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Upstart 13 min read 24 Sep 2025 Upstart - Pioneering AI Credit Underwriting (Pt.2) Summary * Upstart’s model improvements post-Model 18 have unlocked broader bank approvals and lowered default rates. * Conversion rates have nearly doubled in five quarters, validating model efficiency and product-market fit. * Upstart’s improved outcomes have enabled it to negotiate higher take rates, supporting better unit economics. * Real-time
