Our mission is to enable effortless credit based on true risk.
Why? Because credit really matters. Money is a fundamental ingredient of life, and unless you’re one of the few percent of Americans with significant wealth, the price of borrowing affects you every day. Throughout history, affordable credit has been central to unlocking mobility and opportunity.
Upstart is a leading artificial intelligence (AI) lending marketplace designed to improve access to affordable credit while reducing the risk and costs of lending for our bank partners. By leveraging Upstart's AI marketplace, Upstart-powered banks can offer higher approval rates and experience lower default rates*, while simultaneously delivering the exceptional digital-first lending experience their customers demand.
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* In an internal study, Upstart evaluated the performance of our personal loan underwriting model as compared to the underwriting criteria used by a traditional bank. The results presented are based on loans originated on Upstart’s platform with at least one payment due prior to June 22, 2022.
** As of 3/31/2023.
^ As of 3/31/2023. Fully Automated metric is calculated on a quarterly basis. Fully automated loans are defined as loans originated end-to-end (from initial rate request to final funding) with no human involvement.
but has changed little in recent decades.
Traditional lenders use simple FICO-based models to decide who is approved for credit and at what interest rate. While simple and intuitive, these “scorecard” methods are limited in their ability to quantify risk.
have never defaulted on a credit product, yet less than half have access to prime credit.* The implication is eye-opening. With a smarter credit model, lenders could approve almost twice as many borrowers, with fewer defaults.
* According to an Upstart retrospective study completed in December 2019.
and creating new ones. Whether self-driving cars, home assistants, or language translation, software that learns and improves on its own has moved from research labs to the mainstream in just a few years.
to apply AI to the multi-trillion dollar credit industry. Upstart goes beyond the FICO score, using non-conventional variables at scale to provide superior loan performance and improve consumers' access to credit.
learning and optimizing in response to daily loan-level repayment and delinquency data.
As of December 31, 2021, and based on a comparison between the Upstart model and a traditional credit-score only model. The APR calculation compares the two models based on the average APR offered to borrowers up to the same approval rate. The hypothetical credit-score only model used in Upstart's analysis was developed in connection with the CFPB No Action Letter access-to-credit testing program and was built from a traditional credit score only model trained on Upstart platform data. APR for the scorecard was averaged for each given traditional credit score grouping.
In an internal study, Upstart evaluated the performance of our personal loan underwriting model as compared to the underwriting criteria used by a traditional bank. The results presented are based on loans originated on Upstart’s platform with at least one payment due prior to June 22, 2022.
In an internal study, Upstart compared the actual realized loss rates of Upstart loans securitized in Thirteen securitization transactions between 2019 and 2022 and the loss rate predictions for those loans obtained from KBRA Surveillance Reports published by Kroll Bond Rating Agency, with the most recent report being published in January 2023. As compared to Kroll’s loss predictions, actual realized losses ranged from 7% to -86% vs base case assumptions, with an average deviation across all thirteen securitization transactions of -44%.
Fully automated loans are defined as loans originated end-to-end (from initial rate request to final funding) with no human involvement.
over the next decade. While Upstart is focused today on the US consumer market, similar techniques can be applied to all credit markets.
AI-based lending expands access to affordable credit by constantly finding new ways to identify qualified borrowers. Yet an AI based model must avoid unlawful disparate impact or statistical bias, that would be harmful to disadvantaged groups.
Upstart has demonstrated that our marketplace doesn’t introduce bias to the credit decision process and has developed reporting procedures to ensure future versions of the model will continue to be fair. In September 2017, Upstart became the first company to receive a No Action Letter (NAL) from the Consumer Financial Protection Bureau (CFPB). The purpose of such letters is to reduce potential regulatory uncertainty for innovative products that may offer significant consumer benefit. On November 30, 2020, at the expiration of the first NAL, Upstart received a new NAL from the CFPB for a 3-year term. On June 8, 2022, the CFPB terminated the program at Upstart's request.
Join us as we bring a combination of modern data science and relentless effort to improve the lives of borrowers.
