Fintech Upstart Says It Received SEC Subpoena on AI Model, Loans
- Firm is cooperating with the SEC, quarterly filing says
- Upstart expects a return to positive EBITDA later this year
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Financial technology lender Upstart Holdings Inc. has been subpoenaed by Wall Street’s main regulator about disclosures, including its artificial intelligence models and loans, the company said Wednesday.
Upstart, which uses AI for underwriting, said it is cooperating with the Securities and Exchange Commission after having received the subpoena on Nov. 17. The company is “unable to predict the outcome of this matter,” Upstart said in a securities filing.