Upstart
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 automation is reducing
Upstart - Pioneering AI Credit Underwriting (Pt.1)
Summary
* Fintech’s first wave overpromised disintermediation; the next wave is about improving bank unit economics — and Upstart is proving that better underwriting, not just better UX, drives real value.
* Traditional banks still lean heavily on FICO-based models that overlook rich, modern data sources like payroll streams and real-time cashflows