Upstart is an AI-powered lending marketplace that uses proprietary machine learning models to assess consumer credit risk and automate loan underwriting beyond traditional credit scoring methods. The platform originates personal loans, auto loans, and home equity lines of credit, connecting borrowers through its direct consumer channel and auto dealership software with over 100 institutional lending partners including banks and credit unions, as well as institutional investors who purchase whole loans and securitized assets. Upstart generates revenue primarily through platform and referral fees from lending partners, loan servicing fees, and a usage-based fee structure per transaction, while maintaining a diversified capital model where institutional investors fund the majority of loans and lending partners retain a portion aligned with their risk preferences.