Digital Banking

Upstart receives approval to establish bank

Photo: Adobe Stock

July 31, 2026

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Upstart Holdings Inc., an AI lending marketplace, got conditional approval from the Office of the Comptroller of the Currency to create Upstart Bank, N.A. The bank would be based in Delaware without any physical branches, according to a press release.

"Conditional approval from the OCC is an important milestone for Upstart Bank and we will continue to work with the OCC, the FDIC and the Federal Reserve on the remaining steps," Paul Gu, Upstart's co-founder and CEO, said in the release. "Upstart Bank will allow us to lower the cost of lending and bring our full product offering to all 50 states, advancing our mission to radically reduce the cost and complexity of credit for all Americans."

As a bank, it would accept deposits and originate loans, while still working with financial institutions to purchase loans.

"It's important for the public to understand that efficiency doesn't diminish oversight," Annie Delgado, Upstart's chief risk officer and the proposed CEO of Upstart Bank, N.A., said in the release. "A well-run charter process can be both timely and rigorous. We've been challenged extensively throughout the process, and that's exactly what should happen when an institution is seeking the privilege of becoming a national bank."