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UPST Upstart

Upstart is a leading AI lending platform partnering with banks to expand access to affordable credit.

Company profile

Ticker
UPST
Exchange
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
IRS number
464332431

UPST stock data

(
)

Investment data

Data from SEC filings
Securities sold
Number of investors

Calendar

18 Mar 21
12 Apr 21
31 Dec 21
Date Owner Security Transaction Code Indirect 10b5-1 $Price #Shares $Value #Remaining
20 Mar 21 Anna M. Counselman Common Stock Grant Aquire A No No 0 12,230 0 12,230
20 Mar 21 Anna M. Counselman Employee Stock Option Common Stock Grant Aquire A No No 125.28 24,460 3.06M 24,460
20 Mar 21 Sanjay Datta Common Stock Grant Aquire A No No 0 25,412 0 25,412
20 Mar 21 Sanjay Datta Employee Stock Option Common Stock Grant Aquire A No No 125.28 50,824 6.37M 50,824
20 Mar 21 Dave Girouard Common Stock Grant Aquire A No No 0 53,243 0 53,243
20 Mar 21 Dave Girouard Employee Stock Option Common Stock Grant Aquire A No No 125.28 106,486 13.34M 106,486
20 Mar 21 Paul Gu Common Stock Grant Aquire A No No 0 25,412 0 235,412
20 Mar 21 Paul Gu Employee Stock Option Common Stock Grant Aquire A No No 125.28 50,824 6.37M 50,824
20 Mar 21 Alison Nicoll Common Stock Grant Aquire A No No 0 12,230 0 12,230
20 Mar 21 Alison Nicoll Employee Stock Option Common Stock Grant Aquire A No No 125.28 24,460 3.06M 24,460

Data for the last complete 13F reporting period. To see the most recent changes to ownership, click the ownership history button above.

65.2% owned by funds/institutions
13F holders
Current Prev Q Change
Total holders 60 0 NEW
Opened positions 60 0 NEW
Closed positions 0 0
Increased positions 0 0
Reduced positions 0 0
13F shares
Current Prev Q Change
Total value 1.91B 0 NEW
Total shares 48.01M 0 NEW
Total puts 0 0
Total calls 0 0
Total put/call ratio
Largest owners
Shares Value Change
Third Point 13.38M $520.44M NEW
VK Services 5.25M $213.88M NEW
Khosla Ventures Associates V 5.25M $213.88M NEW
LENDX Stone Ridge Trust V 3.69M $150.2M NEW
First Round Capital Management III 2.92M $118.81M NEW
MS Morgan Stanley 2.51M $102.3M NEW
Healthcare Of Ontario Pension Plan Trust Fund 2.22M $74.25M NEW
Vulcan Value Partners 1.59M $64.87M NEW
Fred Alger Management 1.32M $53.88M NEW
Capital World Investors 1.2M $48.9M NEW
Largest transactions
Shares Bought/sold Change
Third Point 13.38M +13.38M NEW
VK Services 5.25M +5.25M NEW
Khosla Ventures Associates V 5.25M +5.25M NEW
LENDX Stone Ridge Trust V 3.69M +3.69M NEW
First Round Capital Management III 2.92M +2.92M NEW
MS Morgan Stanley 2.51M +2.51M NEW
Healthcare Of Ontario Pension Plan Trust Fund 2.22M +2.22M NEW
Vulcan Value Partners 1.59M +1.59M NEW
Fred Alger Management 1.32M +1.32M NEW
Capital World Investors 1.2M +1.2M NEW

