NasdaqGS:UPSTConsumer Finance
Upstart Bank Charter Plan Puts Valuation And Funding Model In Focus
Upstart Holdings (NasdaqGS:UPST) plans to apply for a US national bank charter, establishing Upstart Bank, N.A.
The company intends to file applications with the OCC and FDIC, and seek Federal Reserve approval to become a bank holding company.
The move would position Upstart to operate as an insured national bank with direct access to consumer deposits.
For investors tracking NasdaqGS:UPST, this banking push comes after a difficult stretch for the stock. Shares recently closed at $25.76,...