Company Name: Upstart
Industry Sector: Financial Services
Company Profile: Upstart is the first lending platform to leverage artificial intelligence and machine learning to price credit and automate borrowing. Upstart has demonstrated strong credit performance and has one of the industry’s highest consumer ratings.
Company Website: www.upstart.com
- Type of Project: Expansion
- Jobs committed: 508
- Jobs retained: 507
- Types of jobs: Operations, engineering, and support roles.
Upstart’s rapid growth – driven by industry-leading credit performance, an improving marketing funnel, and growing interest from bank partners in existing and new offerings – has prompted a need for the company to hire, train, and develop hundreds of employees in a range of specialized functions.
The company needs the talent and space to keep up its immediate and future growth.
Upstart will expand in Columbus, Ohio. This expansion builds upon a string of investments by Upstart in the Columbus Region. In 2018, the company added 257 new jobs, followed by an additional 250 jobs and approximately 40,000 square feet of space to its facility in 2020. Since becoming a public company at the end of 2020, Upstart has accelerated its growth.
Upstart’s success in Ohio reflects the state’s global insurtech strength and the ability to attract investment from the West Coast continually. Ohio is a hub for insurtech innovation, which starts with the state’s leadership in insurance and financial services. Ohio ranks No. 4 in the U.S. in insurance headquarters and No. 3 for bank headquarters.
Companies from California are heading to Ohio to improve their competitive advantage and business operations. From 2016-2020, JobsOhio has brought in investment from more than 27 California-based companies to Ohio.
Why? Because in Ohio, every dollar goes further without sacrificing quality. Because Ohio has a lower cost of living, there’s also a lower cost of doing business than California. Ohio’s software engineers, for example, cost 40% less than California’s. Ohio’s cost of office rent is also 25% less than in cities like San Francisco and average wage costs are 50% less.
With this expansion, Upstart is on track to have more than 250,000 square feet of total office space in the city of Columbus.
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JobsOhio, One Columbus, and the Ohio Department of Development