Blockchain
AI Lender Upstart Raises $50M and Announces New Bank Partnerships
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Upstart, the leading artificial intelligence (AI) lending platform, today announced a $50M equity investment from Progressive Investment Company Inc., Healthcare of Ontario Pension Plan, and First National Bank of Omaha.
Upstart has raised more than $160M since inception and has more than $100M in cash and equity capital on hand. Additionally, Upstart will be the newest offering in the Progressive portfolio of Advantage Products, which are third-party products offered to meet consumers’ changing needs. Upstart loans will be available through www.progressive.com in the near future.
“We started on this journey because credit is not just a cornerstone of our economy but a fundamental ingredient in the lives of Americans,” said Dave Girouard, Upstart co-founder and CEO and former president of Google Enterprise. “For hundreds of years, credit has represented opportunity and mobility for those seeking what’s next in their lives. Whether it’s to learn a new skill, to relocate to a new city, to start a new business, or to buy a new home or car, the price of credit is the price of opportunity and mobility. It’s the price of what’s next.”
Upstart co-founder Paul Gu added, “Credit is generally overpriced and unfairly distributed, because it relies on techniques developed before the advent of modern computing. But technology and data science, in the form of AI, have the opportunity to change all of that.”
After more than $3.3B in loans originated in the last five years, Upstart has demonstrated loss rates less than half those of peer platforms for borrowers with similar FICO scores. Furthermore, a study comparing Upstart’s model to those of several large U.S. banks showed that Upstart could cut their loan losses by three-quarters or almost triple their approval rates.*
Thus far in 2019, more than 60% of Upstart originations were entirely automated and approved in real time, an unprecedented feat in installment lending. On the back of strong unit economics and exceptional credit performance, Upstart grew revenues by about 80% in 2018 and reached profitability in the second half of the year.
Upstart’s business is designed not to compete with banks but to partner with them. Upstart launched its first partnerships with Customers Bank and its BankMobile division. Today, the company announced it has signed “Powered by Upstart” partnership agreements with First National Bank of Omaha, First Federal Bank of Kansas City and Accion Chicago. With Powered by Upstart, banks and other lenders can leverage Upstart’s AI platform in the form of a white-labeled lending application to power their own lending programs. The Powered by Upstart platform allows banks and other lenders to enforce their own credit policy and lending terms while benefiting from Upstart’s patent-pending risk modeling and automation.
“We chose to partner with Upstart because their approach to modernizing lending is well aligned with FNBO’s focus on a customer-centric experience,” said Marc Butterfield, senior vice president of enterprise digital solutions and emerging business at First National Bank of Omaha. “Upstart’s AI/ML-based pricing engine and automation will allow us to profitably serve a broader set of customers, within a great digital onboarding experience, than we could before.”
“Our mission at First Federal Bank of Kansas City is to help people build a better financial future,” said J.R. Buckner, president and CEO of First Federal Bank of Kansas City. “Fulfilling this mission means we must find innovative new ways to more effectively engage with current and prospective customers. Our partnership with Upstart is a key part of this strategy and will allow us to extend our products and services to a broader customer base that is more digitally savvy.”
“Accion Chicago’s mission is to help neighborhood entrepreneurs grow, which is why we provide our low-cost microloans to minority- and women-owned businesses who create jobs and wealth in underserved communities throughout Illinois and Indiana,” said Brad McConnell, CEO of Accion Chicago. “We believe that partnering with Upstart is the most creative, careful, and cost-effective way to lend to these inspirational small business owners that other lenders overlook.”
While personal loans are the fastest growing segment of credit, they’re far from the largest. With this equity round completed, Upstart expects to expand its AI platform to other types of credit. The company recently launched the first ever Upstart-powered credit cards with Customers Bank’s BankMobile division. Upstart partnered with BankMobile to develop two credit cards: the BankMobile Classic Mastercard and the BankMobile Rewards Mastercard, both available now via online application.
“We were excited to partner with Upstart as their vision of making credit more accessible aligns with our focus on low-cost banking services to low/middle-income Americans who have been left behind by the high-fee model of ‘traditional’ banks,” stated Luvleen Sidhu, Co-Founder, President and Chief Strategy Officer at BankMobile. “Upstart’s focus on automating the customer experience combined with their modeling capabilities further our goal of adding breadth to our growing banking products and services available to our customer base.”
Upstart CEO Dave Girouard will be on stage with Marc Butterfield, SVP from First National Bank of Omaha, at 12:00 p.m. on Tuesday, April 9 at LendIt Fintech USA 2019, taking place in San Francisco, California.
SOURCE Upstart
Exverse, a free-to-play game bringing a fresh take on AAA first-person-shooters to Web3, announces the launch of its native $EXVG token on ByBit, a top-three crypto exchange by volume with over 20 million users. The ByBit launch will be followed by spot listings on the MEXC and Gate exchanges. Ahead of its full alpha launch in mid-May, Exverse hosted a soft-launch tournament for 5,000 early registrees on April 15 with cash rewards for top performers.
