18 August 2017
Find out more

Online lender Upstart raises $32.5m

03 March 2017  |  4621 views  |  0 cash

Upstart, a US online lender founded by a gaggle of former Googlers, has raised $32.5 million in a funding round led by Japan's Rakuten and an unnamed asset manager.

Existing investors Third Point Ventures, Khosla Ventures, and First Round Capital also participated in the round.

Upstart is one a host of alternative lenders to enter the US market in recent years, claiming to look beyond credit scores, using modern data science and technology to offer borrowers lower rates on loans of between $1000 and $50,000.

Launching next-day funding in 2014, the firm has now originated more than 50,000 loans, and claims "the highest consumer rating in the industry".

With more than 20% of loans through the platform completely automated, Upstart is aiming to originate $1 billion this year. It is also on the verge of carrying out its first loan securitisation transaction.

In addition, CEO Dave Girouard tells TechCrunch that he is planning to start licensing Upstart's technology to banks and retailers.

And, as it looks to expand, the startup has brought in another former Googler, Sanjay Datta, as CFO. Datta was VP of global advertising finance at Google where he spent a decade building and expanding Google’s $80B core economic engine.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

SoFi closes in on $500m funding round - Bloomberg

SoFi closes in on $500m funding round - Bloomberg

17 February 2017  |  5781 views  |  0 comments | 2 tweets | 5 linkedin
SoFi moves beyond lending with acquisition of mobile banking startup Zenbanx

SoFi moves beyond lending with acquisition of mobile banking startup Zenbanx

01 February 2017  |  9701 views  |  1 comments | 20 tweets | 10 linkedin
New lending platform targets underserved communities

New lending platform targets underserved communities

11 November 2016  |  6667 views  |  0 comments | 66 tweets | 7 linkedin

Related blogs

Create a blog about this story (membership required)
download the paper nowvisit www.worldpaymentsreport.comvisit www.dorsum.eu

Top topics

Most viewed Most shared
Monzo appoints Curve co-founder Foster-Carter COOMonzo appoints Curve co-founder Foster-Car...
8640 views comments | 1 tweets | 3 linkedin
Norwegian banks and startups form fintech clusterNorwegian banks and startups form fintech...
7018 views comments | 18 tweets | 22 linkedin
Mobile contactless spending accelerating in UKMobile contactless spending accelerating i...
6556 views comments | 20 tweets | 22 linkedin
hands typing furiouslyWhy Blockchain Might Not Be The Future For...
5816 views 1 | 5 tweets | 3 linkedin

Featured job


Brussels or Frankfurt

Find your next job