Congratulations to Upstart!

By Brian Graham & Michele Alt

Congratulations to Klaros client Upstart Holdings, Inc. (NASDAQ: UPST), the leading AI lending marketplace, which today announced it has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish an insured national bank, Upstart Bank, N.A.

The conditional approval comes a speedy 120 days after Upstart submitted its application and represents a key milestone toward the company’s goal of launching the first bank built from the ground up on AI, working with regulators to set the standard for modern AI model deployment within the banking system. It’s been a pleasure and privilege to work with them toward this ambitious goal, and we congratulate Upstart Bank CEO, Annie Delgado and the rest of the Upstart team on reaching this important milestone.

A national bank charter will allow Upstart to reduce operational, regulatory, and financial costs and complexity for itself, its bank, and other business partners. These approvals send a clear signal that the U.S. regulatory landscape is much more welcoming to innovation than it has been for years. We’re proud to have assisted Upstart in reaching this important milestone. If you’d like to chat bank strategy and charters, give us a call.