Upstart Holdings, Inc. - UPST STOCK NEWS

Upstart (NASDAQ: UPST) has been selected by Acura as a preferred provider in its digital retail program, making Upstart Auto Retail's car-buying software available to Acura dealers and customers across the U.S. This partnership aims to enhance the customer experience by integrating online and in-store car-buying processes for Acura dealers. Upstart previously announced the addition of a Digital Finance application and an Online Sales application to boost sales efficiency. Acura is the eighth OEM to certify Upstart Auto Retail, joining other major automakers.

The Bank of Denver has partnered with Upstart (NASDAQ: UPST) to offer personal and auto refinance loans, aiming to diversify and expand its customer base in Colorado. This collaboration, which follows their previous partnership starting in May 2022, leverages Upstart's AI lending platform to enhance loan approval rates and provide a seamless digital experience for customers. CEO Lori Radcliffe emphasizes the importance of fintech in attracting younger customers, while Upstart's SVP of Lending Partnerships, Michael Lock, highlights the partnership's goal of reaching more creditworthy borrowers. The initiative promises a streamlined, all-digital process for applicants.

Upstart Holdings, Inc. (NASDAQ: UPST) reported financial results for Q4 2022, revealing a challenging year marked by significant declines in revenue and loan origination. Total revenue fell 52% to $147 million, while fee revenue decreased by 46% to $156 million. The company originated 154,478 loans, totaling $1.5 billion, down 62% year-over-year. Loss from operations was $58.5 million, a marked decline from the previous year's profit. For FY 2022, total revenue was $842 million, a slight decrease of 1%. Upstart anticipates Q1 2023 revenue around $100 million with further losses expected, reflecting ongoing economic challenges.

nbkc bank, a community bank with $1.1 billion in assets, has partnered with Upstart (NASDAQ: UPST) to enhance its personal loan offerings. This collaboration, initiated in June 2022, allows nbkc to provide tailored loan options to creditworthy borrowers through Upstart's AI-driven lending marketplace. According to Jenna Stricker, nbkc's Director of Digital Lending, this partnership aims to improve customer experience and access to affordable credit. Michael Lock, SVP of Lending Partnerships at Upstart, noted the efficiency and cost-effectiveness this partnership brings to nbkc's lending process.

Upstart (NASDAQ: UPST) is enhancing its Auto Retail platform with two new applications: Digital Finance and Online Sales, aimed at improving the car-buying experience for dealerships. These applications will be showcased at the NADA Show in Dallas from January 26-29. Digital Finance streamlines the signing process with automated verification and quicker loan approvals, while Online Sales allows complete online car purchases. Upstart's offerings cater to the evolving needs of consumers for a seamless online and in-store experience. The new tools are customizable, supporting existing workflows for dealerships.

Upstart Holdings, Inc. (NASDAQ: UPST) plans to release its fourth quarter and fiscal year 2022 business and financial results on February 14, 2023, after market close. A conference call will follow at 1:30 p.m. PT / 4:30 p.m. ET. Interested parties can access earnings reports and presentations on Upstart’s investor relations website, ir.upstart.com. Upstart leverages its AI lending platform to improve approval rates and lower loss rates, aiming to enhance affordable credit access. The company was founded in 2012 and is headquartered in San Mateo, California.

Carver Federal Savings Bank has partnered with Upstart, a leading AI lending marketplace, to enhance access to personal loans for middle-income communities. This collaboration aims to utilize Upstart's AI technology to assess creditworthiness beyond traditional credit scores, promoting economic empowerment. Carver, which became an Upstart lending partner in August 2022, will offer tailored loan offers to qualified applicants via the Upstart Referral Network. The partnership aims to provide affordable credit and improve the online lending experience for consumers.

Upstart Holdings, Inc. (NASDAQ: UPST) reported Q3 2022 financial results, showing total revenue of $157 million, a 31% decline year-over-year. The company experienced a 48% drop in transaction volume, originating 188,519 loans worth $1.9 billion. A loss from operations amounted to ($58.1 million), contrasting with a profit of $28.6 million last year. Despite a contribution profit increase of 0.1%, adjusted EBITDA fell to ($14.4 million). For Q4 2022, Upstart projects a revenue range of $125 to $145 million.

Upstart (NASDAQ: UPST) announces its Auto Retail platform has been certified as a Honda Digital Solutions partner, enhancing car purchasing for Honda dealers and customers nationwide. With the platform, Upstart Auto Retail optimizes the buying journey, allowing seamless transitions between online and in-store experiences. This partnership aims to boost sales and profitability for Honda through improved customer relations and experience. Upstart's platform, recognized as the fastest growing digital retail software, continues to add significant OEM certifications.