Upstart Files To Go Public
Dave Girouard, Co-Founder and CEO, Upstart.Photo credit: jdlasica, licensed under CC BY 2.0 Upstart, a lending startup founded by an ex-Google veteran,…
|Dave Girouard, Co-Founder and CEO, Upstart.
Photo credit: jdlasica, licensed under CC BY 2.0
Upstart, a lending startup founded by an ex-Google veteran, has filed to go public with the US Securities and Exchanges Commission (SEC), listing a placeholder amount of $100 million that’s, however, subject to change. Upstart is looking to go public eight years after its founding and over $160 million in private funding raised along the way. The consumer lender was founded in 2012 by Dave Girouard, a tech veteran who was previously the president of Google Enterprise.
Upstart has a strong business, one that produced $164.2 million in revenue last year and a net loss of $4.9 million in the same period. In the previous year, Upstart clinched $99.3 million in revenue and $11.2 million in losses. Apparently, Upstart has grown rapidly, with its 2019 revenue up about 70% from the previous year. The company also cut its losses by more than half in the same year.
In the first nine months of this year, Upstart recorded $144 million in revenue and a profit of $4.6 million, its profitability status making it stand out in a crowd of private tech companies looking to hit the public markets.
Upstart is a consumer lender that facilitates loans to consumers from a group of partner banks and financial institutions. The company adopts artificial intelligence to gauge creditworthiness for its borrowers.
Upstart is backed by a host of venture investors that stand to profit from its public listing. The company’s backers include the likes of Khosla Ventures, First Round Capital, Blue Ivy Ventures, the Healthcare of Ontario Pension Plan, and Japanese e-commerce company Rakuten.