SAN MATEO, Calif.–(BUSINESS WIRE)–Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending marketplace, today announced it will provide preferred access to its AI lending platform with no implementation fees for all Community Development Financial Institutions (CDFIs) nationwide, which complements its existing commitment to Minority Depository Institutions (MDIs) with the National Bankers Association. The announcement coincides with Upstart becoming a founding member of the Economic Opportunity Coalition, a new group partnering with the Biden-Harris Administration focused on helping find solutions to advance economic equity in the United States.
The Coalition, which counts Ford Foundation, Google, and Bank of America among its founding members, ensures that federal investments designed to close the racial wealth gap reach the places of highest need. Two of the four pillars are “Investing in CDFIs and MDIs” and “Expanding inclusive and equitable access to credit and other financial services facilitating financial health.” Hundreds of MDIs and CDFIs will now be able to use Upstart’s AI-driven credit decisioning model to scale direct credit access to consumers and small businesses in their communities and regions.
Upstart’s commitment builds on an existing partnership with members of the National Bankers Association, the association for minority-owned and women-owned banks, to provide advanced digital lending technology and the ability…
