We announced Upstart loans at the end of April, and we’re off to a fast start. More than 500 loans have been originated to date, totaling more than $7.5M. Better yet, hundreds of borrowers have already begun repaying their loans, and we have zero delinquent payments.
Today, we’re excited to announce our partnership with Victory Park Capital (VPC), who will invest $100M in loans on Upstart over the next two years. The firm began purchasing loans on Upstart earlier this month.
VPC is a privately held registered investment advisor dedicated to alternative investing through the management of private investment funds. VPC seeks to identify opportunities where it believes the potential for reward outweighs the risks entailed. Founded in 2007, VPC is headquartered in Chicago with additional resources in Boston, Los Angeles, New York and San Francisco.
We’re committed to providing fairly priced loans to quality borrowers who aren’t well served by other lending platforms. We’re already seeing more than 1,000 loan applications daily, so it’s clear to us that the market need is for real, and we’re thrilled to have VPC to help us expand our platform to meet the demand.