UPST

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MIT Federal Credit Union is extending its partnership with Upstart into indirect auto lending. The move expands Upstart’s lending reach into the auto market.

Key TakeawaysUpstart signed a $200 million senior secured revolving credit facility, led by MUFG Bank, to help launch Upstart Bank. Q2 revenue rose 42% to $365 million, and Upstart earned $16.

Upstart Holdings’ stock closed at $23.25, down 1.32% from the previous close. The decline happened while the broader market gained.

The Q2 earnings season highlights the best and worst performers in the vertical software industry. Upstart is among the companies examined.

Upstart added the Credit Union of Denver as a new lending partner, using its AI platform for digital personal loans. The partnership comes amid a sharp decline in Upstart’s share price over the past year.

Upstart’s share price has fallen 93.6% over five years, prompting questions about whether the current valuation reflects its earnings potential.

Upstart entered a partnership with Credit Union of Denver to provide affordable unsecured personal loans. The credit union will use Upstart’s online platform to streamline digital applications.