Our mission is to enable effortless credit based on true risk. We are a leading, cloud-based artificial intelligence lending platform. Artificial intelligence, or AI, lending enables a superior loan product with improved economics that can be shared between consumers and lenders. Our platform aggregates consumer demand for high-quality loans and connects it to our network of Upstart AI-enabled bank partners. Consumers on our platform benefit from higher approval rates, lower interest rates, and a highly automated, efficient, all-digital experience. Our bank partners benefit from access to new customers, lower fraud and loss rates, and increased automation throughout the lending process. Since inception, our bank partners have originated over 620,000 personal loans that have generated more than 9 million repayment events. In the nine months ended Sept. 30, 2020, approximately 70% of Upstart-powered loans were entirely automated.

(Note: Revenue and net loss figures are for the last 12 months for the period ended Sept. 30, 2020, based on financial data in the prospectus.)

Upstart was founded in 2012 by Dave Girouard, who previously was president of Google Enterprise, where he helped build Google’s cloud applications business wordlwide; Anna M. Counselman, who previously was the head of Google’s premium services and customer programs, and Paul Gu, who previously worked in risk analysis at the D.E. Shaw Group, a hedge fund. Mr. Gu’s background is in quantitative finance. He built his first algorithmic trading strategies on the Interactive Brokers API at the age of 20.

(Note: Upstart Holdings said its IPO was priced at $20 – the low end of its $20-to-$22 range – on 12 million shares, the same number of shares cited in the prospectus.)