Upgrade and Corridor Collaborate on Big Data and Credit Analytics

Upgrade, Inc., a consumer credit platform that combines personal loans with tools that help consumers understand and monitor their credit, today announced a strategic partnership with Corridor Funds, a new credit analytics and portfolio management platform founded by Manish Gupta. Mr. Gupta was recently EVP, Global Head of Information Management and Advanced Decisioning at American Express and prior to that spent many years as Chief Credit Officer of the Amex US consumer lending business. Under the terms of the partnership, Corridor will provide independent analytical review and validation to investors in Upgrade’s personal loan products, and will collaborate with Upgrade on new product design.

“Manish is one of the most experienced and impressive credit professionals I have met in my career,” said Upgrade co-founder and Chief Executive Officer Renaud Laplanche. “He’s put together a unique team at Corridor that builds on decades of experience at American Express, which set the standard that every major bank has been measured against in the last 20 years in terms of underwriting strategy and credit analytics.”

Corridor brings together a team of highly seasoned credit professionals and the most advanced analytical big data capabilities to provide non-bank institutional investors an ability to invest in consumer and small business loans with the same confidence and rigor as some of the leading banks in the world. The core leadership team comprises of some of the most senior credit executives with decades of experience designing, underwriting, pricing and managing multibillion-dollar portfolios through multiple credit and recessionary cycles.

“We have been expecting a version 2.0 of online lending for several years; we’re now seeing the marketplace lending industry mature and incorporate the learnings of the last decade, and the platforms exhibit better analytical discipline and think more creatively about product design. Upgrade is the most advanced online lending platform in that respect, and we are thrilled to be partnering with them,” said Corridor founder and CEO Manish Gupta.

Upgrade now has over 170 team members working out of its San Francisco, California headquarters, Phoenix, Arizona operations center and Montreal, Quebec, Canada development center. All loans originated through the Upgrade platform are issued by WebBank, Member FDIC.

About Upgrade

Upgrade is a new consumer credit platform that combines personal loans with credit monitoring, alerts and credit education tools that help consumers better understand and monitor their credit and unlock their credit potential. Upgrade is based in San Francisco, California, with an operations center in Phoenix, Arizona and a development center in Montreal, Quebec, Canada. Upgrade does not facilitate loans to residents of Connecticut, Colorado, Iowa, Maryland, Massachusetts, Vermont and West Virginia. More information is available at: https://www.upgrade.com

About Corridor Funds

Corridor Funds is a new credit analytics and portfolio management platform established by a team that combines unparalleled credit experience and fundamental knowledge of consumer behavior with the latest advances in credit analytics. Marketplace Lenders have created a unique opportunity for institutional investors to diversify into wholly owned consumer and small business loans as an asset class. This asset has very attractive yields but requires highly specialized and experienced skills to manage volatility through the economic cycles. Corridor Funds bridges that gap by being an independent resource for investors to develop customized portfolios which meet specific risk return requirements by sourcing loans from current originations, secondary market portfolio purchases as well as by designing and pricing new products with select marketplace partners.