Upstart’s First SaaS Partner!
Earlier this year, we announced an initiative to bring the industry’s first Software as a Service (SaaS) lending platform to market, which we call “Powered by Upstart”. Now we’re excited to announce that BankMobile is the first bank to launch their personal loan program on the Upstart platform. Beginning today, BankMobile offers consumers in 43 states personal loans from $5,000 to $30,000, with no origination fees and interest rates starting at 5.99%.
“Powered by Upstart” provides a complete solution — including borrower acquisition, underwriting, verification, and servicing — and requires zero upfront capital investment in technology. The hosted service enables banks to launch customized and profitable online lending programs in their own name and within their own website. Our partners’ loan programs can be customized by geography, FICO range, minimum and maximum loan size, loan terms, yield targets, and fees.
Upstart is the first lending platform to leverage artificial intelligence and machine learning to price credit and automate the borrowing process. With more than 110,000 loans originated, Upstart is rated #1 out of 58 lenders on Credit Karma, a tribute to the quality of experience we provide to our customers. Upstart borrowers average 28 years old, have average income of about $85,000 and are highly educated.
Additionally, Upstart’s credit has performed exceptionally well, with loss rates less than half the industry norms. Our originations and revenue have grown more than 4X in 2017, and we’re profitable on both a cash and GAAP basis. As the team that built Google’s SaaS business (now called GSuite) to its first $1B in revenues, we’re thrilled to bring the industry’s best lending technology to banks nationwide.
The Industry’s Next Phase
Over the last five years, Upstart has combined data science, design, and automation to create the industry’s best lending technology platform. Considering our growth rate and profitability, it’s not hard to imagine that we’re 100% committed to our core business.
But by partnering with banks, we expect to have a far broader impact on the industry. By combining Upstart’s technology with the brand and structural funding advantages that banks enjoy, we can deliver the most compelling consumer loan offer bar none.
We want to thank our friends at BankMobile and are 100% committed to making their lending program a huge success in 2018 and beyond!