Former head of Google Enterprise and Upstart CEO Dave Girourard image: JD Lasica, socialmedia.biz

Peer-to-peer lending startup Upstart has raised $50 million funding from Progressive Investment Company, the Healthcare of Ontario Pension Plan, and First National Bank of Omaha. The company has now raised more than $160 million in funding and says it has more than $100 million in cash and equity capital on hand.

This round comes with a strategic partnership with the Progressive Investment Company. Upstart will be the newest offering to be added to Progressive’s portfolio of ”Advantage” products. Upstart loans will also be available through Progressive in the near future. The company says it has originated more than $3.3 billion in loans and claims it has seen loss rates less than half of that of peer-to-peer lending platforms with similar FICO credit scores.

The company says more than 60% of its loans made this year were automated and approved in real-time, and that it grew revenues by about 80% last year and reached profitability in the second half of the year. The company has also signed “Powered by Upstart” partnership agreements with the First National Bank of Omaha (a participant in this round), First Federal Bank of Kansas City and Accion Chicago.

Upstart was founded in 2012 and is based in the cities of San Carlos, California and Columbus, Ohio. Notable investors in the company include Rakuten, Blue Ivy Ventures, First Round Capital, Khosla Ventures, Green D Ventures, Collaborative Fund, and Third Point Ventures.

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