Upstart Partnership with National Bankers Assoc.

Press Release: https://www.businesswire.com/news/home/20211209005372/en/

Highlights:

  • Association of 24 minority-owned banks.
  • The partnership with Upstart will offer MDIs advanced digital lending technology and the ability to provide smaller personal loans economically to their communities. Smaller loan amounts can help borrowers recover from short-term setbacks, without paying exorbitant interest rates from payday lenders that can quickly turn into cycles of debt.
  • Under this partnership, Upstart will offer NBA members special implementation pricing, tailored volume minimums, and unit pricing on small loans.
  • Upstart is also offering NBA member banks access to the Upstart Referral Network.
  • Optus Bank will also offer loans directly from its website (Upstart’s white label service).

This seems to be a push into the small/micro-loan space that was alluded to on the earnings call. For Upstart to get access to 20+ banks through this partnership, a nice way to kick-start this revenue stream.

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