Bank / Credit Union

AI lending marketplace Upstart to apply for banking charter

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March 20, 2026

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Upstart Holdings Inc., an AI lending marketplace, will submit an application to regulators to establish Upstart Bank. If approved, the company will be able to reduce its overall financial, regulatory and operational expenses, according to a press release.

Upstart Bank would provide deposit funding and lending at a consistent rate.

"AI-based lending is the future of credit," Annie Delgado, chief risk officer, Upstart, said in the release. "As more and more lenders are looking to adopt AI tools for these critical functions, engagement with regulators is critical. If approved, we look forward to working directly with the OCC, FDIC and the Fed to set the standard for modern AI model deployment within the banking system."