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Shares of lending platform soared after the company’s initial public offering Wednesday, closing up 47 percent and giving the company a market cap of $2.14 billion.

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The San Carlos, California-based company priced its shares at $20 late Tuesday—the low end of its $20 to $22 pricing range—but watched them close at $29.47.

The company raised $180 million from its IPO.

Upstart was founded in 2012 by , formerly of . The fintech company uses artificial intelligence and machine-learning tools to make lending decisions and predict creditworthiness.

According to the S-1, Upstart saw its revenue nearly triple to $164.2 million between 2017 and 2019. The company said revenue for the first nine months of this year was $146.7 million—44 percent more than the same period last year.

Upstart also reported net earnings of $5 million for the first nine months of the year, compared to a net loss of $6.5 million for the same period last year.

The company had raised a total of approximately $144 million in funding, according to ¸½½üÉÏÃÅ data.

Investors that held more than a 5 percent stake in the company before the IPO were (19.4 percent), (9 percent), (8.3 percent), (5.3 percent) and (5.1 percent), according to the company’s S-1 filing.

Girouard, who serves as Upstart’s CEO, held 21.9 percent stake in the company before the IPO.

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