Upstart Holdings, Inc. - UPST STOCK NEWS

Upstart (NASDAQ: UPST) is enhancing its AI lending services by providing preferred access, without implementation fees, to Community Development Financial Institutions (CDFIs) across the U.S. This initiative builds upon its commitment to Minority Depository Institutions (MDIs) and aligns with its role as a founding member of the Economic Opportunity Coalition. The coalition aims to improve economic equity and assist communities in need by advancing access to credit. Upstart’s AI-driven model helps approve more borrowers of color and offers lower APRs compared to traditional models.

Upstart (NASDAQ: UPST) has been recognized as the fastest growing auto retail software in the U.S. for Q2 2022, as reported by Automotive Market Data. The company saw nearly 240 dealerships adopt Upstart Auto Retail between April and June, achieving the highest dealer growth in its category. This success is attributed to the platform's unique features providing both in-store customization and online access. Upstart aims to enhance the car buying experience and has established partnerships with major OEMs such as Subaru and VW.

Financial Partners Credit Union, with $2.1 billion in assets, has partnered with Upstart (NASDAQ: UPST) to enhance its personal loan offerings through AI-powered solutions. This collaboration aims to improve access to credit for more individuals across California. Since December 2021, Financial Partners has been part of the Upstart Referral Network, enabling streamlined loan applications for qualified customers. The partnership promises increased loan approvals and better service for the community through advanced AI lending.

Upstart Holdings, Inc. (NASDAQ: UPST) released preliminary unaudited financial results for Q2 2022, projecting revenue of approximately $228 million, down from earlier guidance of $295 to $305 million. The contribution margin is expected to be around 47%, higher than the previous estimate of 45%. However, net loss is projected between $31 and $27 million, significantly worse than prior guidance of a loss between $4 and $0 million. The company cites inflation and recession fears affecting its marketplace. Final results will be released on August 8, 2022.

Firelands Federal Credit Union, based in Ohio with over 32,000 members and $385 million in assets, has partnered with Upstart (NASDAQ: UPST) to provide AI-powered personal and auto refinance loans. This collaboration, established in October 2021, aims to enhance the credit union's digital lending capabilities, allowing for a modern, all-digital experience. Upstart's AI platform is designed to approve loans more efficiently and inclusively, helping creditworthy members access affordable credit more easily.

Upstart has partnered with MIDFLORIDA Credit Union to provide affordable personal loans to Floridians, enhancing their digital lending options. MIDFLORIDA, serving over 434,000 members and holding more than $6.6 billion in assets, aims to attract new members through this collaboration. As part of the Upstart Referral Network, qualified personal loan applicants will receive tailored offers that transition them to a MIDFLORIDA-branded application process. This partnership signals Upstart's commitment to expanding access to affordable credit using AI technology.

Mascoma Bank has partnered with Upstart (NASDAQ: UPST) to provide AI-powered personal loans, enhancing access to credit in Northern New England. This collaboration aims to diversify Mascoma Bank's lending offerings and enable it to reach more creditworthy borrowers. Launched in March 2022, Mascoma Bank will utilize Upstart's AI platform to streamline the lending process and create a digital-first experience for customers. The partnership is expected to improve loan approval rates and deliver tailored offers to applicants.

Sharonview Federal Credit Union has partnered with Upstart (NASDAQ: UPST) to provide AI-powered personal loans, enhancing access to capital for credit-worthy members. This collaboration, part of the Upstart Referral Network since February 2022, aims to deliver a seamless online lending experience. David Brand, Senior VP of Lending Operations at Sharonview, stated the partnership will benefit members across various communities and improve financial stability. Upstart, known for its AI lending platform, enables banks and credit unions to increase approval rates while delivering a digital-first experience.

Upstart Holdings, Inc. (NASDAQ: UPST) announced its financial results for Q1 2022, showcasing its seventh consecutive profitable quarter and a 156% revenue increase year-over-year, reaching $310 million. Total fee revenue surged by 170% to $314 million. The company facilitated 465,537 loans totaling $4.5 billion, marking a 174% rise in transaction volume. GAAP net income rose to $32.7 million, with diluted EPS of $0.34. Looking ahead, Upstart anticipates Q2 2022 revenue between $295 and $305 million and a projected full-year revenue of approximately $1.25 billion.