Upstart files for IPO as longer-term questions loom

Fintech
By Jennifer Kang
11 Nov 2020

Marketplace lender Upstart announced its plans to go public, leveraging its recent success in bringing the company to profitability in the fourth quarter of 2019. However, sources say a competitive marketplace and a reliance on a handful of bank partnerships will pose challenges for the company.

Upstart is an online personal lender that uses artificial intelligence to underwrite borrowers, potentially at lower rates compared with traditional FICO-based lenders. Since inception in 2012, the company has originated more than 620,000 personal loans that have generated more than 9 million repayments.

“We can confirm that ...

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