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Upstart Holdings, Inc. - UPST STOCK NEWS

Welcome to our dedicated page for Upstart Holdings news (Ticker: UPST), a resource for investors and traders seeking the latest updates and insights on Upstart Holdings stock.

Upstart Holdings Inc (UPST) operates an AI-powered lending platform that transforms credit assessment through machine learning. This news hub provides investors and financial professionals with essential updates about the company's operations and market position.

Access consolidated UPST news including earnings announcements, strategic partnerships, product developments, and regulatory filings. Our repository serves as a reliable source for tracking the company's progress in consumer lending innovation and banking technology solutions.

Key updates cover artificial intelligence advancements in credit scoring, expansion of loan products, and collaborations with financial institutions. Stay informed about developments in personal lending, auto financing, and Upstart's SaaS offerings for banks.

Bookmark this page for streamlined access to official press releases and curated financial analysis. Regularly updated content helps stakeholders monitor UPST's performance in the evolving fintech sector.

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Upstart Holdings, the leading AI lending marketplace, will release its second quarter fiscal year 2024 financial results on Aug. 6, 2024, after the market closes. A conference call and live webcast are scheduled for 1:30 p.m. PT / 4:30 p.m. ET on the same day. The earnings press release and investor presentation will be available on Upstart's investor relations website prior to the call. Investors can join the live webcast or dial into the conference call using the provided numbers and code.

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Eltura Capital Management has entered into a $1.2 billion forward flow transaction for the second year to purchase consumer installment loans originated on Upstart's platform. This agreement follows the successful acquisition of over $1.2 billion in loans during the first year. Upstart, an AI-driven lending marketplace, connects consumers to over 100 banks and credit unions, enhancing borrower approval rates and offering a digital-first experience. Eltura will provide deal administration, collateral risk management, and reporting services as part of this transaction. Both companies are excited to continue their partnership, aiming to deliver credit solutions to underserved consumers.

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Diamond Credit Union, a prominent financial institution in Pennsylvania with over $1 billion in assets and more than 64,000 members, has partnered with Upstart (NASDAQ: UPST), an AI-driven lending marketplace, to offer personal loans. This collaboration, initiated in April 2023, aims to expand Diamond Credit Union's reach through an all-digital lending experience. Qualified applicants on Upstart.com who meet Diamond's credit policies will transition into a Diamond Credit Union-branded online application and closing process. This partnership is expected to enhance access to affordable credit for Diamond Credit Union's members.

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Castlelake, a global alternative investment manager specializing in asset-based private credit investments, has agreed to purchase up to $1.2 billion of consumer installment loans originated on Upstart's AI lending marketplace. The 12-month forward flow arrangement builds on a previous 2023 agreement between the two companies. Upstart, which connects millions of consumers to over 100 banks and credit unions using AI for loan approval, benefits from this deal by ensuring a steady capital supply for affordable credit. Castlelake's decision is based on its experience in acquiring or financing over 17 million consumer credit and small business loans. This transaction further solidifies Castlelake's role in the consumer credit and specialty finance sector since 2015.

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Seattle Credit Union, a leading credit union and Community Development Financial Institution in Washington state, has partnered with Upstart, an AI-driven lending marketplace. This partnership aims to offer personal loans digitally to new and existing members. Seattle Credit Union, which has assets exceeding $1 billion and serves 55,000 members, joined the Upstart Referral Network in February 2023. Qualified applicants on Upstart.com will receive tailored loan offers matching Seattle Credit Union’s credit policies, enhancing access to affordable credit in the community.

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Upstart Holdings, Inc. (NASDAQ: UPST) announced its first quarter 2024 financial results, reporting total revenue of $128 million, a 24% increase from the previous year. Despite a 9% sequential decline, total fee revenue increased by 18%. The company originated 119,380 loans totaling $1.1 billion, with a 14% conversion rate. While income from operations improved to ($67.5) million, GAAP net income was ($64.6) million. Adjusted EBITDA was ($20.3) million, with a contribution margin of 59%.

CEO Dave Girouard expressed confidence in a return to sequential growth in the second half of the year and positive EBITDA by year-end, despite current credit challenges.

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Upstart, a leading AI lending marketplace, has launched the first AI certification program for financial services. The online course aims to provide executives in financial services with the knowledge and skills needed to lead the AI transformation in their organizations. Upstart's CEO, Dave Girouard, highlights the importance of AI in shaping the financial industry. The course covers foundational AI concepts, model assessment, ethics, applications in financial services, and next steps for implementation. The program is free for a time and offers a digital badge and certificate upon completion.

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Upstart, a leading AI lending marketplace, has launched Recognized Customer Personalization (RCP) to allow banks and credit unions to offer customized loan solutions to their existing customers. More than 20 lenders have already adopted RCP, enabling personalized credit offers tailored to customers' needs. The feature includes instant customer identification, customized credit offers, and the option for lenders to choose between Upstart's AI credit decisioning or their own underwriting models. RCP is currently available for personal loans, with plans for expansion to auto loans and HELOC in the future.
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PriorityONE Credit Union of Florida partners with Upstart to offer personal loans, enhancing financial services with innovative online lending experience.
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Upstart Holdings, Inc. (UPST) will release its first quarter fiscal year 2024 business and financial results on May 7, 2024. A conference call and webcast will follow the release, providing insights into the company's performance.
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Upstart Holdings, Inc.

Nasdaq:UPST

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3.78B
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64.15%
17.85%
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