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Upstart (UPST) Partners With AgFed Credit Union to Drive Growth

Upstart (UPST) announces that AgFed Credit Union has selected Upstart's lending platform to provide personal loans and reach new customers nationwide.

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This story originally appeared on Zacks

Upstart UPST recently entered into a partnership with AgFed Credit Union, allowing AgFed to provide personal loans and better reach new customers in communities it serves.

The agreement with Upstart will enable AgFed to expand its reach and serve more eligible members nationwide.

AgFed, which will now be a member of the Upstart Referral Network, became an Upstart lending partner in September 2021.

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Expanding Partner Base Drives the Top Line

With Upstart’s modern digital lending experience, Agfed will be able to meet consumer expectations more efficiently Thus, the latest move is expected to help Upstart gain strong momentum among its customers and lending partners worldwide.

An expanding partner base has also been a credible growth driver for this AI-powered lending platform provider.

Recently, Upstart expanded its partnership with the First National Bank of Omaha (FNBO).

After its successful pilot program with Upstart in 2019, FNBO witnessed a rise in approval rates and customer satisfaction using Upstart’s AI lending platform.

With the expanded partnership program, FNBO will be better equipped to upgrade its personal loan program on a nationwide basis.

In November 2021, Upstart partnered with the National Bankers Association where customers belonging to minority-owned depository institutions will be able to use Upstart’s AI lending platform to access affordable credits.

Around the same time, Baxter Credit Union (BCU) also selected Upstart as its digital lending platform to reach more people and lend more to eligible non-members nationwide.

BCU started its partnership with Upstart in June 2021 and will be part of the Upstart Referral Network.

Upstart has been working on improving the effectiveness and predictiveness of its AI models so that it can lead to higher approval rates and lower interest rates for customers.

As Upstart’s technology continues to improve and additional banks adopt the Upstart platform, consumers benefit from improved access to affordable and frictionless credit.

The company is also considering foraying into mortgages and other lending verticals. This decision alone can further drive Upstart’s top line.

Zacks Rank and Stocks to Consider

Currently, Upstart carries a Zacks Rank #3 (Hold).

The stock has rallied 104.6% compared with the Zacks Computers - IT Services industry’s rise of 1% and the Computer and Technology sector’s growth of 18.9% in the past year.

The Zacks Consensus Estimate for Upstart’s fiscal 2022 earnings have moved upward by 3 cents to $2.05 per share over the past 60 days.

Some better-ranked stocks from the Zacks Computer and Technology sector are Broadcom AVGO, currently sporting a Zacks Rank #1 (Strong Buy), and Advanced Micro Devices AMD and Apple AAPL, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Broadcom’s fiscal 2022, earnings have moved upward by 6.5% to $33.03 per share over the past 60 days.

Broadcom stock has rallied 37.6% compared with the Zacks Electronics – Semiconductors industry’s rise of 28.9% and the Computer and Technology sector’s growth of 18.5%.

The Zacks Consensus Estimate for Advanced Micro Devices’ fiscal 2022 earnings have moved upward by a penny to $2.65 per share in the past 30 days.

Shares of Advanced Micro Devices have surged 51.4% compared with the Zacks Electronics – Semiconductors industry’s rise of 28.9% and the Computer and Technology sector’s growth of 18.5%.

The Zacks Consensus Estimate for Apple’s fiscal 2022 earnings have moved upward by four cents to $5.82 per share in the past 30 days.

Apple stock has rallied 36.2% compared with the Zacks Computer - Mini computers industry’s rise of 37.1% and the Computer & Technology sector’s growth of 18.5% in the past year.



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