AI-powered lending marketplace Upstart applies for bank charter

ChainWatcher · 2026-03-14T15:13:22+00:00

Upstart is seeking to establish Upstart Bank through applications to the OCC and FDIC. The bank will enhance its AI lending marketplace, reduce operational costs, and allow direct consumer lending, streamlining financial processes.

ChainWatcher

2026-03-14 15:13:22

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The firm has applied to the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish an insured national bank, Upstart Bank.

Founded in 20212 by a gable of former Googlers, Upstart operates an AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that use its models and cloud applications to deliver credit products.

The firm enables personal loans, automotive retail and refinance loans, home equity lines of credit, and will soon offer a revolving line of credit - with more than 90% fully automated.

Upstart says that a bank charter will allow it to reduce operational, regulatory, and financial costs and complexity for itself as well as for its third-party capital sources. Annie Delgado, Upstart’s chief risk officer, is the proposed CEO of the bank.

The bank would be able to access deposit funding and lend to consumers directly via a single, consistent rate and fee structure, which could translate to lower costs and greater lending opportunities, says a statement.

Paul Gu, Upstart’s CTO and incoming CEO, says: “The time is right to launch the first bank built from the ground up on AI.

“Applying for a bank charter is the natural evolution of our business as we’ve grown in size, scale, and product offerings. This will allow us to save borrowers even more time and money, and streamline our partnerships with banks, credit unions, and institutional credit funds.”

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