October 11, 2024 - by Editoral Team

Upstart and Blue Owl Partner on $2 Billion Consumer Credit Agreement

11 October 2024

New York, October 11, 2024 - PRISM MediaWire - Upstart (Nasdaq: UPST), an AI-driven lending marketplace, has announced a significant loan purchase agreement with funds managed by Blue Owl Capital. Under the terms of the deal, Blue Owl’s Alternative Credit strategy will acquire up to $2 billion in consumer loans through the Upstart platform over the next 18 months. The agreement also includes an initial acquisition of a $290 million personal loan portfolio, which closed in September.

David Aidi, Co-Head of Financial Assets at Blue Owl Alternative Credit, commented, "We are excited to support Upstart’s mission to transform the consumer lending process for both borrowers and lenders." Ray Chan, also Co-Head of Financial Assets at Blue Owl, added, "We are proud to leverage our data science expertise and deep experience in the consumer credit space as we collaborate with Upstart on this initiative."

David Aidi, Co-Head of Financial Assets at Blue Owl Alternative Credit

Sanjay Datta, Chief Financial Officer of Upstart, expressed his enthusiasm for the partnership, stating, "This is one of our largest purchase commitments to date, and we are thrilled to work with the Blue Owl team. Their innovative approach and long-term vision align with our goal of expanding access to affordable credit."

Sanjay Datta, Chief Financial Officer of Upstart

Debt financing for the loan purchases will be provided by ATLAS SP Partners, a majority-owned subsidiary of Apollo funds, through its warehouse finance and securitized products division.

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