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As with any investment, capital is at risk.

We started with one which was how risky is it to lend Brendan a certain amount of money.

Obviously one of the key questions people always ask about new approaches to underwriting credit is what happens during moments of stress.

And it's a question you can model but ultimately the answer will be we'll find out when there's a moment of stress.

And we saw that the correlation for need for a hardship program was much more tightly correlated with the risk assessments of our models and they were with traditional metrics like credit score.

So if you want to limit risk in your portfolio as defined by impairments during that period, you are much better off saying I want low risk upstart loans than you were I want high credit score loans.

I probably shouldn't have used up that why I like podcasting intro the other day because that's exactly how Jeff Kelpner first came onto my radar by his own excellent show leaders in lending, which is of course an all major platforms and well worth checking out.

But that's okay. Jeff has a sort of career that allows for many angles of introduction.

And in today's case we're going to concentrate on his work with upstart. Jeff stepped onto the Fintech train just as was gathering speed.

So we chat about his career how the lending landscape has changed in America over the last decade and the role that upstart played in shaping what we see today.

Now I have worked in consumer lending in Africa, Asia and in Europe, but my knowledge of the American market is purely as a spectator.

So I'm really looking forward to this one. Welcome to how to lend money to strangers with Brendan Lagrange.

Jeff Kelpner welcome to the show you're currently senior vice president for business development at upstart where you've been for the last 10 years.

So pretty much from day one, but before that you were with some of the biggest names in tech vintage names like IBM and internet giants like Google.

So from here's an outsider you look like the poster child for tech guy becomes a banker, you know, the original Fintech before we get into that.

Would you mind kicking us off with just a bit more on that background? How did you come into financial services?

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