Posted on Wednesday, Apr 13th 2022
According to a recent report, the
global digital lending platform market is expected to grow 17% CAGR to reach $20.31 billion by 2027. San Mateo-based Upstart (NASDAQ: UPST) is a leading player in the market that continues to deliver impressive growth. Upstart’s Financials
Upstart’s fourth quarter revenues grew an impressive 252% to $305 million, surpassing the market’s estimates of $262.1 million. Non GAAP EPS was $0.89, compared with the market estimate of $0.49 for the quarter.
Among key metrics, its bank partners originated 495,205 loans totaling $4.1 billion across its platform, recording a growth of 301%. Conversion on rate requests was 24%, compared with 17% a year ago.
For the full fiscal year, Upstart’s revenues grew a whopping 264% to $849 million. GAAP net income was $135 million and non GAAP net income was $224 million or $2.37 per share.
For the first quarter, Upstart forecast revenues of $295-$305 million. For the full year 2022, it forecast revenues of around $1.4 million.
Upstart’s Product Expansion
Recently, Upstart announced its partnership with the National Bankers Association to improve the access to affordable credit for customers of minority-owned depository institutions (MDIs). The partnership will provide MDIs with advanced digital lending technology and the ability to provide smaller personal loans economically to their communities. It also announced its partnership with Abound Credit Union which will provide personal loans through AI-powered all-digital lending.
Upstart continued to expand its retail vertical-focused offerings that continue to leverage its AI capabilities. Earlier this year, it announced the release of Upstart Auto Retail software, which includes AI-enabled financing. The cloud-based solution drives an improved car buying experience for both consumers and dealerships. The new software provides access to Upstart-powered auto loans by allowing dealers to provide an end-to-end online and in-store shopping experience. Upstart released the Auto Retail offering last year and has since seen an increase in its adoption among car dealers. It has improved the program offering by adding mobile capabilities to the experience as well. VW became the latest auto manufacturer to include Auto Retail in its offering. It joined other manufacturers including Toyota, Lexus, Subaru, Mitsubishi, and Kia on the platform.
According to a
National Automobile Dealers report, approximately $1 trillion worth of cars are sold in the US each year, and most of them are financed. However, less than 1% of car buyers are satisfied with the existing car buying process. Upstart Auto Retail with AI-enabled loans is targeting this market to help build a solution that will improve the overall car buying experience and capture this high potential market.
Upstart’s stock is currently trading at $83.96 with a market capitalization of $7.1 billion. It was trading at a 52-week high of $401.49 in October last year and hit a 52-week low of $75.15 in January.
Disclosure: All investors should make their own assessments based on their own research, informed interpretations, and risk appetite. This article expresses my own opinions based on my own research of product-market fit, channel execution, and other factors. My primary interest is in product strategy. While this may have bearing on stock movements, my writings tend to focus on long-term implications. The information presented is illustrative and educational, but should not be regarded as a complete analysis nor recommendation to buy or sell the securities mentioned herein. I am not a registered investment adviser and I am not receiving compensation for this article. This segment is a part in the series : Cloud Stocks . Smartsheet Acquiring Bootstrapped Startups to Drive Growth . Bootstrapped Unicorn Atlassian is Acquiring Capital Efficient Startups . Netflix Price Hike Ruffles Competition . How Will Carbon Black Differentiate? . 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