Want to see UPST full AI Analyst Report?
Conversion Rate
Tracks the percentage of loan applications that result in funded loans, indicating the effectiveness of the company's lending platform.Conversion Rate collapsed in 2022 and has since staged a sustained recovery, peaking in mid‑2025 before a modest pullback — a shift that likely reflects improved partner‑channel mix, marketing efficiency, and borrower selection. Management’s guidance that partner channels deliver lower acquisition costs and larger loan sizes supports bigger dollar contribution per approval, so higher conversion now translates to more revenue upside. Key caveat: channel‑level economics aren’t yet quantified, so these conversion gains could mask tradeoffs in credit quality or take rates until validated.
Date | Conversion Rate |
|---|---|
Jun 30, 2026 | 19.70 |
Mar 31, 2026 | 18.50 |
Dec 31, 2025 | 19.40 |
Sep 30, 2025 | 20.60 |
Jun 30, 2025 | 23.90 |
Mar 31, 2025 | 19.10 |
Dec 31, 2024 | 19.30 |
Sep 30, 2024 | 16.30 |
Jun 30, 2024 | 15.00 |
Mar 31, 2024 | 14.00 |