UPST · Upstart Holdings, Inc.

Summary

Upstart Holdings, Inc. announced its plan to submit an application to the OCC and FDIC to establish an insured national bank, Upstart Bank, N.A., and to apply to the Federal Reserve to become a bank holding company. Subject to regulatory approval, this would reduce operational, regulatory, and financial costs and complexity, enabling better rates for borrowers.

Key takeaways

• Upstart plans to apply to OCC and FDIC for Upstart Bank, N.A. charter on March 10, 2026
• Upstart to apply to Federal Reserve for bank holding company approval
• Annie Delgado, Chief Risk Officer, proposed as CEO of Upstart Bank, N.A.
• Charter aims to reduce operational, regulatory, and financial complexity
• Bank will access deposit funding and lend directly with consistent rate structure
• Partners like banks and credit unions remain primary capital sources