Upstart Holdings, Inc. Common stock Goldman Sachs Communacopia + Technology Conference 2026

Yeah. Excited to be here.

Yeah, I think hopefully we showed in Q2 that we're well on our way. In Q2, I think we did something like 3.5 times as much growth in this core personal loan segment as we did in the prior three quarters combined. So a real trajectory change in what's growing in the business and what's not. Yeah, like I said, core personal loans is what we're really, really good at doing. I think we're world-class at being able to do risk separation in this product. As a result of that, we can identify a lot of really good borrowers that we can underwrite uniquely in the market. Therefore, we have a lot of pricing power in. So this is a high-margin product. We're very differentiated, and we can achieve the combination of high growth, high profitability, and good credit performance in the segment.

Naturally, we want to do more of it.

Yeah, it's a good question. Really, it is a cross-company effort to grow any particular business. Something that we've been doing as long as core personal loans, it's never any one or two really simple, obvious things. It's like every team needs to orient its goals around doing this as opposed to something else, and there's always trade-offs in what people focus on. So for us, it's like you can think of the steps of the funnel as there's targeting and marketing, right?

There's these questions of, okay, you have a team that's working on building targeting models for different channels. Do you want them to figure out this problem? How do you get 3% more core personal loan borrowers, or do you want them to find something else? I think we were prioritizing the something else in earlier quarters, and we switched the priority back to this core segment this quarter. The same is basically true of every team as you go each step down the funnel, and you can just imagine there's a bunch of different teams at each step. There's the people who then care about, okay, once some eyeballs show up at the website, how do you convert them to applications? How do you convert those into approvals? How do you convert those into what we call rate accepts?

How do you get those people through verification? The problems of what kind of verification problems or what kinds of automation problems a core personal loan user has versus different segments or different types of loan users have are just different. We just put more emphasis for every team to focus on this as their number one thing, and you can see step function change in results.

Yeah. We definitely made some changes, and I think maybe the meta thing is I really believe in having consolidated focus and really having crisp alignment across the whole company on what are our top priorities, and you just can't have too many of them. Among other things, one example is we paused on our auto refi product. That's a product that we've been working on for a few years. It was a good product. I think it was something that, in some version of the company, we would still be working on. I think it certainly could have had a role, and there's all these different advantages that that product offered. But it wasn't as high potential, high growth, high momentum as some of our other product bets, so we consolidated that one away.

Today, every single bet that we've got left at the company is one I'm really excited about. I think all of them share the characteristics that they have extremely large addressable markets. They're adjacent to something that the company is already really good at. They have high momentum that we're capitalizing on and doubling down in.