Dave is one of our co-founders and has served as our Chief Executive Officer and a member of our board of directors since our incorporation. From February 2004 to April 2012, Dave served in various roles at Alphabet Inc. (formerly Google Inc.), a technology company, most recently as President of Google Enterprise, where he helped build Google’s cloud applications business worldwide, including product development, sales, marketing, and customer support. He started his career in Silicon Valley as a Product Manager at Apple, a technology company, and previously served as an associate in the consulting firm Booz Allen’s Information Technology practice. Dave's career began in software development with the Boston office of Accenture, a consulting firm. He graduated from Dartmouth College with an A.B. in Engineering Sciences and a B.E. in Computer Engineering. Dave also holds an M.B.A. from the University of Michigan with High Distinction.
Mr. Huber has served as a member of our board of directors since June 2021. Mr. Huber has served as a founder and partner of Triatomic Capital, a private investing firm, since March 2022. From 2016 to 2021, Mr. Huber served as the Founding Chief Executive Officer and Vice Chairman of GRAIL, Inc., a life sciences company. From 2003 to 2016, Mr. Huber served as Senior Vice President of Alphabet Inc. (formerly Google Inc.). From 2001 to 2003, Mr. Huber served as Vice President of Architecture and Systems Development at eBay Inc., an e-commerce company. Prior to joining eBay, he was Senior Vice President of Engineering at Excite@Home. Mr. Huber is a board member of Electronic Arts (EA), a video game company. Mr. Huber holds a B.S. in Computer Engineering from the University of Illinois and an M.B.A. from Harvard Business School.
Paul is one of our co-founders and has served in various roles since April 2012, including most recently as our Chief Technology Officer. He has also served as a member of our board of directors since April 2015. Paul has a background in quantitative finance, built his first algorithmic trading strategies on the Interactive Brokers API at the age of 20 and previously worked in risk analysis at the D.E. Shaw Group, a hedge fund, in 2011. During college, Paul led underwriting for two non-profit microlenders in the United States. Paul studied economics and computer science at Yale University and then joined the Thiel Fellowship.
Ms. Cooper has served as a member of our board of directors since March 2021. Ms. Cooper has served as an executive-in-residence with the Acrew Diversify Capital Fund, a growth-stage fund, since January 2021. She served as President and Chief Operating Officer of Rothy’s, a direct-to-consumer footwear company, from November 2017 to January 2020. Before joining Rothy’s, Ms. Cooper was Chief Executive Officer of Choose Energy, a consumer services energy company, from 2013 to 2016. She is currently a director of PG&E Corp., an energy-based holding company, and TPB Acquisition Corp I. Ms. Cooper holds a B.S. in Mechanical Engineering from University of Texas at Austin and an M.B.A. from Harvard Business School.
Anna leads business operations at Upstart where she drives focus on operational scalability, employee experience, and culture-strategy alignment. Since co-founding Upstart, Anna has led Operations, People/HR, and myriad other initiatives before taking on Business Operations. Prior to Upstart, Anna led Gmail Consumer Operations as the business grew from 150 million to 450 million users and launched the global Enterprise Customer Programs team. Anna received a White House Champion of Change award and was recognized as one of Silicon Valley Business Journal's 40 under 40. Anna graduated Summa Cum Laude from Boston University with a BA in Finance and Entrepreneurship.
Ms. Singh Cassidy has served as a member of our board of directors since February 2020. Since June 2015, Ms. Singh Cassidy has served as the founder and chairman of the Boardlist, and in February 2021 began serving as a Founding Venture Partner of the Acrew Diversify Capital Fund, a growth-stage fund. Ms. Singh Cassidy served as the President of StubHub Inc., a technology company, from May 2018 to May 2020. From 2011 to September 2017, Ms. Singh Cassidy served in various roles at Joyus, Inc., an internet video shopping network, most recently as founder and chairman. From 2003 to 2009, she served in various senior executive roles at Alphabet Inc. (formerly Google, Inc.), a technology company, most recently as President of Asia Pacific and Latin America Operations. Earlier in her career, she co-founded fintech pioneer Yodlee, Inc, which went public in 2014. She is currently a director of Urban Outfitters, Inc. Ms. Singh Cassidy previously served on the board of Tripadvisor, Inc and the board of Ericsson until 2018. Ms. Singh Cassidy holds a B.A. in Business Administration from the Ivey Business School at Western University.
