Upstart, an AI-powered lending marketplace, has entered into a forward-flow agreement with funds managed by affiliates of Fortress Investment Group.
Under the deal, Fortress will acquire up to $1.25bn in consumer loans originated via the Upstart platform over a 15-month period.
Upstart operates as an AI-driven lending marketplace, connecting millions of consumers with more than 100 banks and credit unions.
Its AI models and cloud-based applications are used by lenders to offer credit products, with the company reporting that over 90% of its loans are fully automated without human involvement.
The platform spans personal loans, automotive retail and refinance loans, home equity lines of credit, and its Cash Line product — a revolving line of credit. Founded in 2012 and headquartered in San Mateo, California, Upstart trades on the Nasdaq under the ticker UPST.
Upstart president, capital & enterprise Sanjay Datta said, “We’re excited to expand our partnership with Fortress with this latest agreement. Our wide array of capital partners strengthens our resilient and stable foundation to continue driving down the cost and complexity of borrowing.”
Fortress Investment Group managing director Matt Biczak said, “This expanded agreement with Upstart underscores our focus on sourcing differentiated, high-quality consumer credit opportunities for our investors.
“Upstart’s data-driven platform enables efficient access to scaled origination, and we believe this partnership positions us well to continue generating durable, compelling risk-adjusted returns across market environments.”
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