Shares of Upstart Holdings (NASDAQ: UPST) charged sharply on Wednesday, climbing as much as 20.9%. When the market closed, the stock was still up 20.3%.

The major market indexes were trading higher after the Federal Reserve Bank decided to hold interest rates steady in its last rate decision of 2023 and signaled potential rate cuts next year. While that was likely the primary catalyst that pushed the fintech stock higher, the company also announced a new banking partner.

In a press release that dropped early Wednesday, the company announced that Mutual Security Credit Union had selected Upstart's artificial intelligence (AI)-based lending system "to provide personal loans to more people."

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Source Fool.com