personal loans and auto loan refinancing. As part of the Upstart Referral Network, qualified applicants will receive tailored offers, streamlining the application process.

Upstart Holdings, Inc. (NASDAQ: UPST) will announce its Q1 fiscal 2021 results on May 11, 2021, after market close. A conference call is scheduled for 1:30 p.m. PT / 4:30 p.m. ET, accessible via Upstart's investor relations website. The call aims to provide insights into Upstart's AI-driven lending platform, which enhances approval rates and reduces loss rates for partner banks. The company, established by ex-Googlers in 2012, continues to revolutionize lending through advanced AI technology.

Upstart Holdings, Inc. (Nasdaq: UPST) has successfully closed its follow-on offering of 2,300,000 shares at $120.00 each. The offering comprised 2,000,000 shares from Upstart and 300,000 shares through the underwriters’ option. The net proceeds will be directed towards general corporate purposes. Leading the offering were Goldman Sachs, BofA Securities, and Citigroup, with Jefferies and Barclays also playing significant roles. This offering follows a registration statement effective since April 8, 2021, and does not constitute an offer to sell or a solicitation to buy securities in jurisdictions where it is unlawful.

Upstart (NASDAQ: UPST) announced that First Financial Bank has expanded its Personal Lending Program through the Upstart Referral Network, enhancing access to unsecured lending solutions. This collaboration, initiated in February 2021, allows qualified personal loan applicants to receive tailored offers and complete applications under First Financial Bank's branding. The initiative aims to serve more clients, particularly those underserved by traditional banking. Upstart's AI platform facilitates higher approval rates for banks while offering an efficient digital lending experience.