Economic news

Castlelake to buy up to $1.2 billion in consumer loans from Upstart

2024.06.20 08:48

(Reuters) – Private credit lender Castlelake will buy up to $1.2 billion in consumer installment loans from fintech firm Upstart (NASDAQ:) to expand its foothold in the retail lending space, it said on Thursday.

The deal underscores how investment firms are increasingly pushing into businesses that have traditionally been dominated by banks as high interest rates and the fear of defaults force lenders to hesitate.

© Reuters. FILE PHOTO: Castlelake logo is seen displayed in this illustration taken, May 4, 2022. REUTERS/Dado Ruvic/Illustration/File Photo

Castlelake clinched a similar agreement in May last year to buy $4 billion of loans from Upstart.

Upstart serves as an intermediary between borrowers and lenders. More than a 100 banks and credit unions use its platform to approve loans to customers.



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