Upstart Holdings, Inc.

Upstart runs an AI-driven lending platform, but it does not want to be the lender. Founded in 2012 by former Google executive Dave Girouard, the company built underwriting models that judge borrowers on schooling, employment and other data beyond the traditional FICO score, arguing that this approves more applicants at the same loss rate. The loans themselves are made by partner banks and credit unions, or sold to institutional buyers, so most of the credit risk sits off Upstart's balance sheet while it earns fees for referrals and servicing. That design makes the business highly sensitive to interest rates and investor appetite: when funding markets tighten, loan volume and the stock fall together. It started with personal loans and has pushed into auto refinancing and small-dollar credit, still trying to prove its models hold up across a full economic cycle.

On MyRWA, UPST trades tokenized across 1 on-chain venue - see the listings below.