Upstart Holdings Inc. has had one of the roughest rides of 2022, with its once-high-flying stock sinking more than 80% so far on the year.
The company, which uses artificial intelligence in loan decisions, has struggled amid a changing landscape for lending, as the management team has acknowledged that rising interest rates mean some potential borrowers don’t get approval for loans, or decline to take them out after seeing the quoted rates. Additionally, Upstart UPST has seen some of its funding partners pull back due to concerns...
“ “In the long run, we’re a business that has generated cash since we’ve been public, and very, very optimistic about where we’re going.” ” Girouard thinks that the economic “event” that has involved blue-collar workers is “behind us.” A potential recession, were it to occur, “is likely what we would term a ‘white-collar recession,’ just a different type of phenomenon,” he said.
Speaking about Upstart’s decision to fund more loans off its balance sheet, he offered that over the next year to 18 months, Upstart would “like to see probably some double-digit fraction of our capital flowing through our platform, being committed.”
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