Progressive helps provide $50m for Upstart

Apr 10, 2019 • Jack Hammond

The Alphabet and Rakuten-backed lending platform increased its total funding to more than $160m in a round featuring Progressive Investment Company.

US-based online lending platform Upstart secured $50m in funding from investors including Progressive Investment Company, the corporate venturing subsidiary of insurance firm Progressive, on Monday.

Financial services firm First National Bank of Omaha and pension manager Healthcare of Ontario Pension Plan also took part in the round, which increased the company’s overall funding to more than $160m, it said.

Founded in 2012, Upstart operates an artificial intelligence-powered online lending platform that assesses loans applications based on factors such as salary,…

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