Upstart, an artificial intelligence based lending platform that partners with banks and credit unions to provide consumer loans saw its shares sink more than 11% in premarket trading on Tuesday. Upstart executives were prompted to defend the effectiveness of their artificial intelligence loan model, while also pointing the finger at bank partners for their funding issues because many of them have pulled back credit due to the uncertain macroeconomic environment. Upstart intends to procure more committed financial partners to appease longer-term investors.
Upstart earnings spark questions about company’s ‘fintech’ narrative – MarketWatch