Financial report summary

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Competition
Prosper Marketplace
Risks
  • We are a rapidly growing company with a relatively limited operating history, which may result in increased risks, uncertainties, expenses and difficulties, and makes it difficult to evaluate our future prospects.
  • Our revenue growth rate and financial performance in recent years may not be indicative of future performance and such growth may slow over time.
  • The COVID-19 pandemic has harmed and could continue to harm our business, financial condition and results of operations.
  • If we fail to effectively manage our growth, our business, financial condition and results of operations could be adversely affected.
  • We have incurred net losses in the past, and we may not be able to maintain or increase our profitability in the future.
  • Our quarterly results are likely to fluctuate and as a result may adversely affect the trading price of our common stock.
  • If we are unable to continue to improve our AI models or if our AI models contain errors or are otherwise ineffective, our growth prospects, business, financial condition and results of operations would be adversely affected.
  • If our existing bank partners were to cease or limit operations with us or if we are unable to attract and onboard new bank partners, our business, financial condition and results of operations could be adversely affected.
  • The sales and onboarding process of new bank partners could take longer than expected, leading to fluctuations or variability in expected revenues and results of operations.
  • Our business may be adversely affected by economic conditions and other factors that we cannot control.
  • Our business is subject to a wide range of laws and regulations, many of which are evolving, and failure or perceived failure to comply with such laws and regulations could harm our business, financial condition and results of operations.
  • Substantially all of our revenue is derived from a single loan product, and we are thus particularly susceptible to fluctuations in the unsecured personal loan market. We also do not currently offer a broad suite of products that bank partners may find desirable.
  • We are continuing to develop new loan products and services offerings, and if we are unable to manage the related risks, our growth prospects, business, financial condition and results of operations could be adversely affected.
  • Our reputation and brand are important to our success, and if we are unable to continue developing our reputation and brand, our ability to retain existing and attract new bank partners, our ability to attract borrowers to our platform and our ability to maintain and improve our relationship with regulators of our industry could be adversely affected.
  • If we do not compete effectively in our target markets, our business, results of operations and financial condition could be harmed.
  • If we are unable to manage the risks associated with fraudulent activity, our brand and reputation, business, financial condition and results of operations could be adversely affected.
  • We depend on our key personnel and other highly skilled personnel, and if we fail to attract, retain and motivate our personnel, our business, financial condition and results of operations could be adversely affected.
  • Security breaches of borrowers’ confidential information that we store may harm our reputation, adversely affect our results of operations and expose us to liability.
  • If we are unable to manage the risks related to our loan servicing and collections obligations, our business, financial condition and results of operations could be adversely affected.
  • We may evaluate and potentially consummate acquisitions, which could require significant management attention, consume our financial resources, disrupt our business and adversely affect our financial results.
  • Borrowers may prepay a loan at any time without penalty, which could reduce our servicing fees and deter our bank partners and investors from investing in loans facilitated by our platform.
  • Our marketing efforts and brand promotion activities may not be effective.
  • Unfavorable outcomes in legal proceedings may harm our business and results of operations.
  • Our business is subject to the risks of natural disasters and other catastrophic events, and to interruption by man-made problems.
  • If our estimates or judgments relating to our critical accounting policies prove to be incorrect or financial reporting standards or interpretations change, our results of operations could be adversely affected.
  • If we fail to maintain an effective system of disclosure controls and internal control over financial reporting, our ability to produce timely and accurate financial statements or comply with applicable regulations could be impaired.
  • Some of our estimates, including our key metrics in this report, are subject to inherent challenges in measurement, and any real or perceived inaccuracies may harm our reputation and negatively affect our business.
  • It may be difficult and costly to protect our intellectual property rights, and we may not be able to ensure their protection.
  • Any significant disruption in our AI lending platform could prevent us from processing loan applicants and servicing loans, reduce the effectiveness of our AI models and result in a loss of bank partners or borrowers.
  • Our platform and internal systems rely on software that is highly technical, and if our software contains undetected errors, our business could be adversely affected.
  • We rely on strategic relationships with loan aggregators to attract applicants to our platform, and if we cannot maintain effective relationships with loan aggregators or successfully replace their services, or if loan aggregators begin offering competing products, our business could be adversely affected.
  • Our proprietary AI models rely in part on the use of loan applicant and borrower data and other third-party data, and if we lose the ability to use such data, or if such data contain inaccuracies, our business could be adversely affected.
  • We rely on third-party vendors and if such third parties do not perform adequately or terminate their relationships with us, our costs may increase and our business, financial condition and results of operations could be adversely affected.
  • Failure by our third-party vendors or our failure to comply with legal or regulatory requirements or other contractual requirements could have an adverse effect on our business.
  • If loans facilitated through our platform for one or more bank partners were subject to successful challenge that the bank partner was not the “true lender,” such loans may be unenforceable, subject to rescission or
  • otherwise impaired, we or other program participants may be subject to penalties, and/or our commercial relationships may suffer, each which would adversely affect our business and results of operations.
  • Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs and/or requirements resulting in increased expenses.
  • We are subject to or facilitate compliance with a variety of federal, state, and local laws, including those related to consumer protection and loan financings.
  • Internet-based loan origination processes may give rise to greater risks than paper-based processes and may not always be allowed under state law.
