According to a recent report, the global digital lending platform market is estimated to grow at 15% CAGR from $8.6 billion to $20.3 billion by 2027. San Mateo-based Upstart (UPST) recently announced its quarterly results as it continues to expand its AI capabilities.

Upstart’s Offerings

Upstart’s second quarter revenues grew 18% to $228 million, in line with the market’s estimates of $228.01 million. Non GAAP EPS was $0.01, compared with the market estimate of a loss of $0.05.

Among key metrics, its bank partners originated 321,138 loans totaling $3.3 billion across its platform, recording a growth of 12%. Conversion on rate requests was 13%, compared with 24% a year ago.

For the third quarter, Upstart forecast revenues of $170 million, compared with the market’s forecast of $250.4 million.

Upstart’s AI Product Expansion

Upstart continues to expand the reach of its AI offering. It recently announced Upstart AI Lending for Salesforce on the Salesforce AppExchange. Focused on bringing AI-enabled lending to the financial services industry, the integration will help financial institutions modernize lending, stay competitive, and provide better customer service to clients.

With Upstart AI Lending for Salesforce, bank and credit union employees will be able to initiate an AI-enabled digital lending experience for customers across any interaction–whether in person with a banker at a local branch, on the phone with a call center agent, or from a scan of a QR code–directly from Salesforce Financial Services Cloud.

It also allows Upstart-powered banks and credit unions to integrate traditional brick-and-mortar banking with digital AI-enabled lending, thus simplifying the process for borrowers to obtain loans. The service has incorporated pre-filling information that is already available on a customer with a bank or credit union so that the all-digital online application process delivers a better, streamlined, and personalized lending experience.

During the quarter, Upstart announced its partnership with Vantage West Credit Union to provide personal loans to new and existing members across Arizona. As a result of the partnership, Vantage West is a part of the Upstart Referral Network. Qualified personal loan applications on Upstart.com that meet Vantage West’s credit policies receive tailored offers.

Its stock has recently been trading at around $22.58 with a market capitalization of approximately $1.8 billion. It was trading at a 52-week high of $401.49 in October last year and a 52-week low of $20.20 earlier this month.

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