Water and Power Community Credit Union Selects Upstart for Personal Lending

Rhea-AI Summary

Upstart (NASDAQ: UPST) has formed a partnership with Water and Power Community Credit Union (WPCCU) to enhance personal loan offerings in Los Angeles County. This collaboration aims to identify creditworthy borrowers and expand access to affordable credit. WPCCU, which serves nearly 40,000 members and manages over $900 million in assets, is utilizing Upstart's AI-driven platform to streamline the lending process. This partnership, part of the Upstart Referral Network, commenced in June 2021 and seeks to deliver a digital-first experience for members.

Positive

• Expanded personal loan offerings in Los Angeles County.
• Partnership with WPCCU increases potential borrower reach.
• Utilization of Upstart's AI technology may enhance loan approval rates.

Negative

• None.

SAN MATEO, Calif.--(BUSINESS WIRE)-- Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced Water and Power Community Credit Union (WPCCU), a Los Angeles County premier credit union, has partnered with Upstart to provide personal loans to better reach new members in the communities it serves.

Quote from Barry Roach, WPCCU President/CEO (Graphic: Business Wire)

“With over 10 million people in the greater Los Angeles area, we are excited to partner with Upstart to find more creditworthy borrowers and serve more members,” said Barry Roach, WPCCU President/CEO. “As a digital-first, human-centered credit union, WPCCU is partnering with financial technology companies like Upstart to take care of the financial needs of our members anywhere, anytime.”

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

“We are excited to partner with Water and Power Community Credit Union to expand their personal loan offering to new members across Los Angeles County,” said Michael Lock, SVP of Lending Partnerships for Upstart. “As an Upstart lending partner, WPCCU will be able to reach more borrowers and deliver an all-digital, AI-powered experience that members today 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, 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 Water and Power Community Credit Union

Water and Power Community Credit Union was formed in 1936 by a group of employees of the Department of Water and Power in downtown Los Angeles. All people who live, work, worship or go to post-secondary school in Los Angeles County can become a member and open an account with us. Water and Power Community Credit Union currently holds over $900 million in assets and serves nearly 40,000 members. For more information, visit wpccu.org or call 800-300-9728.

View source version on businesswire.com: https://www.businesswire.com/news/home/20210908005437/en/

Mike Nelson

mike.nelson@upstart.com

Source: Upstart

FAQ

What is the significance of Upstart's partnership with WPCCU?

The partnership allows Upstart to expand personal loan offerings, targeting a larger borrower base in Los Angeles County.

When did Upstart partner with Water and Power Community Credit Union?

Upstart partnered with WPCCU in June 2021.

How does Upstart's AI technology benefit WPCCU members?

Upstart's AI technology may provide higher approval rates and a more efficient lending experience for WPCCU members.

What assets does WPCCU currently hold?

Water and Power Community Credit Union holds over $900 million in assets.

How many members does WPCCU serve?

WPCCU currently serves nearly 40,000 members.