During the last bull run, Web3 games rose to prominence under the play-to-earn mechanism that made games like “Axie Infinity” so popular. As this model became widely replicated, many of these blockchain-based games prioritized the crypto elements at the expense of the actual game aspects. This trend could be seen in practice by many titles opting to undergo a token launch before even having a working demo, disincentivizing developers to build a quality game, and leaving users with no ecosystem or functioning game to play and spend or the native currency in.
With Exverse approaching its full launch, players can earn $EXVG by performing well while using the native token to enter matches, purchase premium items, and more. The $EXVG token builds on Exverse’s extensive beta and serves as the ecosystem’s currency while the game’s community witnessed a 20 percent growth in verified signups within a month. Supporting Exverse in their token launch are prominent launchpads and incubators that include Seedify, ChainGPT, and GameFi.
To build momentum for its upcoming alpha launch in mid-May, Exverse showcased its game by holding an exclusive deathmatch-style tournament for 5,000 early wait listers on April 15. The five-day tournament, which took place on the game’s ‘Battle Planet,’ gives players a chance to demonstrate their skills and win rewards via stablecoins and tokens. With $50,000 in total up for grabs, the top 100 performers earned at least $200. Top five finishers earnings were dispersed accordingly:
1st place: $4,000
2nd place: $2,000
3rd place: $1,500
4th and 5th place: $1,000
Built using Epic’s Unreal Engine 5, Exverse utilizes blockchain technology to strike a balance between enjoyable, realistic, and immersive real-time gameplay. The game prioritizes skill over pay-2-win mechanics, enabling players to earn rewards by staking tokens before a season’s kickoff. Top performers receive a share of profits from in-game NFTs such as cosmetics and skins.
To support the ecosystem’s development, expansion, and growth while rewarding the team and its early supporters, 400 million $EXVG will be minted.
“We are extremely excited about our token launch and proud to work with a great partner like ByBit to make it happen,” says Fei Ooi Hoong, CEO of Exverse. “We worked tirelessly to develop a diverse, engaging, and intuitive first-person shooter capable of revolutionizing how the public views blockchain-based gaming. Our talented team tapped into its background in traditional gaming to develop a rich and immersive gaming experience and then strategically implemented the NFT elements and in-game economics to enhance the user experience.”
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According to a report from CoinTelegraph, nearly forty percent of institutional investors in Canada have exposure to cryptocurrency, as revealed by KPMG. This finding underscores the growing acceptance and adoption of digital assets among institutional investors in the country.
The report indicates that a significant portion of institutional investors in Canada are actively investing in or exploring opportunities in the cryptocurrency market. This trend reflects a shift in sentiment towards digital assets, with more investors recognizing the potential for long-term growth and diversification offered by cryptocurrencies.
KPMG’s findings highlight the increasing mainstream acceptance of cryptocurrencies among traditional investors, as well as the growing interest in blockchain technology and its potential applications across various industries. As institutional investors continue to enter the cryptocurrency market, they are expected to bring additional capital and liquidity, further fueling the growth and maturation of the digital asset ecosystem.
Overall, KPMG’s report signals a significant milestone in the adoption of cryptocurrencies in Canada, indicating that institutional investors are increasingly recognizing the value proposition of digital assets and integrating them into their investment portfolios. This trend is likely to accelerate the broader adoption and mainstream acceptance of cryptocurrencies in the country and beyond.
Source: cointelegraph.com
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Blockchain
BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests
The BounceBit (BB) Megadrop is now open for participation, as announced by Blockchain.News. This event presents an exciting opportunity for users to earn BB tokens by engaging in various activities, including subscribing to BNB locked products and completing Web3 quests.
Participants can join the BB Megadrop by subscribing to BNB locked products or completing Web3 quests, both of which offer different avenues for earning BB tokens. By participating in these activities, users have the chance to accumulate BB tokens and potentially benefit from the rewards associated with the Megadrop.
Subscribing to BNB locked products allows users to earn BB tokens by locking their BNB assets for a specified period. This not only provides users with an opportunity to earn rewards but also contributes to the liquidity and stability of the BounceBit ecosystem.
Additionally, completing Web3 quests offers users an alternative way to earn BB tokens by engaging in various tasks and challenges related to Web3 technology. These quests provide users with a fun and interactive way to learn about blockchain and cryptocurrency while earning rewards in the form of BB tokens.
Overall, the BB Megadrop presents an exciting opportunity for users to participate in the BounceBit ecosystem and earn rewards by engaging in activities that contribute to the growth and development of the platform. As the Megadrop progresses, participants can look forward to additional opportunities to earn BB tokens and potentially benefit from the rewards associated with this event.
Source: blockchain.news
The post BounceBit (BB) Megadrop Now Open: Participate by Subscribing to BNB Locked Products or Completing Web3 Quests appeared first on HIPTHER Alerts.
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