Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non-traditional variables, such as education and employment, to predict creditworthiness.
The founding team includes Dave Girouard, former President of Enterprise Google; Paul Gu, a Thiel Fellow; and Anna Counselman, former Manager of Global Enterprise Customer Programs and Gmail Consumer Operations at Google.[2]
Upstart first launched in April 2012 with an Income Share Agreement (ISA) product, which enabled individuals to raise money by contracting to share a percent of their future income. In May 2014, Upstart pivoted away from this product and toward the personal loan marketplace.[3] With this pivot, Upstart began offering a traditional 3-year loan, and has since expanded to offer a 5-year loan product as well.
Upstart developed an income and default prediction model to determine creditworthiness of a potential borrower. This means that in addition to traditional underwriting criteria—FICO score, credit report, and income—the Upstart underwriting considers education variables—colleges attended, area of study, GPA, and standardized test scores—and work history to develop a statistical model of the borrower's financial capacity and personal propensity to repay.[4]
^ ab"About Upstart". Upstart. Retrieved December 20, 2012.
^Ha, Anthony (August 8, 2014). "Former Google Executive Dave Girouard Launches Crowdfunding Service Upstart, Raises $1.75M". TechCrunch.
^Keohane, Dennis (April 29, 2014). "Upstart keeps innovating lending models to finance the young and ambitious". BetaBoston.
^Alex Konrad (July 16, 2015). "Upstart Ex-Googlers Raise $35 Million To Get Millennials More Access To Loans". Forbes.
^Connie Loizos (March 2, 2017). "Millennial lender Upstart just raised $32.5 million to license its tech to other companies". TechCrunch.
^Singh, Manish (April 8, 2019). "Upstart raises $50 million and partners with banks to expand its AI lending business". Retrieved January 9, 2021.
^Hackett, Robert (December 18, 2020). "Upstart CEO talks major IPO 'pop', A.I. racial bias, and Google". Fortune. Retrieved May 11, 2023.
External linksedit
Official website
Business data for Upstart Holdings, Inc.:
Google
SEC filings
Yahoo!
April 11, 2024
upstart, holdings, upstart, lending, platform, that, partners, with, banks, credit, unions, provide, consumer, loans, using, traditional, variables, such, education, employment, predict, creditworthiness, company, typepublictraded, asnasdaq, upstrussell, 2000,. Upstart is an AI lending platform that partners with banks and credit unions to provide consumer loans using non traditional variables such as education and employment to predict creditworthiness Upstart Holdings Inc Company typePublicTraded asNasdaq UPSTRussell 2000 componentIndustryFinancial technologyFoundedApril 2012 12 years ago 2012 04 FoundersDave GirouardAnna CounselmanPaul GuHeadquartersSan Mateo California U S Area servedUnited StatesRevenueUS 514 million 2023 Operating incomeUS 257 million 2023 Net incomeUS 240 million 2023 Total assetsUS 2 02 billion 2023 Total equityUS 635 million 2023 Number of employees1 388 December 2023 Websiteupstart wbr comFootnotes references 1 The founding team includes Dave Girouard former President of Enterprise Google Paul Gu a Thiel Fellow and Anna Counselman former Manager of Global Enterprise Customer Programs and Gmail Consumer Operations at Google 2 Upstart first launched in April 2012 with an Income Share Agreement ISA product which enabled individuals to raise money by contracting to share a percent of their future income In May 2014 Upstart pivoted away from this product and toward the personal loan marketplace 3 With this pivot Upstart began offering a traditional 3 year loan and has since expanded to offer a 5 year loan product as well Upstart developed an income and default prediction model to determine creditworthiness of a potential borrower This means that in addition to traditional underwriting criteria FICO score credit report and income the Upstart underwriting considers education variables colleges attended area of study GPA and standardized test scores and work history to develop a statistical model of the borrower s financial capacity and personal propensity to repay 4 Upstart raised a 1 75M seed round from First Round Capital Kleiner Perkins Caufield amp Byers New Enterprise Associates Google Ventures Crunchfund and Mark Cuban They subsequently raised a series A round of 5 9M which included new investors Eric Schmidt Google Executive Chairman Marc Benioff Khosla Ventures Correlation Ventures Founders Fund and Collaborative Fund 2 Upstart raised a Series C round of 35M from Third Point Capital in June 2015 5 and 32 5M from Rakuten in 2017 6 Upstart raised a Series D round of 50M from The Progressive Corporation in 2019 7 In late 2020 Upstart went public via an initial public offering 8 See also editSoFi Lending ClubReferences edit Upstart Holdings Inc 2023 Annual Report U S Securities and Exchange Commission February 15 2024 a b About Upstart Upstart Retrieved December 20 2012 Ha Anthony August 8 2014 Former Google Executive Dave Girouard Launches Crowdfunding Service Upstart Raises 1 75M TechCrunch Keohane Dennis April 29 2014 Upstart keeps innovating lending models to finance the young and ambitious BetaBoston Alex Konrad July 16 2015 Upstart Ex Googlers Raise 35 Million To Get Millennials More Access To Loans Forbes Connie Loizos March 2 2017 Millennial lender Upstart just raised 32 5 million to license its tech to other companies TechCrunch Singh Manish April 8 2019 Upstart raises 50 million and partners with banks to expand its AI lending business Retrieved January 9 2021 Hackett Robert December 18 2020 Upstart CEO talks major IPO pop A I racial bias and Google Fortune Retrieved May 11 2023 External links editOfficial website Business data for Upstart Holdings Inc GoogleSEC filingsYahoo Retrieved from https en wikipedia org w index php title Upstart Holdings amp oldid 1207954158, wikipedia, wiki, book, books, library,
