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Pelican State Credit Union Selects Upstart for Personal Lending

1. Pelican State Credit Union partners with Upstart for personal loans. 2. Partnership allows Pelican to expand access to affordable credit with AI solutions. 3. The Upstart Referral Network will enhance Pelican's lending portfolio and member reach. 4. Over 80% of Upstart borrowers are approved instantly, improving credit access. 5. Upstart's platform connects consumers to over 100 lending institutions.

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FAQ

Why Bullish?

This partnership could increase loan volume and revenue for Upstart, similar to their past partnerships enhancing growth.

How important is it?

Partnership expands Upstart's market presence, impacting revenue potential positively.

Why Long Term?

Expanding lender partnerships typically drives sustained growth in user base over time.

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NASDAQ: UPST
BATON ROUGE, La. & SAN MATEO, Calif.--(BUSINESS WIRE)--Pelican State Credit Union (Pelican), the largest state-chartered credit union in Louisiana serving over 50,000 members nationwide, has announced its partnership with Upstart (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, to offer personal loans to more consumers. “Driven by our mission to enhance the financial well-being of our members through safe, competitive & innovative products and educational services, we sought a trusted partner to securely expand online access to affordable credit,” said Ben Manry, Senior Vice President of Lending & Member Solutions at Pelican State Credit Union. “Partnering with Upstart has enabled us to digitally reach and offer personal lending to a new set of prospective members across the Southern United States.” Pelican State Credit Union became an Upstart Referral Network lending partner in August 2024. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Pelican’s credit policies will receive tailored offers as they seamlessly transition into a Pelican-branded experience to complete the online member application and closing process. “We are excited to welcome Pelican State Credit Union to the family of Upstart lending partners to help them grow and diversify their membership and loan portfolio,” said Michael Lock, Senior Vice President of Lending Partnerships at Upstart. “As part of the Upstart Referral Network, Pelican is able to provide a fast, digital-first lending experience to more creditworthy borrowers across its field of membership.” To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video. About Upstart Upstart (NASDAQ: UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. More than 80% of borrowers are approved instantly, with zero documentation to upload. Founded in 2012, Upstart’s platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small-dollar “relief” loans. Upstart is based in San Mateo, California, and also has offices in Columbus, Ohio and Austin, Texas. About Pelican State Credit Union Pelican is a member-first, industry-leading financial institution that serves members across the nation. They serve members in every stage of their lives through free youth and adult financial programs and their wide array of safe, competitive products. As a designated Community Developmental Financial Institution (CDFI), they are committed to providing financial solutions to individuals, families, and communities in underserved markets. Pelican's commitment to innovative technological advancements has led to national and global recognition. To learn more about all the ways Pelican Pays, visit pelicanstatecu.com.

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