Upstart Holdings (NASDAQ: UPST) has received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Upstart Bank, N.A., a nationally chartered, branchless bank planned to be based in Delaware.

The conditional approval follows an application Upstart submitted in March 2026. The company still requires approval from the Federal Deposit Insurance Corporation (FDIC) for deposit insurance and from the Federal Reserve to become a bank holding company, both of which remain pending. Upstart Bank, N.A. will not begin operations until all required approvals are received and conditions set by the OCC are satisfied, including capitalization, governance, and operational readiness requirements.

According to the company's press release, the charter would allow Upstart Bank to originate consumer loans nationwide and accept FDIC-insured deposits. Upstart stated that existing bank, credit union, and institutional funding partners are expected to continue purchasing the majority of loans originated on its platform, with the new bank intended to complement those partnerships rather than replace them.

"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," said Paul Gu, Upstart's Co-Founder and CEO.

Annie Delgado, Upstart's Chief Risk Officer and proposed Chief Executive Officer of Upstart Bank, N.A., noted that the charter process involved extensive review. "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," she said.

Upstart was advised by the Klaros Group on matters related to its de novo charter application.