Upstart Holdings, Inc.
Upstart Reports Second Quarter 2024 Financial Results
Summary
Upstart Holdings, Inc. reported its financial results for the second quarter of fiscal year 2024, showing a decrease in total revenue by 6% year-over-year to $128 million and a net loss of $54.5 million. The company also provided an outlook for the third quarter, expecting revenue of approximately $150 million. A detailed press release and reconciliation of non-GAAP financial measures are furnished as Exhibit 99.1.
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Exhibits (1)
About Upstart Holdings, Inc.
Upstart Holdings, Inc. is a financial technology company that operates an artificial intelligence (AI)-driven lending platform. This platform’s primary function is to assess and automate the borrowing process, thereby enhancing the efficiency and accessibility of personal loans. By leveraging a sophisticated AI model, Upstart aims to provide a more accurate assessment of a borrower’s creditworthiness compared to traditional credit scoring methods. This approach allows for broader criteria in the underwriting process, which can lead to improved access to credit for individuals who might otherwise be overlooked. Upstart partners primarily with banks and credit unions, facilitating loans that often come with competitive rates due to the company’s innovative risk assessment capabilities. Headquartered in San Mateo, California, and founded in 2012, Upstart Holdings plays a significant role in the fintech industry by bridging the gap between consumers in need of loan products and financial institutions seeking to optimize their lending processes. Its platform highlights the potential for AI to transform financial services, impacting a range of sectors from consumer finance to banking infrastructure.
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