Platform & Referral Fees, Net was Upstart Holdings’s largest product and service line in fiscal 2025, bringing in $792.98M of $1.05B (75%).
| Product and Service | FY 2019 | FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 |
|---|---|---|---|---|---|---|---|
| Platform & Referral Fees, Net | $732.24M | $414.12M | $502.41M | $792.98M | |||
| Servicing Fees | $115.74M | $107.01M | $89.32M | $100.16M | |||
| Servicing & Other Fees, Net | — | — | — | $157.03M | |||
| Borrower Fees | $25.21M | $29.14M | $26.44M | — | |||
| Collection Agency Fees | $10.52M | $15.87M | $16.41M | — | |||
| Other Fees | $675.00K | $743.00K | $677.00K | $2.76M | |||
| Total | $884.38M | $566.88M | $635.26M | $1.05B |
Upstart Holdings brought in $1.05B from its four product and service lines in fiscal 2025, the year ended December 31, 2025. Upstart Holdings regrouped these lines after fiscal 2024, so the total does not compare directly with that year's $635.26M. Platform & Referral Fees, Net was the largest at $792.98M (75.3%), ahead of Servicing & Other Fees, Net at $157.03M (14.9%) and Servicing Fees at $100.16M (9.5%). The remaining line, Other Fees, brought in $2.76M.
Compared with fiscal 2024, Platform & Referral Fees, Net grew 57.8% to $792.98M and Servicing Fees grew 12.1% to $100.16M.
Upstart Holdings stopped reporting Borrower Fees ($26.44M in fiscal 2024) and Collection Agency Fees ($16.41M in fiscal 2024) as separate lines.
Upstart Holdings (UPST) reports its revenue by product and service. In fiscal 2025, Platform & Referral Fees, Net was its largest product and service line, bringing in $792.98M (75.3% of the total), followed by Servicing & Other Fees, Net at $157.03M (14.9%).
Platform & Referral Fees, Net was Upstart Holdings' largest product and service line in fiscal 2025, bringing in $792.98M, or 75.3% of the $1.05B total across its four product and service lines.
Every figure comes from Upstart Holdings' annual financial filings, as reported. Each line keeps the name Upstart Holdings gives it, and years follow its fiscal calendar.
Upstart Holdings' revenue by product and service goes back to fiscal 2019, with figures through fiscal 2025. The latest four fiscal years are free to view, and the full history is available with a Business Quant subscription.