March 2021
Fintech company Upstart experienced a rally reminiscent of the Reddit-fueled GameStop frenzy weeks back as its stock jumped 171% over the last three trading days. However, fundamentals and not internet boards were the catalyst here. Upstart uses AI and machine learning techniques to underwrite consumer loans and passes this information off to banks that can better place borrowers. The company saw revenue growth due to a spiking 124,000 loan originations last quarter prompting the surge in stock price.
(Silicon Valley)
FINSUM + Magnifi: AI and machine learning are changing the way traditional finance works and Upstart is just another example of how Fintech will integrate with traditional finance.
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