At Upstart, we are revolutionizing the lending industry through groundbreaking artificial intelligence. Our platform is engineered to redefine how creditworthiness is assessed, moving beyond traditional FICO scores to incorporate a multitude of non-traditional variables such as education and employment history. This innovative approach allows us to connect millions of consumers with our network of over 100 bank and credit union partners, enabling them to offer more inclusive and affordable credit options. We are committed to expanding access to credit for all individuals, recognizing that credit is a crucial component for financial opportunity and mobility. Our AI models and cloud applications empower lenders to approve a higher number of borrowers at lower interest rates, across diverse demographics including race, age, and gender, all while providing the seamless, digital-first experience that modern consumers expect.
Through relentless innovation, Upstart is transforming every step of the lending process. Our AI-driven technology automates identity verification, fraud detection, and income and employment verification, resulting in an instant and effortless experience for both borrowers and lenders. Remarkably, over 92% of loans facilitated through our platform are fully automated, requiring no human intervention from Upstart. This efficiency not only reduces costs but also mitigates risks associated with lending. We are also pioneering tools like the Upstart Macro Index (UMI) to help our lending partners navigate the complexities of macroeconomic changes and their impact on credit performance. By partnering with banks and credit unions, rather than competing against them, we are helping these institutions adapt and thrive in an era of significant technological transformation. Our ultimate vision is a world where the right borrower is automatically approved for the right loan at the right price, instantly and effortlessly, fostering a more equitable and accessible financial system.
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