
Upstart Holdings, Inc. (NASDAQ:UPST), the leading artificial intelligence (AI) lending marketplace, today announced that the Office of the Comptroller of the Currency (OCC) has granted conditional approval for the

<p xmlns="http://www.w3.org/1999/xhtml">
Upstart Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UPST">UPST</a>), the leading artificial intelligence (AI) lending marketplace, today announced that the Office of the Comptroller of the Currency (OCC) has granted conditional approval for the company to establish Upstart Bank, N.A.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The charter would allow Upstart to reduce operational, regulatory, and financial complexity for itself as well as for its third-party capital partners. The conditional approval follows Upstart’s application, submitted in March 2026, and represents a key milestone toward operating the first nationally chartered bank built from the ground up with AI-powered underwriting.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;Conditional approval from the OCC is an important milestone for Upstart Bank and we will continue to work with the OCC, the FDIC, and the Federal Reserve on the remaining steps,&#34; said Paul Gu, Upstart&#39;s Co-Founder and CEO. &#34;Upstart Bank will allow us to lower the cost of lending and bring our full product offering to all 50 states, advancing our mission to radically reduce the cost and complexity of credit for all Americans.&#34;

</p><p xmlns="http://www.w3.org/1999/xhtml">
"It&#39;s important for the public to understand that efficiency doesn&#39;t diminish oversight," said Annie Delgado, Upstart’s Chief Risk Officer and the proposed Chief Executive Officer of Upstart Bank, N.A. "A well-run charter process can be both timely and rigorous. We&#39;ve been challenged extensively throughout the process, and that&#39;s exactly what should happen when an institution is seeking the privilege of becoming a national bank.&#34;

</p><p xmlns="http://www.w3.org/1999/xhtml">
As previously announced, Upstart Bank, N.A. is expected to be based in Delaware, will not have physical branches, and will be able to originate loans to consumers nationwide and accept Federal Deposit Insurance Corporation (FDIC) insured deposits. Consistent with prior disclosures, banks, credit unions, and institutional credit funds are expected to continue to purchase the vast majority of loans originated on the Upstart platform; Upstart Bank, N.A. is intended to complement, not replace, these funding partnerships.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Upstart’s applications to the FDIC for deposit insurance and to the Federal Reserve to become a bank holding company remain pending. Upstart Bank, N.A. will not commence operations until all required approvals are received and the conditions of the OCC’s approval are satisfied, including capitalization, governance, and operational readiness requirements customary for de novo national bank charters. Upstart has been advised by the Klaros Group on matters related to its de novo charter application to form its bank.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Upstart</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Upstart (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UPST">UPST</a>) 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 while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart’s platform includes personal loans, automotive loans, home equity lines of credit, and Upstart’s new Cash Line product, a revolving line of credit. Upstart is based in Burlingame, California.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding Upstart Bank N.A.’s regulatory structure and approvals; operational and financial impacts; funding and capital structure; and borrower and partner benefits.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the possibility that regulatory approvals are denied, delayed, conditioned, or limit anticipated benefits; changes in applicable laws or supervisory expectations; risks associated with operating a bank; the Company’s ability to realize anticipated efficiencies, cost reductions, or funding benefits; and the continued participation of funding partners on the platform; as well as other risks and uncertainties relating to the Company listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting our investor relations website or the SEC’s. All forward-looking statements are based on information and estimates available to the Company at the time of this press release. Except as required by law, the Company assumes no obligation to update any of the statements in this press release.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260723530516r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260723530516/en/" rel="nofollow">https://www.businesswire.com/news/home/20260723530516/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Investors 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Sonya Banerjee
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ir@upstart.com" shape="rect">ir@upstart.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Press 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Eric Smith
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:press@upstart.com" shape="rect">press@upstart.com</a>

</p>

UPST

Upstart Receives Conditional Approval from the OCC to Establish Upstart Bank

OCC conditional approval advances Upstart Bank, signaling lower lending costs and nationwide reach

<section class="insight" data-version="1">
  <section data-block="information">
    <h3>Information</h3>
    <p>Upstart Holdings, Inc. (NASDAQ:UPST), the leading artificial intelligence (AI) lending marketplace, today announced that the Office of the Comptroller of the Currency (OCC) has granted conditional approval for the</p>
  </section>

  <section data-block="ai-summary-paragraph">
    <h3>AI Summary</h3>
    <p>The OCC granted conditional approval to establish Upstart Bank, N.A., a pivotal step toward a nationally chartered, AI-powered bank. With FDIC deposit insurance and Federal Reserve holding company approvals still pending, operations would begin only after capital and governance readiness. The move could reduce lending costs and extend Upstart’s product suite across all 50 states, supported by existing funding partners.</p>
  </section>

