Upstart Reports Q1 Surge in Lending, Keeps 2026 Targets, Seeks Bank Charter

Overview

• The AI lending firm logged 425,356 loans and about $3.4 billion in originations, lifting revenue 44% to $308 million, though it posted a $6.6 million net loss as margins narrowed.
• The company maintained its 2026 outlook for roughly $1.4 billion in revenue and about $294 million in adjusted EBITDA.
• Upstart said it has applied for a national bank charter to gain direct supervision and a clearer regulatory path without changing its funding model.
• Management highlighted more than $4 billion in fresh committed funding this year, including a first 24‑month commitment, as it leans on outside capital over using its own balance sheet.
• New products and model gains included the Cashline revolving credit launch and an AI upgrade that improved underwriting accuracy by 1.4 percentage points.