After I've considered risks below , I accept to buy at current valuation.
- Revenue is non-recurring. ( transaction based ) - Concentration Risk on customer side : Cross River Bank - Concentration Risk on supplier side : Credit Karma - Competition Still competition with other Giant Tech whose consumer data flow via their platform. They can train own AI with data inside company. - Regulatory Risk Upstart is not responsible for NPL% , default. Unknown problem from State policy may force concern player to take action in some way.