REGIONAL federal credit union Selects Upstart for Personal Lending

Rhea-AI Summary

REGIONAL Federal Credit Union (NASDAQ: RFCU) partners with Upstart to expand personal loan access in Northwest Indiana. The collaboration aims to reach non-members, providing a modern, digital-first experience for qualified loan applicants.

VALPARAISO, Ind. & SAN MATEO, Calif.--(BUSINESS WIRE)-- REGIONAL federal credit union, a community-based credit union focused on serving Lake and Porter counties, has announced a new partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loan access to even more people in Northwest Indiana.

"REGIONAL works hard to meet our members' financial needs every day as we believe their success is our success too," said Michael Peters, EVP of REGIONAL federal credit union. "The partnership with Upstart extends our brand into households by reaching non-members in a way we have never done before, as well as provides these new members with a modern, digital-first experience across Northwest Indiana in the counties we serve."

REGIONAL became an Upstart Referral Network lending partner in July 2022. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com, who meet REGIONAL's credit policies, will receive tailored offers as they seamlessly transition into a REGIONAL federal credit union-branded experience to complete the online member application and closing process.

“We are excited to have REGIONAL federal credit union as a lending partner on the Upstart Referral Network,” said Michael Lock, SVP of Lending Partnerships for Upstart. “Through our partnership, REGIONAL is able to gain new members while providing its personal loans through an all-digital lending experience powered by AI.”

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

About Upstart

Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. More than 80% of borrowers are approved instantly, with zero documentation to upload. Founded in 2012, Upstart’s platform includes personal loans, automotive retail and refinance loans, and small-dollar “relief” loans. Upstart is based in San Mateo, California, and Columbus, Ohio.

About REGIONAL federal credit union

REGIONAL federal credit union is a not-for-profit cooperative association focused on equipping and assisting the financial growth of our members and communities. REGIONAL offers full-service capabilities for its members, such as checking, savings, loans, online banking, etc. Since 1961, REGIONAL has supported its members to achieve financial success. Anyone who lives, works, worships, or goes to school in Lake or Porter counties in Indiana can open an account with as little as $5.00. To learn more, visit www.regionalfcu.org

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press@upstart.com

Source: Upstart

FAQ

What is the partnership between REGIONAL Federal Credit Union and Upstart about?

The partnership aims to provide personal loan access to more people in Northwest Indiana, leveraging Upstart's AI lending marketplace to reach non-members and offer a modern, digital-first experience.

When did REGIONAL become an Upstart Referral Network lending partner?

REGIONAL became an Upstart Referral Network lending partner in July 2022, allowing qualified personal loan applicants on Upstart.com to receive tailored offers and seamlessly transition into a REGIONAL federal credit union-branded experience.

What are the benefits of the partnership for REGIONAL and its members?

The partnership enables REGIONAL to gain new members while providing personal loans through an all-digital lending experience powered by AI, offering a modern and convenient process for qualified applicants.