Capital Markets Analyst



Posted on Saturday, August 5, 2023

About Upstart

Upstart is a leading AI lending marketplace partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart's AI marketplace, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates across races, ages, and genders, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than two-thirds of Upstart loans are approved instantly and are fully automated.

Upstart is a digital-first company, which means that most Upstarters can live and work anywhere in the U.S. We also have offices in San Mateo, California; Columbus, Ohio; and Austin, Texas.

Most Upstarters join us because they connect with our mission of enabling access to effortless credit based on true risk. If you are energized by the impact you can make at Upstart, we’d love to hear from you!

The Team

The Capital Markets team at Upstart plays an important and strategic role in overseeing funding, securitization, warehouse financing and risk management strategies by managing our partnerships with financial institutions and institutional investors. Capital Markets is structured into the following teams: Institutional Capital, Structured Products, and Investor Services.

The Institutional Capital Team oversees a key strategic function with Upstart to develop funding strategies for our core Personal Loan product, New Products (Auto, Home Equity, and Relief Loans), and R&D. We partner with institutional investors and banks to execute long-term funding partnerships across forward flow and other financing structures.

As the Capital Markets - Institutional Capital Associate at Upstart, you will focus on supporting Upstart’s funding capacity as our business grows.

Upstart’s Artificial Intelligence (AI) platform enables broader, affordable access to credit. The first credit product offered through our platform was an unsecured personal loan and, while personal loans are one of the fastest-growing segments of consumer credit in the U.S., they are far from the largest. As we apply our AI models and technology to other credit products, we are scaling our Capital Markets function in parallel in order to serve more consumers.

You will play a part in shaping the future of Upstart’s funding strategy as we grow our existing Personal Loan offering and launch New Products across the credit spectrum. As the primary liaison between the internal stakeholders and external market participants, you will be the Capital Markets voice at the table and contribute to fueling our funding flywheel.

Upstart has experienced rapid growth in part because we take a clear-eyed, analytical approach to everything we do. The right candidates will excel at organizing both ideas and people as well as problem solving. You will have a bias toward action and courage to stick by first principles amidst the market cycles. As a member of the Institutional Capital Team , you will have the opportunity to help build a world class Capital Markets function within the financial technology (“fintech”) ecosystem.

Position Location - This role is available in the following locations: Remote, USA

Time Zone Requirements - This team operates on the West Coast time zones.

Travel Requirements - The team participates in monthly to quarterly on-sites in San Mateo, CA headquarters and the Columbus, Ohio office - travels for these sessions will be fully covered by Upstart.

How you’ll make an impact:

  • Maintain and develop external relationships (e.g. investors, banks, rating agencies, accountants) through clear/concise analysis, content creation, due diligence and other ad hoc requests
  • Review deal documents and participate in term negotiations to facilitate capital markets activities (whole loan sales, credit facilities, asset-backed securities, structured pass-thru certificates, etc.)
  • Perform data analysis, prepare marketing materials, and manage reporting needs
  • Collaborate with internal stakeholders (e.g. legal, operations, data analytics, accounting) to support Upstart’s funding and liquidity needs

What we’re looking for:

  • Minimum qualifications:
    • Background in capital markets, investment banks, or relevant industry experience
    • Strong analytical aptitude with keen attention to detail
    • Excellent communication and organizational skills
    • Ability to juggle multiple projects with a “roll your sleeves up” attitude
    • Embraces speed as a habit with an appetite to learn and problem solve
  • Preferred qualifications:
    • Direct knowledge of MPL (Marketplace Loan) industry
    • Knowledge of consumer lending products and fintech landscape
    • Experience with capital markets transactions, especially structured finance
    • BA/BS degree in business, finance, economics, or other analytical areas of study

What you'll love:

  • Competitive Compensation (base + bonus & equity)
  • Comprehensive medical, dental, and vision coverage with Health Savings Account contributions from Upstart
  • 401(k) with 100% company match up to $4,500 and immediate vesting and after-tax savings
  • Employee Stock Purchase Plan (ESPP)
  • Life and disability insurance
  • Generous holiday, vacation, sick and safety leave
  • Supportive parental, family care, and military leave programs
  • Annual wellness, technology & ergonomic reimbursement programs
  • Social activities including team events and onsites, all-company updates, employee resource groups (ERGs), and other interest groups such as book clubs, fitness, investing, and volunteering
  • Catered lunches + snacks & drinks when working in offices



At Upstart, your base pay is one part of your total compensation package. The anticipated base salary for this position is expected to be within the below range. Your actual base pay will depend on your geographic location–with our “digital first” philosophy, Upstart uses compensation regions that vary depending on location. Individual pay is also determined by job-related skills, experience, and relevant education or training. Your recruiter can share more about the specific salary range for your preferred location during the hiring process.

In addition, Upstart provides employees with target bonuses, equity compensation, and generous benefits packages (including medical, dental, vision, and 401k).

United States | Remote - Anticipated Base Salary Range
$108,000$150,000 USD

Upstart is a proud Equal Opportunity Employer. We are dedicated to ensuring that underrepresented classes receive better access to affordable credit, and are just as committed to embracing diversity and inclusion in our hiring practices. We celebrate all cultures, backgrounds, perspectives, and experiences, and know that we can only become better together.