Red Rocks Credit Union Selects Upstart for Personal Lending

Rhea-AI Summary

Red Rocks Credit Union, a not-for-profit financial cooperative with over 16,000 members and $360 million in assets, has partnered with Upstart (NASDAQ: UPST) to enhance its personal loan offerings. This collaboration aims to provide an all-digital lending experience powered by AI, expanding access to creditworthy borrowers in Colorado and beyond. Since December 2021, Red Rocks has been part of the Upstart Referral Network, allowing for tailored loan offers to qualified applicants. The partnership seeks to reach more individuals and improve the overall lending experience.

Positive

• Red Rocks partners with Upstart to enhance personal loan offerings.
• Partnership allows for an all-digital lending experience powered by AI.
• Expansion of services aims to reach more borrowers in Colorado and beyond.
• Membership eligibility broadened through Upstart Referral Network.

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• None.

LITTLETON, Colo. & SAN MATEO, Calif.--(BUSINESS WIRE)-- Red Rocks Credit Union, a not-for-profit financial cooperative in Colorado with more than 16,000 members and $360 million in assets, today announced that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, to provide personal loans to better reach and serve more members.

Quote from Darius Wise, President and Chief Operating Officer at Red Rocks Credit Union (Graphic: Business Wire)

“As a digital-forward credit union, our goal is to help members reach their dreams through the products and services that we offer across any channel with which they want to interact,” said Darius Wise, President and Chief Operating Officer at Red Rocks Credit Union. “Our partnership with Upstart allows us to provide an all-digital personal lending experience powered by AI to lend to more creditworthy borrowers across a wider demographic in Douglas, Jefferson and Arapahoe counties, as well as outside of Colorado.”

Red Rocks Credit Union became an Upstart lending partner in December 2021 to be on the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Red Rocks’ credit policies will receive tailored offers as they seamlessly transition into a Red Rocks-branded experience to complete the online member application and closing process.

“We are excited to partner with Red Rocks Credit Union to expand their personal loan offering to more people across Colorado and beyond,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through the Upstart Referral Network, Red Rocks will be able to reach more people, say yes to more borrowers, and deliver a new member the modern lending experience they expect."

To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video.

About Upstart

Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates for every race, ethnicity, age, and gender, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.

About Red Rocks Credit Union

Red Rocks Credit Union was established in 1979 to serve the employees of Martin Marietta (now Lockheed Martin). Today, Red Rocks is available to anyone that lives or works in Douglas, Arapahoe or Jefferson County, Colorado. Members of Consumers United Association and Made to Impact Foundation are also eligible. Red Rocks is a not-for-profit financial cooperative with more than 16,000 members and $360 million in assets. With a location in Highlands Ranch, the credit union meets the needs of the local community with convenient branch access and expands its reach with online and mobile banking platforms and at surcharge-free ATMs nationwide through the Co-Op network. For more information, visit redrocks.org.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220330005370/en/

Mike Nelson

mike.nelson@upstart.com

Source: Upstart

FAQ

What is the recent partnership between Upstart and Red Rocks Credit Union?

Red Rocks Credit Union has partnered with Upstart to enhance its personal loan offerings, providing an AI-powered all-digital lending experience.

How does the Upstart Referral Network benefit Red Rocks Credit Union?

The Upstart Referral Network allows Red Rocks to offer tailored loan options to qualified applicants, expanding their reach to more borrowers.

What financial metrics does Red Rocks Credit Union have?

Red Rocks Credit Union has over 16,000 members and $360 million in assets.

When did Red Rocks become a partner of Upstart?

Red Rocks Credit Union became an Upstart lending partner in December 2021.

How does Upstart enhance lending for credit unions?

Upstart leverages AI to improve approval rates and reduce loss rates for credit unions, enhancing the lending experience.