Upstart Holdings Inc. (NASDAQ: UPST) announced a forward-flow commitment with Eltura Capital Management and Aperture Investors for the purchase of up to $1 billion in consumer loans originated through its platform.

The 12-month agreement involves Eltura Capital Management, an alternative investment manager focusing on asset-based finance, and Aperture Investors, an alternative asset manager that is part of Generali Investments. The arrangement represents the first forward-flow agreement of this scale between Upstart and the investor group.

"We are excited to partner with a pioneer in AI-driven lending and believe this forward-flow arrangement reflects a strong alignment between our firms," said Martin Ego, Founder and Chief Investment Officer at Eltura.

Nick Turgeon, Global Head of Asset-Based Finance and Portfolio Manager at Aperture Investors, stated that the partnership aligns with the firm's investment focus of working with tier originators.

The agreement builds on an existing relationship between the parties. Sanjay Datta, President and Chief Capital Officer at Upstart, described the arrangement as a step toward ensuring a diverse funding ecosystem for the company's loans.

Aperture Investors oversees approximately $5.8 billion in assets under management and committed capital as of January 31, 2026, according to the company. Eltura Capital Management was founded in 2021 by structured finance professionals.

Upstart operates an AI-powered lending marketplace connecting consumers to over 100 banks and credit unions. The company reports that more than 90% of loans processed through its platform are fully automated.