Upstart best among local companies in ’21
A young company new to Columbus turned in a sterling stock performance in 2021.
It was a tougher story, however, for two other young companies with Columbus ties that have recently gone public.
Upstart, founded in 2012, uses artificial intelligence and machine learning to automate the borrowing process. The goal is to improve access to credit while reducing the risk and costs of lending for Upstart’s bank and credit union partners.
The company is based on the West Coast, but has its largest office and second headquarters in Columbus.
The company went public at the end of 2020 and its shares climbed for much of 2021, rising 271.3% for the year.
At one point, shares topped , making it one of the region’s most valuable companies, before falling at the end of the year. Even after the drop, the company’s market capitalization is more than $9 billion.
“Since going public a little more than a year ago, Upstart has grown tremendously – in revenue, profits, even in the number of employees in our Columbus headquarters,” said Sanjay Datta, Upstart’s CFO.
“By almost any measure, Upstart has been one of the best performing (initial public offerings) in tech or finance in recent years, thanks in large part to the talent and dedication of Upstart employees.”
Meanwhile, shares of two other young public companies, Bark and Root, tumbled sharply in 2021.
Root, the Columbus-based auto insurer,