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Executive Summary Part 1: The AI Lending Pioneer – Upstart’s Breakthrough 1.1 Killing the 70-Year-Old FICO System Founded in 2012 by ex-Google executive Dave Girouard, Upstart challenges the 1956 FICO model still used by:✓ 50% of top 100 global banks✓ 600+ North American insurers✓ 33% of US retailers The FICO Flaws Upstart Fixes: Case Study: A nurse earning $85k with a 680 FICO pays 9.5% APR through Upstart vs. 14.9% at traditional banks. 1.2 The AI Edge – By the Numbers Upstart’s machine learning thrives on: Results Speak Louder: Metric Upstart AI FICO 700+ Approval Rate +27% Baseline Avg. APR Reduction 16% – Default Rate (Top Tier) 2.2% 5% 1.3 Light-Capital Business Model – How the Money Flows Funding Sources: Revenue Streams: Key 2025 Growth Drivers:...

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