Upstart Joins White House-led Economic Opportunity Coalition, Shares AI Technology With Minority Lenders and Community Banks
The Coalition, which counts
Upstart’s commitment builds on an existing partnership with members of the
“As a founding participant in the
Notes to editors
There are 144 MDIs and over 950 CDFIs in the
U.S., operating in every state serving both rural and urban communities.
The founding members of the Coalition are Upstart, Ariel Investments, Bank of America, BNY Mellon, Capital One, Citi, Discover,
Ford Foundation, Goldman Sachs, Google, Key Bank, Kresge Foundation, Mastercard, McDonald's, McKinsey & Company, Micron, Momentus Capital, Moody’s, Netflix, PayPal, PNC, Rockefeller Foundation, and TIAA.
- The Upstart model approves 43.4% more Black borrowers and 46% more Hispanic borrowers than a traditional credit scoring model, with approximately 25% lower APRs.1
Upstart (NASDAQ: UPST) is a leading AI lending marketplace partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates for every race, ethnicity, age, and gender, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in
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1 As of