Artificial intelligence (AI) lending marketplace Upstart has secured a $1bn (£0.74bn) forward-flow commitment with alternative asset managers Eltura Capital Management and Aperture Investors, alongside co-investors.
The investor group has agreed to purchase up to $1bn of consumer loans originated through the Upstart platform over the next 12 months, building on an existing relationship between the parties.
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“We are stoked to deepen our relationship with Eltura and welcome Aperture as a new partner,” said Sanjay Datta, president and chief capital officer at Upstart. “This agreement is a step forward in ensuring a robust and diverse funding ecosystem for Upstart’s loans. It’s a win for our platform, our partners, and the borrowers we serve.”
Eltura specialises in asset-based finance and structured credit opportunities, while Aperture Investors is a $5.8bn alternative asset manager that is part of Generali Investments.
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“We are excited to partner with a pioneer in AI-driven lending and believe this forward-flow arrangement reflects a strong alignment between our firms,” said Martin Ego, founder and chief investment officer at Eltura. “The Upstart platform represents a compelling opportunity for Eltura to deploy proprietary capital and source consumer loans.”
Nick Turgeon, global head of asset-based finance and portfolio manager at Aperture Investors, added: “We’re pleased to partner with Upstart and Eltura on this forward flow program.
“Upstart’s disciplined, technology-driven origination platform aligns with our investment focus of partnering with top tier originators.”
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