We often hear complaints about how confusing traditional lenders and credit card companies make their bills and balance statements. We want to change that.
The first Upstart loan was originated just over a year ago, and 8,920 loans later, we’re thrilled to announce that we’ve raised $35 million to help further our mission.
We’re committed to providing fairly priced loans to quality borrowers who aren’t well-served by traditional lenders. Since launching loans less than a year ago, we’ve originated more than 5,000 loans totaling $70M, including more than $14M in March alone!
After much introspection and deliberation, we’ve found just the right words to describe our mission:
Financial fitness for all.
As of today, borrowers on Upstart who accept their loan by 5PM ET will receive their funds the next day*. We’ve accomplished this by automating all investing on Upstart, so that all approved loans fund virtually instantly.
Today, we’re excited to announce our partnership with Victory Park Capital (VPC), who will invest $100M in Upstart loans over the next two years. The firm began purchasing loans on Upstart earlier this month.