Capital Markets Lead, Structuring

Upstart

10h•Remote

About The Position

Upstart is the leading AI lending marketplace partnering with banks and credit unions to expand access to affordable credit. By leveraging Upstart's AI marketplace, Upstart-powered banks and credit unions can have higher approval rates and lower loss rates across races, ages, and genders, while simultaneously delivering the exceptional digital-first lending experience their customers demand. More than 80% of borrowers are approved instantly, with zero documentation to upload. Upstart is a digital-first company, which means that most Upstarters live and work anywhere in the United States. However, we also have offices in San Mateo, California; Columbus, Ohio; Austin, Texas; and New York City, NY (opening Summer 2026). Most Upstarters join us because they connect with our mission of enabling access to effortless credit based on true risk. If you are energized by the impact you can make at Upstart, we’d love to hear from you! The Team: Upstart’s Capital Markets team secures loan funding capital for our AI lending marketplace, collaborating with leading institutional investors across diverse financing solutions. Within this ecosystem, the Structuring team acts as a technical partner to the Institutional Capital and Structured Products teams. We support execution across all asset classes (Personal Loans, Auto, HELOC) and deal types, ensuring that commercial goals are translated into functional financial structures and precise deal logic. As the Capital Markets Structuring Lead, you will work directly on the deal team to architect solutions that optimize the trade-off between structural risk and economic value. This is a flexible mandate: we are hiring for capability, not just tenure. The scope and level of the role will be calibrated to the individual’s experience. You will handle distinct transactions where adaptability is key — leveraging firm-wide resources to execute deals that may not have a direct precedent. You will serve as a primary builder of deal logic and a key touchpoint for cross-functional partners.

Requirements

Bachelor's degree.
3+ years of relevant deal experience in credit or structured finance. (We welcome candidates with more experience; the role's scope will scale accordingly.
Advanced Modeling Logic: Effective hands-on capability in Excel. Demonstrated ability to design clean, logical, and auditable cash flow models (spreadsheet design skills are paramount).
Deal Mechanics: Intuitive understanding of fundamental deal concepts (waterfalls, covenants, credit enhancement).
Adaptability: Must be energized by working on novel structures with high ambiguity.

Nice To Haves

CFA designation (or progress towards it).
Experience reviewing and commenting on transaction term sheets or credit agreements.
Candidates with diverse backgrounds and demonstrated success are encouraged to apply, even if they do not match every criterion perfectly.

Responsibilities

Build & Own Deal Logic: Design and manage bespoke cash flow models for diverse asset classes. You must prioritize clear spreadsheet design and logical architecture to ensure models accurately reflect complex waterfalls, triggers, and covenants.
Bridge Commercial & Legal Concepts: Translate business terms into functional deal logic and vice versa. You will review transaction drafts to ensure that negotiated terms (like waterfall priority or credit enhancements) are accurately captured in the model.
Optimize Structural Economics: Partner with the deal team to calibrate key parameters — such as protection levels, liquidity provisions, and return profiles — to solve for both investor constraints and Upstart's economics.
Drive Front-Line Execution: Partner with the Institutional Capital and Structured Products teams to drive deals from term sheet to closing. You will leverage Upstart’s Data Analytics and Legal resources to support the transaction lifecycle
Adapt & Innovate: Quickly pivot between different asset classes (e.g., switching from Auto to HELOC) and deal structures. You will approa

Benefits

Competitive Compensation (base + bonus & equity)
Comprehensive medical, dental, and vision coverage with Health Savings Account contributions from Upstart
401(k) with 100% company match up to $4,500 and immediate vesting and after-tax savings
Employee Stock Purchase Plan (ESPP)
Life and disability insurance
Generous holiday, vacation, sick and safety leave
Supportive parental, family care, and military leave programs
Annual wellness, technology & ergonomic reimbursement programs
Social activities including team events and onsites, all-company updates, employee resource groups (ERGs), and other interest groups such as book clubs, fitness, investing, and volunteering
Catered lunches + snacks & drinks when working in offices