  <section data-block="ai-summary-bullets">
    <h3>Key Points</h3>
    <ul><li>OCC grants conditional approval for Upstart Bank, N.A.</li><li>Charter aims to reduce operational and regulatory complexity for Upstart and partners.</li><li>FDIC insurance and Fed holding company approvals pending; operations after approvals.</li><li>Delaware-based, no branches; nationwide loan origination and FDIC-insured deposits.</li><li>Upstart Bank will complement funding partnerships, not replace them.</li></ul>
  </section>

  <section data-block="companies-mentioned">
    <h3>Companies Mentioned</h3>
    <ul><li><strong>Upstart Holdings, Inc. (UPST)</strong>: Primary beneficiary of the OCC milestone; potential funding-cost reductions and broader reach; timeline depends on remaining approvals.</li><li><strong>Office of the Comptroller of the Currency (N/A)</strong>: Regulator granting conditional approval; pivotal in creating a national bank charter pathway for Upstart.</li><li><strong>Federal Deposit Insurance Corporation (N/A)</strong>: Deposit insurance application pending; essential for nationwide insured deposits upon completion.</li><li><strong>Federal Reserve (N/A)</strong>: Holding company status may be required; regulatory structure depends on Fed approvals.</li><li><strong>Klaros Group (N/A)</strong>: Advisor on de novo charter matters; supports timing and structure of regulatory process.</li></ul>
  </section>

  <section data-block="category">
    <h3>Corporate Developments</h3>
    <p>Category: Corporate Developments. It tracks a regulatory milestone and strategic charter formation that could materially affect UPST’s funding costs and growth trajectory if fully implemented.</p>
  </section>

  <section data-block="market-moving">
    <h3>Market-Moving</h3>
    <ul><li>OCC conditional approval signals a potential pathway to lower funding costs for UPST.</li><li>Pending FDIC and Fed approvals create regulatory timing risk and potential delays.</li><li>Delaware-based, branchless model supports nationwide origination and deposits.</li><li>Funding partnerships remain critical; success hinges on continued partner participation.</li></ul>
  </section>

  <section data-block="key-facts">
    <h3>Key Facts</h3>
    <ul><li>March 2026: Upstart filed charter application.</li><li>July 23, 2026: OCC grants conditional approval.</li><li>Delaware-based Upstart Bank, N.A. will have no physical branches.</li><li>Bank will originate loans nationwide and accept FDIC-insured deposits.</li><li>FDIC insurance and Fed holding company approvals are pending.</li><li>More than 100 banks and credit unions partner on the Upstart platform.</li><li>Over 90% of Upstart’s loans are fully automated.</li></ul>
  </section>

  <section data-block="trading-thesis">
    <h3>Trading Thesis</h3>
    <p>Long UPST on potential funding-cost reductions and nationwide lending, with approvals likely within 12–24 months.</p>
  </section>
</section>


<p xmlns="http://www.w3.org/1999/xhtml">
Upstart Holdings, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UPST">UPST</a>), the leading artificial intelligence (AI) lending marketplace, today announced that the Office of the Comptroller of the Currency (OCC) has granted conditional approval for the company to establish Upstart Bank, N.A.

</p><p xmlns="http://www.w3.org/1999/xhtml">
The charter would allow Upstart to reduce operational, regulatory, and financial complexity for itself as well as for its third-party capital partners. The conditional approval follows Upstart’s application, submitted in March 2026, and represents a key milestone toward operating the first nationally chartered bank built from the ground up with AI-powered underwriting.

</p><p xmlns="http://www.w3.org/1999/xhtml">
&#34;Conditional approval from the OCC is an important milestone for Upstart Bank and we will continue to work with the OCC, the FDIC, and the Federal Reserve on the remaining steps,&#34; said Paul Gu, Upstart&#39;s Co-Founder and CEO. &#34;Upstart Bank will allow us to lower the cost of lending and bring our full product offering to all 50 states, advancing our mission to radically reduce the cost and complexity of credit for all Americans.&#34;

</p><p xmlns="http://www.w3.org/1999/xhtml">
"It&#39;s important for the public to understand that efficiency doesn&#39;t diminish oversight," said Annie Delgado, Upstart’s Chief Risk Officer and the proposed Chief Executive Officer of Upstart Bank, N.A. "A well-run charter process can be both timely and rigorous. We&#39;ve been challenged extensively throughout the process, and that&#39;s exactly what should happen when an institution is seeking the privilege of becoming a national bank.&#34;

