San Mateo, Calif., Feb 23 — Upstart Holdings, Inc. (NASDAQ: UPST), the leading artificial intelligence (AI) lending marketplace, today announced the previous sale of a $333 million aggregate portfolio of Upstart Auto assets to affiliates of Bayview Asset Management, LLC.
“Upstart is a strong strategic fit with Bayview’s focus on disciplined capital deployment in the auto lending market,” said Carlos Prevolis, Managing Director at Bayview. “We’ve been impressed by Upstart’s growth and leadership in auto lending and look forward to continuing to strengthen our partnership.”
The auto portfolio sale is the first major transaction between Upstart and Bayview. It demonstrates growing interest in Upstart’s scaling auto platforms as well as strategic funding to optimize balance sheet usage for its newer products.
“Our exciting partnership with Bayview, who has both experience and scale in auto, validates our retail and refinance products momentum and comes at the perfect time as we continue expanding our auto business,” said Sanjay Datta, President and Chief Capital Officer at Upstart. “We look forward to continuing and growing our partnership with the team at Bayview.”