Upstart Stock Pops After The Close: Here's Why - Upstart Holdings (NASDAQ:UPST)

Upstart to apply for national bank charter

“The time is right to launch the first bank built from the ground up on AI,” Paul Gu, the fintech’s incoming CEO, said Tuesday.

Upstart Stock Pops After The Close: Here's Why - Upstart Holdings (NASDAQ:UPST)

Upstart shares are moving higher in Tuesday's after-hours session after the company announces plans to apply for a national bank charter.

Upstart seeks approval to launch national bank

Upstart Holdings has announced plans to apply for a national bank charter, submitting applications to both the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) to establish Upstart Bank, N.A.   The firm will also seek approval from the Federal Reserve to become a bank holding company.  The company said that this move could lower operational and financial costs as well as complexity for itself a…

Upstart to apply for bank charter for efficiency, not rivalry

The online lender, known for being an AI pioneer, says it wants a national bank license simply for efficiency's sake.