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Cloud-Based AI Lending Platform UPSTART HOLDINGS Raised $240 Million

Esther Thin

Upstart Holdings, a cloud-based AI lending platform, raised $240 million by offering 12 million ADSs at $20, low end of the proposed range of $20 to $24.

The company enables a superior loan product with improved economics that can be shared between consumers and lenders through its AI lending platform. It aggregates consumer demand for high-quality loans and connects it to our network of Upstart AI-enabled bank partners.

The San Mateo, CA-based company was founded in 2012 and booked $209 million in revenue for the 12 months ended September 30, 2020. It plans to list on the Nasdaq Global Select Market under the symbol “UPST.” Goldman Sachs, BofA Securities, Citi, Jefferies and Barclays are underwriters of the IPO.

The company engages Wilson Sonsini Goodrich & Rosati, P.C. as US Securities Counsel, and Deloitte & Touche LLP as Independent Auditor.

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