Eltura renews its commitment as a co-investor in a forward flow program with Upstart to purchase consumer loans following the purchase of more than $1.2 billion of loans in the first year of the program.
NEW YORK, June 24, 2024 /PRNewswire/ — Eltura Capital Management, LLC (“Eltura”), an alternative asset manager investing in structured credit opportunities, today announced that it has entered into a second-year transaction as part of the 2023 multi-year agreement to purchase consumer installment loans from Upstart (NASDAQ: UPST), an artificial intelligence (AI) lending marketplace.
Upstart connects millions of consumers to more than 100 banks and credit unions that leverage Upstart’s AI to approve more borrowers at lower rates, while delivering exceptional digital-first experience that customers demand. Eltura co-invested in the transaction and will also provide deal administration, collateral risk management, and reporting services as part of the transaction.
“Eltura is excited to co-invest in this transaction and expand on our existing relationship with Upstart, further enabling Upstart’s ability to deliver credit solutions to underserved consumers across economic cycles,” said Martin Ego, Eltura’s Founding Partner and Chief Executive Officer. “In addition to providing capital, Eltura looks forward to supplying its expertise to continue supporting Upstart’s growth.”
“Eltura has been a wonderful partner to Upstart, and we’re excited to extend and deepen our relationship in this new phase of our agreement,” said Sanjay Datta, CFO at Upstart.
About Eltura Capital
Eltura Capital Management, LLC (“Eltura”) employs a dual investment and advisory strategy that leverages expertise in originating and structuring attractive risk-adjusted investment opportunities in the consumer and commercial credit space. The firm was founded in 2021 by senior structured finance bankers and service providers to source, structure, and service transactions with an emphasis on the active management of investments across the structured credit landscape.
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SOURCE Eltura Capital Management
