As many investors retreat from the online lending industry,Upstart Network Inc. is hoping to find investors still willingto bet on the business. Upstart, which was founded by Googleveterans, is testing venture capitalists' appetite for aninvestment round of about $100 million, said two peoplebriefed on the matter.

The San Carlos, California-based startup is looking to sellshares that would value the business at $500 million to $1billion, said one of the people, who asked not to be identifiedbecause the discussions were private. This venture capitalistdidn't pursue a deal because of an existing competitiveinvestment.

A spokeswoman for Upstart said the company isn't currentlyraising funds but does anticipate completing “a final privateround” over the next year. Upstart reached profitability lastyear, and the value of loan transactions increased threefold, shesaid. Gross revenue, made up almost entirely of loan-originationfees, grew fourfold, though she declined to specifythe number.