Scott joined Upstart in December 2022 as our Chief Legal Officer and Corporate Secretary. Prior to Upstart, Scott was Chief Legal Officer at Stitch Fix for six years. Before Stitch Fix, Scott held executive and senior legal leadership positions at several public and private technology companies, including Beepi, an online automobile retailer; Trulia, a home search marketplace; Imperva, a cybersecurity company; and Microsoft. Scott started his career with the law firm, Gunderson Dettmer Stough Villeneuve Franklin & Hachigian. Scott holds a B.A. in Ethics, Politics, and Economics from Yale University and a J.D. from the University of Michigan.
Mr. Terry has served as a member of our board of directors since February 2019. Mr. Terry has served as an advisor and interim CEO to private equity-backed portfolio companies. From January 2012 to October 2018, he served as Executive Vice President and Chief Financial Officer of Textainer Group Holdings Limited, an intermodal marine container management and leasing company. Before joining Textainer, Mr. Terry was Vice President and Treasurer of Agilent Technologies, Inc., which he joined in 1999, prior to the company’s initial public offering and spinoff from Hewlett-Packard Company. He previously held positions in investor relations and/or investment banking with Kenetech Corporation, an alternative energy company, VeriFone, Inc., a payments company, and Goldman Sachs & Co., a financial services firm. Mr. Terry is currently a director of Umpqua Holdings Corporation, a bank holding company, where he chairs the Audit and Compliance Committee and serves on the Nominating & Governance and Strategy Committee. Mr. Terry holds a B.A. in Economics from the University of California, Berkeley and an M.B.A. from Golden Gate University.
Sanjay is Upstart’s Chief Financial Officer and is responsible for leading all financial operations and capital markets efforts. Sanjay was formerly the VP of Advertising Finance at Google, overseeing the global finance organization helping to scale Google's $80B core economic engine. While at Google, Sanjay also held various international finance leadership positions in Asia and Europe. Prior to Google, Sanjay spent a few years with private investment group Artisan Capital, and began his career as a valuation and data specialist at Deloitte Consulting. He sits on the board of Pacific Community Ventures, a nonprofit organization funneling capital and advisory support to minority business owners in low-income communities across the US. Sanjay has a joint honors degree in Economics and Finance from McGill University in Montreal and an MBA from Stanford University.
Ms. Hentges has served as a member of our board of directors since December 2019. Ms. Hentges served as the Interim Chief Financial Officer for ShotSpotter, a precision-policing solutions company from October 2020 to January 2021 Ms. Hentges previously served as the Chief Financial Officer of Yapstone, Inc., a financial services company, from 2012 to 2014, the Chief Financial Officer of CBS Interactive, a media company, from 2010 to 2012, and the Chief Financial Officer of PayPal, Inc. from 2003 to 2010. She is also a Certified Public Accountant (inactive). Ms. Hentges holds a B.S. in Accounting from Arizona State University.
Jeff leads Upstart's efforts in strategic partnerships and new initiatives. Jeff joined Upstart in 2012 after spending 6 years at Google. He launched and built the Google Apps for Education business, growing market share from zero to almost 70% in its first four years. Jeff spearheaded marketing efforts for Google Apps in Global 2000 accounts and led sales, business development, and go-to-market strategy for the launch of Chrome devices in the education and enterprise sectors. He spent several years in direct sales at IBM, always exceeding quota, and was a founding engineer and lead UI developer at SSB Technologies. Jeff holds a BS in Computer Systems Engineering from Stanford University.
Ciaran O’Kelly has served as a member of our board of directors since April 2018. From August 2020 to September 2021, Mr. O’Kelly was a full-time employee of Block, Inc. From 2009 to 2013, Mr. O’Kelly served in various roles at Nomura Securities, a financial services firm, most recently as Senior Managing Director and Head of Equities, Americas. Prior to 2009, Mr. O’Kelly served in various roles at two financial services firms, Bank of America, including Head of Global Equities and Head of Equity Capital Markets, and Salomon Smith Barney, including Head of Equity Trading. He also was previously a director of the technology company Square Financial Services, Inc., Bank of America Securities and Nomura Securities International. Mr. O’Kelly holds a B.B.S. in Business Studies from Dublin City University.
