Upstart renews $600M loan deal with Neuberger Specialty Finance

Upstart Holdings (NASDAQ: UPST) has renewed a forward-flow agreement with Neuberger Specialty Finance, under which funds managed by Neuberger Specialty Finance are expected to invest in up to $600M of consumer loans originated through the Upstart platform.

Neuberger Specialty Finance is the asset-based investment team within Neuberger, a global investment management firm that manages over $155 billion of investor commitments across its private markets division.

Sanjay Datta, President of Capital & Enterprise at Upstart, said the renewal reflects an ongoing relationship across multiple market environments. Peter Sterling, Managing Director and Head of Specialty Finance at Neuberger, cited Upstart's approach to credit and borrower outcomes as reasons for continued participation.

Upstart, based in San Mateo, California, operates an AI-based lending platform that connects consumers with banks and credit unions. The company states that more than 90% of loans on its platform are fully automated.

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