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Upstart description
Upstart is a lending platform used by banks and credit unions. It uses artificial intelligence to assess loan applications and determine creditworthiness. Unlike traditional credit scoring, Upstart's AI considers over 1,600 data points, potentially leading to higher approval rates and lower interest rates for borrowers. The platform aims to make lending faster, more inclusive, and data-driven while providing a seamless digital experience for both lenders and borrowers.
Who is Upstart best for
Upstart is an AI-powered lending platform designed for banks and credit unions. It streamlines loan applications and assesses creditworthiness using over 1,600 data points, potentially increasing approval rates and lowering interest rates. This modern approach offers a faster, more inclusive lending experience for both lenders and borrowers.
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Best fit for small businesses.
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Ideal for financial institutions.
Upstart features
| Supported Borrowers can upload documents during the application process. |
| Supported Upstart uses AI and machine learning to automate loan application assessments and decisions. |
| Supported Upstart uses machine learning models to assess creditworthiness, going beyond traditional credit scores. |
Upstart alternatives
upstart vs FedEx Ship ManagerBetter for managing high-volume shipping, especially for established businesses. Broader industry applicability. A popular Upstart competitor focusing on logistics. Has significantly more momentum than Upstart.Read more
Sageworks LendingBetter ratings and reviews. Focuses on mid-sized and growing banks in the USA. Offers consulting services with former banking professionals. Has API access. Provides more traditional features like workflows, reporting and document management. Users report it has a user-friendly interface, streamlined lending process, and excellent customer support. However, some users find it difficult to learn and expensive.Read more
D&B Finance AnalyticsBetter for established companies needing credit risk management and financial health overviews. Provides more traditional credit management tools and broader industry applicability as an Upstart alternative and competitor.Read more
IndexBoxBetter for market analysis and competitive intelligence. A good Upstart alternative for businesses of all sizes seeking market data and customer insights. IndexBox has higher ratings on G2. However, users mention high subscription costs and limited free data access.Read more
nCino's Mortgage SuiteBetter for mortgage origination and processing. Suitable for a wider range of industries including Healthcare, Retail, Real Estate, and more. Higher ratings on G2 and Capterra. Users love the easy-to-use interface, mobile app, and built-in scanner. However, some users dislike limited customization options and occasional performance issues. A strong Upstart competitor for institutions focused on mortgages.Read more
Upstart FAQ
What is Upstart and what does Upstart do?
Upstart is an AI-powered lending platform for banks and credit unions. It uses machine learning and over 1,600 data points to assess creditworthiness, potentially offering higher approval rates and lower interest rates. This streamlines the lending process, making it faster and more inclusive for borrowers.
How does Upstart integrate with other tools?
There is no information available about specific integrations for Upstart. It's a lending platform utilizing AI for loan assessments and may not offer direct integrations with other tools in the same way other software solutions do.
What the main competitors of Upstart?
Upstart's main competitors include Provenir, Sageworks Lending (Abrigo), CloudBankin, and DecisionPro. These platforms offer similar AI-driven lending and loan origination solutions for financial institutions. Other alternatives, like RapidCanvas, focus on broader AI solutions for business process automation.
Is Upstart legit?
Yes, Upstart is a legitimate lending platform used by banks and credit unions. It leverages AI for loan applications, potentially offering higher approval rates and lower interest rates. However, recent employee growth has declined.
How much does Upstart cost?
Upstart doesn't publicly disclose its pricing. Contact Upstart directly to determine whether its product is worth the cost for your specific needs and budget.
Is Upstart customer service good?
Customer reviews on Upstart's customer service are mixed. Some users mention helpful and responsive support, while others express concerns regarding bill payments and Covid-19 assistance. Several reviews highlight the platform's fast and easy process as a positive.
Reviewed by
Michal has worked at startups for many years and writes about topics relating to software selection and IT management. As a former consultant for Bain, a business advisory company, he also knows how to understand needs of any business and find solutions to its problems.
Tymon is a seasoned CTO who loves finding the perfect tools for any task. He recently headed up the tech department at Batmaid, a well-known Swiss company, where he managed about 60 software purchases, including CX, HR, Payroll, Marketing automation and various developer tools.