Upstart Holdings ^{Priced, Nasdaq: UPST}

We are a leading, cloud-based artificial intelligence lending platform. Artificial intelligence, or AI, lending enables a superior loan product with improved economics that can be shared between consumers and lenders. Our platform aggregates consumer demand for high-quality loans and connects it to our network of Upstart AI-enabled bank partners. Consumers on our platform benefit from higher approval rates, lower interest rates, and a highly automated, efficient, all-digital experience. Our bank partners benefit from access to new customers, lower fraud and loss rates, and increased automation throughout the lending process. Since inception, our bank partners have originated over 620,000 personal loans that have generated more than 9 million repayment events. In the nine months ended September 30, 2020, approximately 70% of Upstart-powered loans were entirely automated. Loans issued through our platform can be retained by our originating bank partners (22% of 3Q20 loans); distributed to our broad base of approximately 100 institutional investors and buyers that invest in Upstart-powered loans (76%), such as Goldman Sachs, PIMCO, and funds managed by Morgan Stanley Investment Management; or funded by Upstart’s balance sheet (2%).