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Upstart Holdings helps U.S. consumers obtain loans from banks and credit unions, with unsecured personal loans making up most of its business. Borrowers apply through Upstart.com, while car buyers can also access loans through dealerships using Upstart Auto Finance software. Its AI models assess repayment risk and help price offers within each lending partner’s own credit rules. The partners originate the loans; institutional investors purchase most of the loan volume, while partners retain some loans and Upstart holds some itself.
Most revenue comes from platform and referral fees paid by lending partners. Upstart also collects payments, supports borrowers and reports to loan owners, earning monthly servicing fees from lending partners and institutional investors based on the outstanding loan balance. Loans it holds itself generate interest income, but fees remain the main source of revenue.
The business needs both borrowers who qualify and accept its offers and partners and investors willing to fund their loans. Three lending partners supply most of its partner-fee revenue, and Credit Karma is an important source of borrower traffic. Loan repayment performance helps determine whether funding providers keep participating. Lending and fair-lending rules constrain its underwriting and pricing, and its model relies on partner banks being legally recognized as the actual lenders, which determines the rates and fees loans may carry.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Pagaya Technologies Ltd. competes with Upstart for lenders and institutional investors that pay for AI tools to assess consumer borrowers, arrange loans and connect those loans with investment capital. Watch Pagaya’s lender relationships and investor network for signs of competition in personal and auto loans.
SoFi Technologies competes with Upstart for consumers seeking personal loans online, earning revenue from lending and loan-platform services while Upstart collects fees from lending partners. Watch SoFi’s ability to draw existing members into its lending products: its broader financial-services offering gives it another route to those borrowers.
OneMain Holdings, Inc. competes with Upstart for U.S. personal-loan borrowers, including those with weaker credit, and both offer auto financing. OneMain makes and services consumer loans; its pricing, loan terms and credit availability show what alternatives these borrowers have to Upstart-powered loans.
Oportun Financial Corporation competes with Upstart for personal-loan borrowers whom traditional credit scoring can overlook, using information beyond credit scores to decide whom to lend to. Watch Oportun’s unsecured personal-loan business, which accounted for most of its revenue and profitability as of December 31, 2025.
OppFi Inc. competes with Upstart in helping bank partners make personal loans to consumers who may struggle to obtain traditional bank credit; OppFi’s partners fund the loans and pay it for technology and services. Watch its OppLoans offering for employed U.S. consumers with bank accounts and median wages who may be rejected because of their credit scores.
Affirm Holdings and Upstart are both sensitive to consumer credit losses and investors’ willingness to fund consumer loans, though Affirm finances purchases while Upstart arranges personal loans. Watch Affirm’s credit-loss and loan-funding news for clues to the conditions facing Upstart.
Dave competes with Upstart’s small-dollar relief loans through ExtraCash, which helps members bridge gaps between paychecks with up to US$500 of short-term credit through bank partners. Watch ExtraCash usage and approvals: Dave assesses bank-account cash flows automatically, without a credit check or FICO data, to serve this short-term cash need.
SoFi Technologies, Inc. earningsSOFI
SoFi Technologies’ report will show whether existing members are taking more of its personal loans, sharpening its competition with Upstart for online borrowers.
Look at personal-loan use by existing SoFi members alongside changes in its lending business. More member borrowing would show that SoFi can turn its broader financial-services relationship into loan customers, intensifying competition for Upstart’s borrowers; weak engagement would mean less pressure from that route, not proof of stronger demand for Upstart.
Fed Interest Rate Decision
Upstart’s loan marketplace connects borrowers with lending partners and investors, so the Fed’s policy rate matters because higher economy-wide rates can raise its debt and loan-funding costs and reduce the fair value of loans it holds, while lower rates can ease those pressures and affect borrower demand and investor returns.
Expected4.0%Last release4.0%
If it comes in above expectations
Higher rates could raise costs on Upstart’s warehouse and other borrowing and lower the fair value of loans on its balance sheet; more expensive loans could also weaken borrower demand or make investor return targets harder to meet, potentially reducing marketplace originations and fee revenue.
If it comes in below expectations
Lower rates could ease Upstart’s borrowing and loan-funding costs and support the fair value of loans it holds; cheaper borrowing could also support borrower demand and make investor return targets easier to meet, potentially sustaining marketplace originations and fee revenue.
Upstart Holdings, Inc. earningsThis company
Upstart earns platform and servicing fees from lending partners and investors, and this report will show whether borrower demand and loan funding are both supporting growth.
Read loan volume and conversion rate alongside who funds the loans. Rising volume and conversion, with institutional investors and lending partners still supplying capital, would show more applicants becoming funded loans and a basis for platform-fee growth. If volume or funding weakens, higher conversion alone may not sustain fee growth.
