SAN MATEO—Upstart Holdings, parent to Upstart, which provides an AI-powered lending platform, is reporting it has completed a $600 million convertible notes offering, adding new capital to fuel expansion and innovation, and also signed a new credit union client.
The company noted its shares are up nearly 60% over the past year, with “momentum accelerating as partnership announcements and greater financial flexibility reach the news. The past three months alone have seen a 44% jump, even after a recent dip last month,” the company said in a statement. “This activity suggests markets are responding favorably to both the growth narrative and the company’s reduced risk profile.”
HELOC Growth a Driver
It added that “strategic HELOC growth, supported by strong banking relationships and an expanded borrower base,” sets the stage for future revenue growth and earnings support.
Upstart said its lending platform has also been selected by the $945-million ABNB Federal Credit Union in Chesapeake, Va.
