Upstart Holdings, Inc. (UPST), an artificial intelligence lending marketplace, Tuesday announced a forward flow agreement worth up to $1 billion of consumer loans originating from the company's platform, with Eltura Capital Management, an alternative investment manager, Aperture Investors, an alternative asset manager of Generali Investments, and co-investors.
The agreement consists of a 12-month forward flow arrangement and builds on an existing relationship between the parties, representing the first forward-flow arrangement of this scale between Upstart and the investor group, the AI lending firm said in a statement.
In pre-market activity, UPST shares were trading at $28.48, up 2.48% on the Nasdaq.
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