closed to new lenders

I logged into today to withdraw the last couple dollars that had accumulated since I last logged in, and I noticed this note:

As of December 23rd, 2019, Upstart stopped issuing securities to individual investment accounts

It seems like they’ve dumped the “peer to peer” aspect of their service and have rebranded themselves as an “artificial intelligence lending platform”.

My guess is that dealing with individual lenders was an expensive hassle and they realized they had more than enough money from institutional investors that they didn’t need individual lenders.

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