AMOCO Federal Credit Union Selects Upstart for Personal Lending

Business Wire 14-Aug-2024 9:00 AM

AMOCO Federal Credit Union (AMOCO), a Texas-based, member-owned cooperative organization with over 106,000 members and over $1.4 billion in assets, has announced a new partnership with Upstart (NASDAQ:UPST), the leading artificial intelligence (AI) lending marketplace, to provide personal loans to new and existing members.

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"AMOCO Federal Credit Union strives to be there for all of the financial needs of our members and the communities we serve," said Jeremy Silva, Chief Financial Officer at AMOCO Federal Credit Union. "AMOCO chose to partner with Upstart to provide a fast, convenient, all-digital personal lending experience that meets the expectations of our members and provides more access to affordable credit to underserved communities."

AMOCO Federal Credit Union started lending as a partner on the Upstart Referral Network in March 2023. With the Upstart Referral Network, qualified personal loan applicants on Upstart.com who meet AMOCO's credit policies will receive tailored offers as they seamlessly transition into an AMOCO Federal Credit Union-branded experience to complete the online member application and closing process.

"We are proud to have AMOCO Federal Credit Union as part of the Upstart Referral Network," said Michael Lock, Senior Vice President of Lending Partnerships at Upstart. "As an Upstart lending partner, AMOCO is able to serve more individuals in the Houston and Galveston markets with their personal loan offering."

To learn more about Upstart for Credit Unions and the Upstart Referral Network, please watch this video.

About Upstart

Upstart (NASDAQ:UPST) is the leading AI lending marketplace, connecting millions of consumers to more than 100 banks and credit unions that leverage Upstart's AI models and cloud applications to deliver superior credit products. With Upstart AI, lenders can approve more borrowers at lower rates across races, ages, and genders, while delivering the exceptional digital-first experience customers demand. More than 80% of borrowers are approved instantly, with zero documentation to upload. Founded in 2012, Upstart's platform includes personal loans, automotive retail and refinance loans, home equity lines of credit, and small-dollar "relief" loans. Upstart is based in San Mateo, California, and Columbus, Ohio.

About AMOCO Federal Credit Union:

Headquartered in Texas City, TX, and recognized as one of the top five credit unions in the Houston/Galveston market, AMOCO Federal Credit Union is a member-owned cooperative organization with over 106,000 members and over $1.4 billion in assets. AMOCO's mission is to serve the financial needs of our members, and it has kept that commitment for more than 86 years. For more information, visit www.amocofcu.org.

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