As Upstart’s Chief Compliance Officer, Annie has built a data-driven, technology-based compliance program with particular focus on understanding and managing regulatory risks associated with the use of non-traditional credit modeling techniques and underwriting variables. Throughout her career in mortgage and consumer lending, she has managed and scaled teams spanning multiple functions including Compliance, Operations, and Software Applications. She has designed and implemented automated solutions to regulatory change such as leading the implementation of the TILA-RESPA Integrated Disclosure Rule during her time at Opes Advisors. Annie has a Bachelor’s Degree from Santa Clara University.
Dave is one of our co-founders and has served as our Chief Executive Officer and a member of our board of directors since our incorporation. From February 2004 to April 2012, Dave served in various roles at Alphabet Inc. (formerly Google Inc.), a technology company, most recently as President of Google Enterprise, where he helped build Google’s cloud applications business worldwide, including product development, sales, marketing, and customer support. He started his career in Silicon Valley as a Product Manager at Apple, a technology company, and previously served as an associate in the consulting firm Booz Allen’s Information Technology practice. Dave’s career began in software development with the Boston office of Accenture, a consulting firm. He graduated from Dartmouth College with an A.B. in Engineering Sciences and a B.E. in Computer Engineering. Dave also holds an M.B.A. from the University of Michigan with High Distinction.
Michael leads the lending partnerships team responsible for bringing Upstart’s technology and products to the banking community. He has had a distinguished career in technology for more than 25 years. He helped Upstart’s CEO Dave Girouard found and grow Google's multi-billion dollar Google Cloud business. He has held leadership positions at large technology companies such as IBM and Oracle and smaller startups including Hearsay Systems, focused on the insurance and banking verticals. Michael is an advisor at Shasta Ventures where he mentors CEOs and founders within their portfolio. He is originally from Canada and holds a Bachelor of Business Administration from Wilfrid Laurier University in Waterloo, Ontario.
Paul is one of our co-founders and has served in various roles since April 2012, including most recently as our Chief Technology Officer. He has also served as a member of our board of directors since April 2015. Paul has a background in quantitative finance, built his first algorithmic trading strategies on the Interactive Brokers API at the age of 20 and previously worked in risk analysis at the D.E. Shaw Group, a hedge fund, in 2011. During college, Paul led underwriting for two non-profit microlenders in the United States. Paul studied economics and computer science at Yale University and then joined the Thiel Fellowship.
Chantal is responsible for leading all of Upstart’s growth efforts. She previously led strategic partnerships, one of Upstart’s most successful acquisition channels, bringing billions of origination dollars to the platform. Chantal joined Upstart from MuleSoft, where she designed global field sales strategy, scaling the sales team through the IPO and eventual acquisition by Salesforce. Chantal also brings go-to-market strategy experience from her roles as a management consultant to several Fortune 500 banking and telecommunications clients. She holds a degree in Honors Business Administration from the Ivey Business School at Western University in Canada.
Andrew leads communications and government affairs. He previously held leadership roles at Google, Sequoia Capital, and the SoftBank Vision Funds. Earlier, he served as a policy advisor in Canada’s federal government. Andrew holds a bachelor’s degree in science from McGill University, and a master’s degree in public affairs from Princeton University.
Becca leads the People team at Upstart, which works to ensure Upstart is and remains the best place to do great work for everyone. Prior to joining Upstart she built her career at Google and Hewlett Packard, where she held various HR leadership positions. Becca has an undergraduate degree in math and English from Wesleyan University and an MBA from USC’s Marshall School of Business.
Rosemary joined Upstart in 2017 and leads loan origination and servicing operations. Prior to Upstart, she led operations at Silicon Valley technology startups BloomBoard and Fidelis Education. Rosemary previously worked in Washington, D.C. at the public policy think tank AEI. She received her MBA from Harvard Business School, and graduated cum laude from Williams College.