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Here’s How P2P Platform Upstart Has Moved Into Profitability

The peer to peer lending platform Upstart has turned things around in a short time. While the lending platform helped in generating big returns for investors – the platform itself has also started posting big profits.

Launched in 2012, the peer to peer lending platform Upstart started generating hefty profits over the last couple of quarters amid its smart business strategies. The strategy of offering small loans on easy requirements along with providing the maximum level of safety to investors pushed the company towards substantial profits.

In a recent interview, Upstart CEO Dave Girouard said they are making close to $2 million in monthly profits – which is huge money for an early stage company. The CEO claims their profits have been increasing month over month; the P2P platform expects to double its profits in the coming days. Read our analysis about P2P industry growth prospects by clicking here

How Does Upstart Make Money? Upstart helps in connecting borrowers with the lender and the platform charge a fee to both parties for their services. Upstart charges almost 5% off the principal of every loan, according to Dave Girouard. It is a regulated P2P platform. Read our analysis about regulated platform’s here

The sustainable growth in the numbers of loans can only help in turning the peer to peer platform towards profitability.

In the case of Upstart, the management has successfully increased the numbers of loans and lenders. It has originated more than $3.5 billion in loans since 2014. Surprisingly, almost 90% of loans are either current or paid in full.

Along with improving borrowers and lender confidence, it has also been supporting the growth through partnerships and automation. Its management is focusing on technology to improve the user’s experience and profitability. Their automation loan process has been adding to confidence as the median time to close a loan deal is 28 minutes. They have also been successfully leveraging artificial intelligence and machine learning in their underwriting.

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Based in Saudi Arabia, Siraj has a strong understanding of and passion for accounting and finance. He has worked for international clients for many years on several projects related to the stock market, equity research and other business, accounting and finance related projects. Siraj is a published financial analyst on the world's leading websites including SeekingAlpha, TheStreet, MSN, and others.