Upstart Holdings, Inc. (UPST) exceeded analysts’ expectations for both earnings and revenue in the third quarter of 2024, reporting a loss of seven cents per share and revenue of $162.14 million. The company’s lending volume surged by 43% sequentially, indicating a return to growth. Upstart expects continued momentum in the fourth quarter with forecasted revenue of $180 million. UPST shares jumped over 14% in after-hours trading following the positive results.
AFC Gamma, a leading cannabis lender, and Ascend Wellness, a multi-state cannabis operator, are both set to report their third-quarter 2024 earnings this week. Investors will be closely watching for updates on their financial performance, lending activities, and growth strategies in the evolving cannabis market.
Green Check Verified has teamed up with CTrust and Coda Capital to create a platform that allows financial institutions to start lending to compliant cannabis businesses within 60 days. The partnership combines Green Check’s industry expertise, CTrust’s risk-based pricing engine, and Coda’s innovative loan participation program.
China’s central bank kept benchmark lending rates unchanged in August, reflecting a cautious approach as policymakers balance supporting economic growth with maintaining financial stability. The decision comes as banks face shrinking profit margins and the economy shows signs of weakness. While a rate cut was expected by economists, the PBOC’s focus has shifted to managing liquidity through other tools, with further easing anticipated in the coming months.
Upstart Holdings, Inc. (UPST) stock experienced a significant surge on Monday, driven by strong bullish options activity and a new partnership with AMOCO Federal Credit Union. The partnership will expand Upstart’s lending platform to AMOCO’s members, boosting investor confidence in the company’s growth prospects.
Mastercard is transforming the lending landscape with its Open Banking for Lending initiative, offering innovative solutions that simplify the process and empower consumers with greater control over their finances. By leveraging consumer-permissioned data, including income verification, cash flow analysis, and rent history, Mastercard is creating more inclusive pathways for individuals to access credit and participate fully in the digital economy.
Registering to vote can give your credit score a boost, as lenders use the electoral roll to verify your identity when you apply for credit. Make sure your details are up to date and consistent across all your accounts, and consider using a basic credit card and paying off the balance every month to further improve your score.
Upstart, a company that uses artificial intelligence to assess creditworthiness, has faced headwinds in the rising interest rate environment. While its revenue and conversion rates have improved recently, its balance sheet remains a concern due to its heavy reliance on debt. The timing of rate cuts remains uncertain, as does the impact of rising consumer delinquencies on Upstart’s loan performance. As a result, the analyst maintains a ‘hold’ rating on the stock, but acknowledges the potential for a ‘buy’ recommendation in the future if rates begin to fall.
