SAN MATEO, Calif .– (COMMERCIAL THREAD) – Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced that Midwest BankCentre, St. Louis’ first community bank since 1906, has selected Upstart for expand its direct car loan business with a refinancing service.
With Upstart, Midwest BankCentre will be able to make faster credit decisions and more accurately price auto refinance applicants entirely on its own website. For borrowers who adhere to Midwest BankCentre’s credit policy, Upstart’s platform will provide individualized, risk-based pricing unique to the borrower and vehicle combination.
“With our continued commitment to serving our community, we want to expand auto refinancing to help our customers save money, ”said Dale Oberkfell, President of Midwest BankCentre. “To meet changing customer expectations, Upstart’s car loan platform will allow customers to refinance their car loan without going through an agency.
“We are delighted to welcome Midwest BankCentre to the Upstart family, ”said Michael Lock, senior vice president of banking partnerships. “We look forward to partnering with the Midwest BankCentre team to accelerate their AI-powered lending efforts. ”
Additionally, as an Upstart partner bank, Midwest BankCentre will also reach and serve a larger portion of its community through the Upstart referral network. This program allows Upstart to display Midwest BankCentre credit offers to consumers who come to www.upstart.com. Applicants who select these offers will seamlessly transition to the Midwest BankCentre brand experience to complete their application and close process.
For more information and to request a demo, please visit: https://www.upstart.com/for-banks/auto-loans/
Upstart (NASDAQ: UPST) is a leading AI lending platform that partners with banks to expand access to affordable credit. By leveraging Upstart’s AI platform, Upstart-powered banks can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital lending experience that demand their customers. Over two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by former Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.
About Midwest BankCentre
The bank is a local leader in the St. Louis Regional Financial Empowerment Coalition (formerly the St. Louis Regional Unbanked Task Force) and its Bank-On Save-Up St. Louis initiative. Since 2001, Midwest BankCentre has been awarded the Bauer Financial 5-star Superior financial rating consecutively each quarter. He was recognized for his success in bringing traditional financial services to the region’s unbanked and underbanked citizens and other contributions to diversity and inclusion with the 2019 American Bankers Community Engagement Award. Association Foundation and the 2018 National Community Bank Service Independent Community Award. The Bankers of America®.