The Bank of Denver Partners with Upstart to Offer Personal and Auto Refinance Loans

Rhea-AI Summary

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.

Positive

• Partnership with Upstart aims to expand customer base in Colorado.
• Utilization of Upstart's AI platform may increase approval rates for loans.
• The Bank of Denver provides a digital-first lending experience, appealing to younger customers.

Negative

• None.

DENVER & SAN MATEO, Calif.--(BUSINESS WIRE)-- The Bank of Denver (Bank of Denver), a full service, family-owned community bank, today announced that it has partnered with Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, to provide personal loans and auto refinance loans to more customers.

“We believe fintechs are the wave of the future as far as attracting the younger generation of customers,” said Lori Radcliffe, CEO for The Bank of Denver. “Our partnership with Upstart provides an opportunity to diversify and grow our customer base across Colorado through an all-digital personal lending and auto refinancing experience.”

Bank of Denver became an Upstart lending partner in May 2022 and is part of the Upstart Referral Network. With the Upstart Referral Network, qualified loan applicants on Upstart.com who meet The Bank of Denver’s credit policies in its target lending footprint receive tailored offers as they seamlessly transition into a Bank of Denver-branded experience to complete the online application and closing process.

“As a family-owned community bank, The Bank of Denver truly cares about providing the best financial products to improve the financial health of Coloradans,” said Michael Lock, SVP of Lending Partnerships for Upstart. “We are excited to help them lend to more creditworthy borrowers looking for personal and auto refinance loans."

To learn more about the Upstart Referral Network, please watch this video.

About Upstart

Upstart (NASDAQ: UPST) is a leading AI lending marketplace 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 across races, ages, and genders, 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 The Bank of Denver

The Bank of Denver is a family owned bank with 3 locations in the heart of Denver. Since 1953, Bank of Denver has been delivering outstanding personal service to individual and commercial customers in the local community. The Bank is now run by 3rd generation women family members. www.thebankofdenver.com

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Press Contact

press@upstart.com

Source: Upstart

FAQ

What is the recent partnership between Upstart and The Bank of Denver?

Upstart has partnered with The Bank of Denver to provide personal loans and auto refinance loans, enhancing access to credit in Colorado.

When did The Bank of Denver start working with Upstart?

The Bank of Denver became an Upstart lending partner in May 2022.

How does the partnership with Upstart benefit The Bank of Denver?

The partnership allows The Bank of Denver to diversify its services and attract a younger customer base through an all-digital lending experience.

What type of loans is Upstart helping The Bank of Denver to offer?

Upstart is assisting The Bank of Denver in offering personal loans and auto refinance loans.

What is Upstart's stock symbol?

Upstart's stock symbol is UPST.