Sandbox Banking, a BaaS infrastructure company, and Upstart, an artificial intelligence lending platform, today announced a partnership that will enable Upstart to help its bank and credit union partners to more efficiently integrate Upstart loan and borrower data into their core and customer relationship management systems.
Banks and fintechs employ Sandbox Banking to integrate solutions that can create a streamlined end-to-end solution for their customers on its Glyue API platform with pre-built adapters and solution templates to accelerate the rate of integration. The combination of Upstart’s AI-powered lending platform and Sandbox Banking’s ability to streamline the process for banks to meet their consumer lending needs enables Upstart lending partners to integrate loan and customer data seamlessly into core banking systems.
”Every financial institution has a unique set of technical systems and resources,” said Michael Lock, the senior vice president of lending partnerships at Upstart. “By partnering with Sandbox Banking, our lending partners will have more options to meet their unique integration needs.”
“We are very pleased to partner with Upstart, an innovative, all-digital lending platform enabled by AI that helps expand access to affordable credit,” added Ravi Balasubramanian, CEO of Sandbox Banking. “Our Glyue platform allows Upstart and Sandbox Banking to build an integration to core and CRM systems once, to then serve a larger bank and credit union customer base.”
Upstart said banks and credit unions using its technology can have higher approval rates and lower loss rates for every race, ethnicity, age, and gender. 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, Calif., and Columbus, Ohio.
Sandbox Banking offers Banking as a Service (BaaS) infrastructure to banks, vendors, and Fintechs. The Sandbox platform helps customers build, manage and monetize banking-as-a-service APIs.