Upstart Secures OCC Conditional Approval for AI‑Powered National Bank

Upstart Holdings, a Nasdaq‑listed AI lending marketplace, announced that the Office of the Comptroller of the Currency has granted conditional approval to create Upstart Bank, N.A., a national bank that will be built from the ground up around artificial‑intelligence‑driven underwriting.

The charter, filed in March 2026, would let Upstart originate consumer loans nationwide, accept FDIC‑insured deposits, and operate without physical branches from a Delaware base. Pending further approvals from the FDIC for deposit insurance and the Federal Reserve for bank‑holding status, the bank aims to lower lending costs and reduce reliance on third‑party capital partners. Annie Delgado, Upstart’s chief risk officer, is proposed as chief executive of the new bank, and co‑founder Paul Gu highlighted the move as a step toward “radically reducing the cost and complexity of credit for all Americans.”