Carver Federal Savings Bank Partners With Artificial Intelligence Lending Marketplace Leader Upstart To Enhance Its Loan Offering Capabilities And Expand Credit

Author: Benzinga Newsdesk | December 01, 2022 10:06am

Carver Federal Savings Bank ("Carver" or the "Bank"), a certified Minority Depository Institution ("MDI"), today announced that it has partnered with Upstart (NASDAQ:UPST), a leading artificial intelligence (AI) lending marketplace, to provide personal loans to more borrowers and unlock credit where it is needed the most.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20221201005444/en/

"Upstart's AI technology is supporting Carver Bank's priority to provide affordable credit to our customers. By using AI, we are expanding credit access while more appropriately assessing the creditworthiness of loan applicants to go beyond narrowly focused traditional credit scores," said Michael T. Pugh, President and CEO of Carver. "Our partnership with Upstart is yet another way Carver aims to spread economic empowerment across the diverse communities the Bank serves."

Carver Federal Savings Bank became an Upstart lending partner in August 2022 and is part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Carver's credit policies receive a tailored offer from the Bank as they seamlessly transition into a Carver-branded experience to complete the online application and closing process.

"We are excited to partner with Carver to provide the communities the Bank serves with greater access to fairly-priced credit," said Michael Lock, SVP of Lending Partnerships for Upstart. "Through the partnership with Upstart, Carver is enhancing its offerings and delivering an all-digital, personal lending experience that better meets the needs of more consumers during these challenging times."

To learn more about the partnership, watch this video.

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