</p><p xmlns="http://www.w3.org/1999/xhtml">
As previously announced, Upstart Bank, N.A. is expected to be based in Delaware, will not have physical branches, and will be able to originate loans to consumers nationwide and accept Federal Deposit Insurance Corporation (FDIC) insured deposits. Consistent with prior disclosures, banks, credit unions, and institutional credit funds are expected to continue to purchase the vast majority of loans originated on the Upstart platform; Upstart Bank, N.A. is intended to complement, not replace, these funding partnerships.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Upstart’s applications to the FDIC for deposit insurance and to the Federal Reserve to become a bank holding company remain pending. Upstart Bank, N.A. will not commence operations until all required approvals are received and the conditions of the OCC’s approval are satisfied, including capitalization, governance, and operational readiness requirements customary for de novo national bank charters. Upstart has been advised by the Klaros Group on matters related to its de novo charter application to form its bank.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">About Upstart</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
Upstart (NASDAQ:<a class="ticker" href="https://www.benzinga.com/quote/UPST">UPST</a>) 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 while delivering the exceptional digital-first experience customers demand. More than 90% of loans are fully automated, with no human intervention by Upstart. Founded in 2012, Upstart’s platform includes personal loans, automotive loans, home equity lines of credit, and Upstart’s new Cash Line product, a revolving line of credit. Upstart is based in Burlingame, California.

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Forward-Looking Statements</b>

</p><p xmlns="http://www.w3.org/1999/xhtml">
This press release contains forward-looking statements within the meaning of the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical fact could be deemed forward-looking, including, but not limited to, statements regarding Upstart Bank N.A.’s regulatory structure and approvals; operational and financial impacts; funding and capital structure; and borrower and partner benefits.

</p><p xmlns="http://www.w3.org/1999/xhtml">
Risks that contribute to the uncertain nature of the forward-looking statements include, among others, the possibility that regulatory approvals are denied, delayed, conditioned, or limit anticipated benefits; changes in applicable laws or supervisory expectations; risks associated with operating a bank; the Company’s ability to realize anticipated efficiencies, cost reductions, or funding benefits; and the continued participation of funding partners on the platform; as well as other risks and uncertainties relating to the Company listed or described from time to time in the Company’s filings with the Securities and Exchange Commission (the "SEC"), copies of which may be obtained by visiting our investor relations website or the SEC’s. All forward-looking statements are based on information and estimates available to the Company at the time of this press release. Except as required by law, the Company assumes no obligation to update any of the statements in this press release.

</p><p xmlns="http://www.w3.org/1999/xhtml"><img xmlns="http://www.w3.org/1999/xhtml" alt="" src="https://cts.businesswire.com/ct/CT?id=bwnews&amp;sty=20260723530516r1&amp;sid=benz2&amp;distro=nx&amp;lang=en" style="width:0;height:0"></img><span xmlns="http://www.w3.org/1999/xhtml" class="bwct31415"></span></p><p xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink"><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-phrase">View source version on businesswire.com: </span><span xmlns="http://www.w3.org/1999/xhtml" id="mmgallerylink-link"><a xmlns="http://www.w3.org/1999/xhtml" href="https://www.businesswire.com/news/home/20260723530516/en/" rel="nofollow">https://www.businesswire.com/news/home/20260723530516/en/</a></span></p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Investors 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Sonya Banerjee
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:ir@upstart.com" shape="rect">ir@upstart.com</a>

</p><p xmlns="http://www.w3.org/1999/xhtml">
<b xmlns="http://www.w3.org/1999/xhtml">Press 
</b><br xmlns="http://www.w3.org/1999/xhtml"></br>Eric Smith
<br xmlns="http://www.w3.org/1999/xhtml"></br><a xmlns="http://www.w3.org/1999/xhtml" rel="nofollow" href="mailto:press@upstart.com" shape="rect">press@upstart.com</a>

</p>

The OCC granted conditional approval to establish Upstart Bank, N.A., a pivotal step toward a nationally chartered, AI-powered bank. With FDIC deposit insurance and Federal Reserve holding company approvals still pending, operations would begin only after capital and governance readiness. The move could reduce lending costs and extend Upstart’s product suite across all 50 states, supported by existing funding partners.

News insight

Upstart Receives Conditional Approval from the OCC to Establish Upstart Bank

AI summary

Sentiment rationale

Key facts

Corporate Developments