History of customer wins
11/06/2019: First National
01/14/2021: Oriental Bank
02/03/2021: Kemba Financial Credit Union
02/17/2021: Midwest BankCentre
03/03/2021: Apple Bank
04/15/2021: First Financial
04/28/2021: Drummond Community Bank
05/19/2021: Customers Bank
These are translating into $116m of quarterly revenue.
There are over 10,000 banks and credit unions.
“Network effect” is building.
If Upstart models works with better efficacy than humans,
I can see banks and credit unions not requiring as many people in underwriting business.
It would be a no brainer for the smaller banks to sign into this automated way.