What is Upstart?
Founded in 2012 and headquartered in San Mateo, California, Upstart operates as an innovative online lending marketplace. The company distinguishes itself by utilizing non-traditional variables—such as education and employment history—to predict creditworthiness more accurately than legacy banking models. By integrating these alternative data sets, Upstart provides a more inclusive and precise lending experience, effectively bridging the gap between traditional financial institutions and underserved consumer segments. Its market position is defined by its ability to scale through strategic partnerships with banks and credit unions, positioning it as a vital infrastructure provider in the modern fintech stack.
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, Google Ventures, First Round Capital, and Kleiner Perkins Caufield & Byers
Debt (2013): $2M, investors not publicly disclosed
Series A (2013): $5.9M supported by Collaborative Fund, First Round Capital, Founders Fund, and Khosla Ventures
Series B (2014): $18.9M featuring Khosla Ventures and Bradley Horowitz
Series C (2017): $32.5M backed by Third Point Ventures, First Round Capital, Rakuten, and Khosla Ventures
Unspecified (2019): $50M with participation from First National Bank of Omaha, Progressive Investment Company, and HOOPP
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
Google Ventures
GV is a venture capital firm founded in 2001 that invests across multiple stages and sectors, focusing on enterprise solutions, life sciences, and frontier technology innovations.
Kleiner Perkins Caufield & Byers
Kleiner Perkins is a Menlo Park-based venture capital firm that invests in early and growth-stage technology and life-science companies, providing operational support from seed through IPO.
Founders Fund
Founders Fund invests in high-impact companies across all sectors and stages, known for backing transformative businesses like PayPal, SpaceX, and Stripe.
What's next for Upstart?
With the infusion of this latest capital, Upstart is well-positioned to accelerate its product development and deepen its integration within the broader financial services sector. The company's strategic focus will likely center on enhancing its AI-driven underwriting capabilities to maintain its competitive edge in credit risk assessment. As the firm navigates the complexities of the current economic environment, this financing provides the operational runway required to scale its platform, explore new lending verticals, and solidify its role as a foundational technology partner for financial institutions seeking to modernize their consumer lending operations.
See full Upstart company page
