Upstart Holdings, Inc.
upstart.comWhat Do They Do?
Builds and runs an artificial-intelligence lending marketplace that connects consumers seeking personal, auto and home-equity loans with lenders and institutional investors.
10-K for FY2025, filed Feb 10, 2026Upstart is the leading artificial intelligence (“AI”) lending marketplace. We aim to radically reduce the cost and complexity of borrowing…View ↗
Our platform applies AI to more accurately quantify the true risk of a loan, a capability we refer to as “risk separation.” This…View ↗
Our ecosystem includes consumers and auto dealers, along with banks, credit unions and institutional investors who purchase Upstart-powered…View ↗
How Do They Make Money?
Borrowers pay origination fees on home-equity lines of credit Upstart originates. Lending partners pay platform and referral fees tied to loans originated, while auto dealerships pay monthly software subscriptions.
10-K for FY2025, filed Feb 10, 2026Origination fees. Origination fees are earned from borrowers on HELOCs originated by the Company. Origination fees were not material for…View ↗
Platform and referral fees. The Company enters into contracts with its lending partner customers, to provide access to a cloud-based AI…View ↗
Platform and referral services are typically provided under a fixed or variable price per unit based on a percentage of the value of loans…View ↗
Subscription fees. The Company enters into subscription agreements with auto dealerships to access Upstart Auto Finance software, a…View ↗
$1B
-
10-K for FY2025, filed Feb 10, 2026
$1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Subscription fee
Recurring
10-K for FY2025, filed Feb 10, 2026 |
38% |
Subscription fee, FY2025
$4.7M Sources
|
Recurring |
|
Origination fees
Sold outright
10-K for FY2025, filed Feb 10, 2026 |
62% |
Origination fees, FY2025
$7.6M Sources
|
Sold outright |
Who Are Their Customers?
Consumers apply for loans through Upstart.com and, for auto loans, through dealerships using its software. Banks and credit unions use the platform; institutional investors buy whole loans or loan-backed securities.
10-K for FY2025, filed Feb 10, 2026Beyond core underwriting, we apply our proprietary AI models to other areas of our business, such as income and identity verification…View ↗
On the consumer side, we have built a mobile app and a mobile-responsive website (together, our “platform”) to aggregate demand on…View ↗
On the loan funding side, we target a wide range of small, medium, and large lending partners with an appetite to invest in improved…View ↗
Our network of institutional investors includes investors that purchase whole loans originated via Upstart’s platform, as well as investors…View ↗
10-K for FY2025, filed Feb 10, 2026
Year Ended December 31, 2023 2024 2025 Customer A * 10% 33% Customer B 29% 26% 20% Customer C 23% 27% * Customer D 11% * *View ↗
Do Revenues Turn Into Profits?
Yes. It kept 5 cents of every revenue dollar as net income in FY2025, but spent more cash than it brought in: free cash flow was −$148.1M.
How Are They Changing?
Growing. Revenue grew 23% in 4 years, from $848.6M in FY2021 to $1B in FY2025, about 5% a year.
New credit product
The latest report lists home-equity lines of credit alongside personal and auto loans; the older report described personal and auto loans.
10-K for FY2022, filed Feb 16, 2023 10-K for FY2025, filed Feb 10, 2026On the consumer side, we aggregate demand on Upstart.com, where consumers are presented with lender-branded offers from our lending…View ↗
Upstart is the leading artificial intelligence (“AI”) lending marketplace. We aim to radically reduce the cost and complexity of borrowing…View ↗
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