Upstart(NASDAQ) UPST

Upstart helps people get loans more easily at better rates. Its AI models check if a borrower can repay money. This replaces old systems that only use credit scores.

A Menu of Credit Options

• Personal Loans: Credit that does not require collateral like a house; offered in amounts up to $75,000.
• Auto Loans: Financing for cars and trucks ranging from $3,000 to $60,000 for various repayment terms.
• HELOCs: Home equity lines of credit that let homeowners borrow money against the value of their property.
• Auto Finance Software: Tools for car dealers to manage sales and help customers find financing more quickly.

Scaling the AI Flywheel

• Maintained a strategic partnership with Credit Karma to find new borrowers and provide targeted loan offers.
• Introduced the Upstart Macro Index in 2023 to measure how the broader economy affects loan defaults.
• Grew the underwriting model to include over 2,500 variables and 104 million repayment events by December 2025.
• Established deals with institutional investors, which are large organizations like insurance companies, to stabilize loan funding.
• Increased the percentage of fully automated loans to 91% during 2025 to improve operating efficiency.

What Makes Upstart Different?

Upstart uses machine learning to judge risk better than old banking rules. This technology helps the company approve more people for loans with lower interest costs.

Profit and Performance

• Revenue reached $304.2 million in Q4 2025, a 34.4% increase from the previous year.
• Net income reached $18.6 million in Q4 2025, up 776.4% year-over-year.
• Free cash flow hit $104.6 million in Q4 2025, up 191.5% from the prior year.
• Three lending partners originated 83% of loans and provided 61% of total revenue in 2025.
• The company employed 1,405 full-time workers as of December 31, 2025.

Bottom Line

Upstart has evolved from a startup into a broad marketplace for personal, auto, and home equity credit. Its shift toward automated lending and diverse capital sources supports its goal of replacing traditional credit scores.