  • If we are found to be operating without having obtained necessary state or local licenses, our business, financial condition and results of operations could be adversely affected.
  • The CFPB is a relatively new agency that has sometimes taken expansive views of its authority to regulate consumer financial services, creating uncertainty as to how the agency’s actions or the actions of any other agency could impact our business.
  • We have been in the past and may in the future be subject to federal and state regulatory inquiries regarding our business.
  • The collection, processing, storage, use and disclosure of personal data could give rise to liabilities as a result of existing or new governmental regulation, conflicting legal requirements or differing views of personal privacy rights.
  • As the regulatory framework for artificial intelligence and machine learning technology evolves, our business, financial condition and results of operations may be adversely affected.
  • If we are required to register under the Investment Company Act, our ability to conduct business could be materially adversely affected.
  • If we are required to register under the Investment Advisers Act, our ability to conduct business could be materially adversely affected.
  • If our transactions with investors in our loan funding programs are found to have been conducted in violation of the Securities Act or similar state law, or we have generally violated any applicable law, our ability to obtain financing for loans facilitated through our platform could be materially adversely affected, and we could be subject to private or regulatory actions.
  • If we are required to register with the SEC or under state securities laws as a broker-dealer, our ability to conduct business could be materially adversely affected.
  • Anti-money laundering, anti-terrorism financing, anti-corruption and economic sanctions laws could have adverse consequences for us.
  • Our securitizations, whole loan sales and warehouse facilities expose us to certain risks, and we can provide no assurance that we will be able to access the securitization or whole loan sales markets, or secured warehouse credit facilities, in the future, which may require us to seek more costly financing.
  • Our securitizations are subject to regulation under federal law, and failure to comply with those laws could adversely affect our business.
  • If we are unable to maintain a diverse and robust loan funding program, our growth prospects, business, financial condition and results of operations could be adversely affected.
  • In connection with our loan funding programs, we make representations and warranties concerning the loans sold, and if such representations and warranties are not accurate when made, we could be required to repurchase the loans.
  • Corporate and asset-backed debt ratings could adversely affect our ability to fund loans through our loan funding programs at attractive rates, which could negatively affect our results of operations, financial condition and liquidity.
  • We rely on borrowings under our corporate and warehouse credit facility to fund certain aspects of our operations, and any inability to meet our obligations as they come due or to comply with various covenants could harm our business.
  • We may need to raise additional funds in the future, including through equity, debt or convertible debt financings, to support business growth and those funds may not be available on acceptable terms, or at all.
  • Our ability to use our deferred tax assets to offset future taxable income may be subject to certain limitations that could subject our business to higher tax liability.
  • Changes in tax laws could have a material adverse effect on our business, financial condition and results of operations.
  • Taxing authorities may successfully assert that we should have collected or in the future should collect sales and use, gross receipts, value added or similar taxes and may successfully impose additional obligations on us, and any such assessments or obligations could adversely affect our business, financial condition and results of operations.
  • The trading price of our common stock may be volatile, and you could lose all or part of your investment.
  • Certain insiders have significant voting power, which could limit your ability to influence the outcome of key transactions, including a change of control.
  • A substantial portion of the outstanding shares of our common stock are restricted from immediate resale but may be sold on a stock exchange in the near future. The large number of shares of our capital stock eligible for public sale or subject to rights requiring us to register them for public sale could depress the market price of our common stock.
  • Our common stock does not provide any rights directly related to the loans we hold.
  • You may be diluted by the future issuance of additional common stock in connection with our equity incentive plans, acquisitions or otherwise.
  • Delaware law and provisions in our amended and restated certificate of incorporation and amended and restated bylaws could make a merger, tender offer, or proxy contest difficult, thereby depressing the market price of our common stock.
  • Our amended and restated bylaws designate a state or federal court located within the State of Delaware as the exclusive forum for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to choose the judicial forum for disputes with us or our directors, officers or employees.
  • Our common stock market price and trading volume could decline if equity or industry analysts do not publish research or publish inaccurate or unfavorable research about our business.
  • We are an “emerging growth company” and we cannot be certain if the reduced disclosure requirements applicable to emerging growth companies will make our common stock less attractive to investors.
  • The requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified board members.
  • Our management team has limited experience managing a public company.
  • We do not intend to pay dividends for the foreseeable future.
Management Discussion
  • Interest income and fair value adjustments, net increased $0.5 million, or 11%, in the year ended December 31, 2020, compared to the prior year. The increase was driven by a $40.4 million decline in interest income partially offset by a decline in interest expense and fair value adjustments, of $16.9 million and $28.4 million, respectively, recognized by other consolidated entities. These decreases were due to a reduction of consolidated loan balances from securitization-related VIEs caused by the deconsolidation of previously consolidated securitizations 2017-1, 2017-2, and 2018-1. The deconsolidation of these entities was a result of the expiration of the related risk retention requirements, which caused us to conclude that we are no longer a primary beneficiary of these entities. For additional details, refer to “Note 3. Securitizations and Variable Interest Entities” of our consolidated financial statements in Part II, Item 8 of this Form 10-K. The decrease of the total net interest income and fair value
Content analysis
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Positive
Negative
Uncertain
Constraining
Legalese
Litigous
Readability
H.S. junior Avg

Proxies

No filings