WSFS Bank Launches Digital Personal Loans Platform, Powered by Upstart
September 21 2021 - 9:00AM
WSFS Bank, the primary subsidiary of WSFS Financial
Corporation (Nasdaq: WSFS), today announced it has launched a
digital personal loans product powered by Upstart, (NASDAQ: UPST),
a leading artificial intelligence (AI) lending platform. WSFS’s
partnership with Upstart expands the Bank’s personal loan offerings
to a wider, more inclusive Customer base while diversifying its
business and creating more digital-friendly Customer experiences.
“WSFS Bank is excited to partner with Upstart, combining their
leading technology with our nearly 200 years of experience as a
service-oriented, locally-managed bank, to deliver a fast, easy
experience to reach and serve our Customers wherever they are,"
said Jim Wechsler, Senior Vice President, Chief Retail Lending
Officer at WSFS Bank. “With Upstart’s platform, we’re continuing
our Delivery Transformation, an investment in our technology and
delivery systems to meet the evolving needs of our Customers.
Through this partnership, we’re providing a more affordable
personal loan solution that meets the unique needs of our diverse
communities across the Greater Philadelphia and Delaware
region.”
“We’re excited that WSFS Bank has chosen to partner with Upstart
to serve the banking needs of its communities,” said Michael Lock,
SVP of Lending Partnerships for Upstart. “Through our partnership,
WSFS Bank is now able to reach and approve more creditworthy
borrowers while delivering a seamless, digital experience on its
own banking website.”
About WSFS Financial CorporationWSFS Financial
Corporation is a multi-billion-dollar financial services company.
Its primary subsidiary, WSFS Bank, is the oldest and largest
locally managed bank and trust company headquartered in Delaware
and the Greater Philadelphia region. As of June 30, 2021, WSFS
Financial Corporation had $15.1 billion in assets on its balance
sheet and $26.7 billion in assets under management and
administration. WSFS operates from 112 offices, 89 of which are
banking offices, located in Pennsylvania (52), Delaware (42), New
Jersey (16), Virginia (1) and Nevada (1) and provides comprehensive
financial services including commercial banking, retail banking,
cash management and trust and wealth management. Other subsidiaries
or divisions include Arrow Land Transfer, Cash Connect®, Cypress
Capital Management, LLC, Christiana Trust Company of Delaware®,
NewLane Finance®, Powdermill® Financial Solutions, West Capital
Management®, WSFS Institutional Services®, WSFS Mortgage®, and WSFS
Wealth® Investments. Serving the Greater Delaware Valley since
1832, WSFS Bank is one of the ten oldest banks in the United States
continuously operating under the same name. For more information,
please visit www.wsfsbank.com.
About UpstartUpstart (NASDAQ: UPST) is a
leading AI lending platform partnering with banks to expand access
to affordable credit. By leveraging Upstart's AI platform,
Upstart-powered banks can have higher approval rates and lower loss
rates, while simultaneously delivering the exceptional
digital-first lending experience their customers demand. More than
two-thirds of Upstart loans are approved instantly and are fully
automated. Upstart was founded by ex-Googlers in 2012 and is based
in San Mateo, California and Columbus, Ohio.
WSFS Bank Media Contact: Eric Springer |
espringer@wsfsbank.com |
|
Upstart Media Contact: Mike Nelson |
mike.nelson@upstart.com |
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