# Upstart Network

Upstart Network is an Asset Manager based in San Carlos, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** San Carlos, United States
- **Region:** North America
- **Address:** San Carlos, CA, United States
- **Assets under management:** Undisclosed
- **Website:** upstart.com
- **LinkedIn:** https://www.linkedin.com/company/upstart

## Regulatory record

- **Reports private funds:** No

## About

Dave Girouard, a former Google executive, co-founded Upstart Network in 2012 alongside Anna Counselman and Paul Gu. The firm's wealth origin traces to Girouard's equity from Google, though Upstart itself operates as a publicly traded company (NASDAQ: UPST) rather than a family office structure. Upstart deploys capital through AI/ML models that evaluate over 1,500 borrower attributes to approve and price personal loans, auto loans, and small-dollar credit. The platform originates loans for bank partners including Cross River Bank and Sallie Mae, retaining servicing fees and taking principal risk through its own balance sheet. Asset classes include consumer credit, auto finance, and private credit. Geographic footprint is US-centric with no disclosed international operations. As of its 2024 annual report, Upstart had over 1,100 employees and maintained its San Carlos headquarters. In February 2024, the firm reported a net loss of $240 million for fiscal year 2023, reflecting rising charge-offs and slower originations amid higher interest rates (per SEC filing, February 2024). The firm also runs a philanthropic arm, Upstart for Good, focused on financial inclusion. Upstart's structural differentiator is its AI-first underwriting model that replaces traditional FICO scores with machine learning, a position that has drawn regulatory scrutiny from the Consumer Financial Protection Bureau over potential algorithmic bias. The public company structure means no family-office governance — capital is raised from public markets and institutional debt facilities.

## Sectors

- FinTech
- AI/ML
- Consumer Lending
- Private Credit

## People

- Dave Girouard — CEO and Co-Founder
- Anna Counselman — Co-Founder and Head of Lending
- Paul Gu — Co-Founder and Head of AI/ML

## Questions

### Does Upstart participate in fund commitments or only direct deals?

Upstart does not invest in external funds. It originates loans directly on its platform, often funding them via institutional debt facilities or holding them on its own balance sheet. It also acts as a loan servicer for bank partners (per public filings).

### What investment stages does Upstart typically target?

Upstart originates personal loans (2–5 year terms), auto loans, and small-dollar credit. It does not target venture or private equity stages. Its model is purely consumer and small-business lending (per public filings).

### Which sectors does Upstart explicitly avoid?

Upstart does not invest in real estate, venture capital, private equity, or hedge funds. Its focus is limited to consumer credit and auto finance (per public filings).

## Related profiles

- [Applied Underwriters](https://altss.com/profile/applied-underwriters)
- [Marshmallow Co.](https://altss.com/profile/marshmallow-co)

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Last updated: 2026-06-03T20:00:00.000Z

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