Upstart Secures Long-Term Funding Agreements Expected to Deliver $2 Billion over 12 Months
Artificial intelligence lending marketplace, Upstart Holdings, Inc. (NASDAQ: UPST) has announced its financial results for its first quarter of fiscal year 2023.
Despite headwinds facing the industry, Upstart reported it had secured multiple long-term funding agreements expected to deliver more than $2 billion to the Upstart platform over the next 12 months.
Total revenue was $103 million, a decrease of 67% from the first quarter of 2022. Total fee revenue was $117 million, a decrease of 63% year-over-year.
Upstart is forecasting revenue of approximately $135 million for Q2 2023.
In March 2023, Upstart Auto Retail was selected by Acura as a preferred provider in its digital retail program, making Upstart’s car-buying software available to Acura dealers and their customers across the country.
In February 2023, nbkc bank, a $1.1 billion-asset community bank, partnered with Upstart to provide personal loans to more people across the communities it serves. Upstart also established a partnership with the Bank of Denver in February.
In January 2023, Upstart introduced Digital Finance and Online Sales offerings to its Auto Retail platform, allowing dealerships to deliver a seamless online to in-store car-buying experience.
Upstart is a leading AI lending marketplace partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI marketplace, 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.