SAN MATEO, Calif.--(BUSINESS WIRE)--Upstart (NASDAQ: UPST), a leading artificial intelligence (AI) lending platform, today announced Drummond Community Bank, a premier institution serving Florida communities since 1990, has partnered with Upstart to provide personal and auto loans to better serve their customers and community.
Drummond Community Bank became an Upstart bank partner in March 2021 and will be offering personal loans and auto loan refinancing powered by Upstart’s all-digital, AI-lending platform on its bank website.
“Drummond Community Bank is partnering with Upstart to enhance credit access to improve the financial lives of people in our community,” said Matthew Gallman, Vice President and Enterprise Risk Officer at Drummond Community Bank. “With Upstart’s AI lending platform, we will be able to identify and lend to more people in our community who can benefit from affordable credit.”
As an Upstart bank partner, Drummond Community Bank will also be part of the Upstart Referral Network. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet Drummond Community Bank’s credit policies and risk parameters receive tailored offers as they seamlessly transition into a Drummond Community Bank-branded experience to complete the online application and closing process.
“We are excited to have Drummond Community Bank be part of the Upstart family of bank partners,” said Michael Lock, SVP of Bank Partnerships for Upstart. “Through our AI lending platform, Drummond Community Bank will be able to offer its customers an all-digital personal and auto refinance experience that consumers today expect."
Upstart (NASDAQ: UPST) is a leading AI lending platform partnering with banks to expand access to affordable credit. By leveraging Upstart's AI platform, Upstart-powered banks can have higher approval rates and lower loss rates, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated. Upstart was founded by ex-Googlers in 2012 and is based in San Mateo, California and Columbus, Ohio.
About Drummond Community Bank
Drummond Community Bank is a state-chartered financial institution in northern Florida with total assets exceeding $800 million. Drummond offers a wide range of business and personal services and products to the communities through 19 office locations in 10 Florida counties. For more information on the bank, please visit Drummond Community Bank’s website at drummondbank.com.