What is Upstart?
Founded in 2012 and headquartered in San Mateo, California, Upstart operates as an online lending marketplace. The company distinguishes itself by utilizing non-traditional variables, such as education and employment history, to predict creditworthiness. This innovative approach allows Upstart to offer more accessible and personalized loan products, moving beyond the limitations of traditional credit scoring models. Its platform aims to reduce risk for lending partners while providing better rates for borrowers, thereby democratizing access to credit.
How much funding has Upstart raised?
Upstart has raised a total of $676M across 9 funding rounds:
Angel/Seed
$1.8M
Debt
$2M
Series A
$5.9M
Series B
$18.9M
Series C
$32.5M
Unspecified
$50M
Debt
$5M
Stock Offering
$240M
Debt
$320M
Angel/Seed (2012): $1.8M with participation from New Enterprise Associates, First Round Capital, Kleiner Perkins Caufield & Byers, and Google Ventures
Debt (2013): $2M, investors not publicly disclosed
Series A (2013): $5.9M supported by Founders Fund, Khosla Ventures, First Round Capital, and Collaborative Fund
Series B (2014): $18.9M featuring Bradley Horowitz and Khosla Ventures
Series C (2017): $32.5M backed by Third Point Ventures, First Round Capital, Rakuten, and Khosla Ventures
Unspecified (2019): $50M with participation from HOOPP, Progressive Investment Company, and First National Bank of Omaha
Debt (2020): $5M led by PPP
Stock Issuance/Offering (2020): $240M supported by Undisclosed
Debt (2025): $320M, investors not publicly disclosed
Key Investors in Upstart
HOOPP
HOOPP is a pension plan established in 1960, serving healthcare sector employees in Ontario. It provides retirement benefits for a wide range of healthcare professionals.
Progressive Investment Company
Progressive Investment Company is a real estate developer in southern Indiana, offering services from site selection to facility leasing for commercial and industrial clients, focusing on community enhancement and business growth.
First National Bank of Omaha
First National Bank, established in 1875, is a full-service bank with multiple locations in Iowa, operating as an affiliate of Ames National Corporation and providing financial services to its communities.
What's next for Upstart?
The recent strategic investment signals a pivotal phase for Upstart, likely enabling the company to scale its operations, enhance its AI-driven underwriting capabilities, and potentially explore new market segments or product offerings. With a history of substantial capital raises, Upstart is well-positioned to continue its trajectory of innovation and market penetration in the competitive fintech landscape. Future developments may include further integration of artificial intelligence into its lending processes and expansion of its partner network.
See full Upstart company page
