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Upstart Announces Availability of Upstart Referral Network

AI lending platform helps banks and credit unions build inclusive and profitable loan portfolios

Upstart, a leading artificial intelligence (AI) lending platform, announced the general availability of the Upstart Referral Network—a unique AI-driven system that matches borrowers with the banks and credit unions best suited to meet their borrowing needs. This automated system benefits both sides: banks and credit unions can build more inclusive and profitable loan portfolios that match their risk profile, and consumers get better access to more affordable credit.

Today, banks are experiencing record levels of cash deposits and reduced demand for loans. The Upstart Referral Network offers an easy way to put this cash to work. Qualified personal loan applicants on Upstart.com who meet a bank partner’s credit policies receive tailored offers as they seamlessly transition into a bank-branded experience to complete the process.

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“Finding the right loan applicant can be a huge hurdle for banks. AI-driven lending eliminates a lot of the guesswork,” says Michael Lock, SVP of Bank Partnerships for Upstart. “Our Network not only helps find applicants that banks might otherwise miss—making it much more inclusive—but we also help match the right rate for each applicant. We have seen great success with our early partners, and our overall results show that AI lending is the future of lending across all categories.”

The Upstart Referral Network, which was in limited preview for existing bank partners, now includes newly released features that enable banks and credit unions to add customers and expand their loan portfolio while maintaining visibility and control into those loans based on their risk policy.

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  • Performance Console: Analytical dashboard allows banks to track loan originations in near real-time and optimize their portfolio for desired credit and risk parameters.
  • Demand Deposit Account (DDA) for Banks: Borrowers on Upstart.com can now automatically open a new checking account with bank and credit union partners during the application process, often for a better rate.

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“To provide more people in our community access to affordable credit while effectively managing risk, KEMBA chose the Upstart Referral Network to get to market quickly and expand member reach,” said Brent McCoy, Chief Credit Officer, KEMBA Financial Credit Union. “Through Upstart’s AI-powered models, we are able to offer fairly-priced personal loans to more borrowers.”

Banks and credit unions are able to get started on the Upstart Referral Network with minimal costs and be implemented in as little as 60 days, starting with as low as $1 million in loan originations per month.

“We believe in high quality, high touch transparency and that’s what Upstart and the Upstart Referral Network offered. We were looking for a turnkey solution, and we found the right partner and program to make this easy,” said Barry Cooper, the Chief Sales Officer at First Federal Bank of Kansas City.

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