BOSTON, Oct. 18, 2021 /PRNewswire/ -- Berkshire
Hills Bancorp, Inc. (NYSE: BHLB), the parent company of Berkshire
Bank, a socially responsible community-dedicated bank with branch
locations in New England and New
York, announced that the
Bank has entered into a partnership with
Upstart (NASDAQ: UPST), a leading artificial intelligence (AI)
lending platform designed to improve access to affordable credit
while reducing the risk and costs of lending.
Berkshire Bank will expand consumer lending
options via a seamless, digital experience enabled
by Upstart's lending platform
and the Upstart Referral Network.
"We are excited to enter this partnership with
Upstart," said Nitin Mhatre,
CEO of Berkshire Bank. "With an exceptional all-digital personal
loan experience, it will make credit more accessible and aligns
with our focus on reaching more people in our communities
while helping grow our consumer lending business. It's also the
first of many programs to result directly from the 'digitize'
pillar within Berkshire's Exciting
Strategic Transformation (BEST) plan."
Berkshire became an Upstart
lending partner in August 2021 and
will leverage Upstart's AI lending platform for personal loans to
make better and faster risk-based credit decisions and approve more
creditworthy borrowers.
"This partnership will help Berkshire grow our consumer loan
portfolio," said Ellen
Steinfeld, EVP, Head of Consumer Lending and Payments. "With
the predictive underwriting models and lower fraud rates delivered
by the Upstart AI-based lending platform, Berkshire can deliver more inclusive
lending options that ensure our neighbors and communities continue
to thrive while delivering an enhanced customer
experience."
Upstart partners with banks to deliver data-driven
decisions through AI and enable broader distribution
of lending options to borrowers of all
backgrounds.
"We started on this journey because credit is not just a
cornerstone of our economy but a fundamental ingredient in the
lives of Americans," said Dave Girouard, Chief Executive
Officer and Co-Founder of Upstart. "For hundreds of
years, credit has represented opportunity and mobility for those
seeking what's next in their lives. Whether it's to learn a new
skill, relocate to a new city, start a new business, or buy a new
home or car, the price of credit is the price of opportunity and
mobility. It's the price of what's next."
ABOUT BERKSHIRE HILLS
BANCORP
Berkshire Hills Bancorp is the parent of Berkshire Bank, which is
transforming what it means to bank its neighbors socially, humanly,
and digitally to empower the financial potential of people,
families, and businesses in its communities as it pursues its
vision of being the leading socially responsible omnichannel
community bank in the markets it serves. Berkshire Bank provides
business and consumer banking, mortgage, wealth management, and
investment services. Headquartered in Boston, Berkshire has approximately $11.7 billion in assets and operates 107 branch
offices in New England and New
York, and is a member of the Bloomberg Gender-Equality
Index. To learn more, call 800-773-5601 or follow us on Facebook,
Twitter, Instagram, and LinkedIn.
ABOUT UPSTART
Upstart (NASDAQ: UPST) is a leading AI lending platform
partnering with banks and credit unions to expand access to
affordable credit. By leveraging Upstart's AI platform,
Upstart-powered banks and credit unions 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.
FORWARD-LOOKING STATEMENTS
This document contains
"forward-looking statements" within the meaning of section 27A of
the Securities Act of 1933, as amended, and section 21E of the
Securities Exchange Act of 1934, as amended. You can identify these
statements from the use of the words "may," "will," "should,"
"could," "would," "plan," "potential," "estimate," "project,"
"believe," "intend," "anticipate," "expect," "target" and similar
expressions. There are many factors that could cause actual results
to differ significantly from expectations described in the
forward-looking statements. For a discussion of such factors,
please see Berkshire's most recent
reports on Forms 10-K and 10-Q filed with the Securities and
Exchange Commission and available on the SEC's website at
www.sec.gov. Accordingly, you should not place undue reliance on
forward-looking statements, which reflect our expectations only as
of the date of this document. Berkshire does not undertake any obligation to
update forward-looking statements.
Media Contact:
Marc DeNofio AVP, Public Relations Officer
Email: mdenofio@berkshirebank.com
Tel: (518) 322-5601
Upstart Media Contact:
Mike Nelson
Email: mike.nelson@upstart.com
Investor Relations Contacts:
Kevin Conn, SVP, Investor Relations
& Corporate Development
Email: KAConn@berkshirebank.com
Tel: (617) 641-9206
David Gonci, Capital Markets
Director
Email: dgonci@berkshirebank.com
Tel: (413) 281-1973
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SOURCE Berkshire Hills Bancorp, Inc.