Upstart Holdings (NASDAQ: UPST) is an artificial intelligence lending platform company that connects consumers seeking personal, auto, and home equity loans with bank and credit union partners. The company earns fees from lending partners each time a loan is originated, referred, or serviced through its platform, making revenue transactional rather than balance-sheet dependent. Upstart retains a small portion of loans on its own balance sheet and also earns fees from selling loans to institutional investors. Founded in 2012 and headquartered in San Mateo, California, Upstart operates primarily in the United States. The platform's stated differentiation is a credit underwriting model that uses non-traditional variables beyond FICO scores to assess borrower creditworthiness. Because the filing excerpts provided are largely cover-page boilerplate, specific FY2025 revenue figures, loan volumes, bank partner counts, and competitive positioning details are not supported by the available excerpts and are therefore omitted.

Revenue model

Transactional fee revenue earned from bank and credit union partners per loan originated, referred, or serviced on the platform. Secondary revenue from holding loans on balance sheet and from loan sale activity to institutional capital markets.

Products and services

AI-based consumer credit underwriting platform. Loan products include personal loans, auto loans, and home equity loans/lines of credit.

Customers and end markets

Bank and credit union lending partners (business customers). Individual consumer borrowers (end users). Institutional investors purchasing loans (capital markets channel).

Value-chain role

Technology intermediary and loan origination platform sitting between consumer borrowers and bank/credit union capital providers.

Geographic exposure

United States (primary market based on filing registration).

Source: SEC 10-K, filed 2026-02-10

Industry: Finance Services Peers: Bread Financial Holdings Inc American Express Co Encore Capital Group Inc Firstcash Holdings Inc LendingClub Corp Nelnet Inc Navient Corp OneMain Holdings Inc PRA Group Inc SLM Corp