Carver Federal Savings Bank Partners with Artificial Intelligence (AI) Lending Marketplace Leader Upstart to Enhance its Loan Offering Capabilities and Expand Credit
01 Décembre 2022 - 3:00PM
Business Wire
The partnership will accelerate Carver's
ability to lend in diverse, middle-income communities through
cutting-edge technology
Carver Federal Savings Bank ("Carver" or the "Bank"), a
certified Minority Depository Institution ("MDI"), today announced
that it has partnered with Upstart (NASDAQ: UPST), a leading
artificial intelligence (AI) lending marketplace, to provide
personal loans to more borrowers and unlock credit where it is
needed the most.
This press release features multimedia. View
the full release here:
https://www.businesswire.com/news/home/20221201005444/en/
"Upstart's AI technology is supporting Carver Bank’s priority to
provide affordable credit to our customers. By using AI, we are
expanding credit access while more appropriately assessing the
creditworthiness of loan applicants to go beyond narrowly focused
traditional credit scores," said Michael T. Pugh, President and CEO
of Carver. “Our partnership with Upstart is yet another way Carver
aims to spread economic empowerment across the diverse communities
the Bank serves."
Carver Federal Savings Bank became an Upstart lending partner in
August 2022 and is part of the Upstart Referral Network. With the
Upstart Referral Network, qualified personal loan applicants on
Upstart.com who meet Carver’s credit policies receive a tailored
offer from the Bank as they seamlessly transition into a
Carver-branded experience to complete the online application and
closing process.
“We are excited to partner with Carver to provide the
communities the Bank serves with greater access to fairly-priced
credit,” said Michael Lock, SVP of Lending Partnerships for
Upstart. “Through the partnership with Upstart, Carver is enhancing
its offerings and delivering an all-digital, personal lending
experience that better meets the needs of more consumers during
these challenging times."
To learn more about the partnership, watch this video.
About Upstart
Upstart (NASDAQ: UPST) is a leading AI lending marketplace
partnering with banks and credit unions to expand access to
affordable credit. By leveraging Upstart’s AI platform,
Upstart-powered banks and credit unions can have higher approval
rates and lower loss rates across races, ages, and genders while
simultaneously delivering the exceptional digital-first lending
experience their customers demand. More than two-thirds of Upstart
loans are approved instantly and are fully automated. Upstart was
founded by ex-Googlers in 2012 and is based in San Mateo,
California and Columbus, Ohio.
About Carver Bancorp, Inc.
Carver Bancorp, Inc. (NASDAQ: CARV) is the holding company for
Carver Federal Savings Bank, a federally chartered stock savings
bank. Headquartered in Harlem, NY, Carver was founded in 1948 to
serve African American communities whose residents, businesses, and
institutions had limited access to mainstream financial services.
The U.S. Treasury Department has designated Carver as a Community
Development Financial Institution ("CDFI") because of its
community-focused banking services and dedication to its local
community's economic viability and revitalization. Carver is one of
the largest African- and Caribbean-American managed banks in the
United States. The Bank recently expanded its online presence to
include consumer checking and savings accounts across nine states,
from Massachusetts to Virginia, and Washington, D.C. For further
information, please visit the Company's website at
www.carverbank.com. Be sure to connect with Carver on Facebook,
LinkedIn, and Twitter.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221201005444/en/
Press Contact press@upstart.com
Michael Herley for Carver 203.308.1409
mediainquiries@carverbank.com
Carver Bancorp (NASDAQ:CARV)
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