Fintech just saw an earnings bonanza, as Upstart report over 11-fold revenue growth

Big banks and investment firms have lost their control over the consumer. Loans are available from a plethora of easy-to-use online services. Start-up banks and credit-card companies are killing the fees. So are app-based brokerages and trading platforms. In the public and private markets, the valuations are astronomical.

In case of Upstart, a Fintech that uses machine learning to underwrite consumer loans and provides its technology to banking partners who can then better target customers, it´s second-quarter revenue jumped 60% from the prior quarter, and that June was its first month to top 100,000 loans and $1 billion in origination volume on its platform.

Still, picking even Upstart’s best quarter from last year, revenue is up over 200%. Net income of $36.3 million was up from $10.1 million the prior quarter, which had been its most profitable quarter.