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Oportun Financial Corporation (Nasdaq: OPRT) is a mission-driven fintech company dedicated to providing responsible and affordable financial services, particularly to individuals with limited or no credit history. Formerly known as Progreso Financiero, Oportun focuses on empowering the underserved Hispanic community in the United States through advanced data analytics and technology.
Oportun’s suite of financial products includes personal loans, auto loans, unsecured personal loans, and secured personal loans. Additionally, the company offers deposit accounts, debit card services, and other transaction services to its customers. Oportun operates over 170 locations across California, Illinois, Texas, Utah, and Nevada, with a commitment to delivering a supportive service experience through bilingual staff and multi-channel support.
In recent news, Oportun entered into a $400 million whole loan flow sale agreement with Castlelake, an experienced investor in the consumer credit sector, to acquire personal loan production from Oportun over the next 12 months. This strategic relationship underscores the sustained strong demand for Oportun's lending products among institutional investors and is expected to bolster Oportun's mission of financial inclusion.
Since its inception, Oportun has provided over $17.8 billion in responsible credit, helping members save more than $2.4 billion in interest and fees. The company is also leveraging artificial intelligence to enhance its borrowing, saving, and budgeting capabilities, thereby aiding its 2.2 million members in building better financial futures.
Despite some challenges, including an 82% decline in stockholder return since its IPO in late 2019, Oportun's core business remains robust. The company’s leadership is under scrutiny from significant shareholders like Findell Capital Management, who are urging more decisive actions to unlock shareholder value.
For more detailed information on Oportun Financial Corporation and its latest developments, visit their website at Oportun.com.
Oportun (OPRT), a mission-driven financial services company, has announced its participation in the upcoming Sidoti December Virtual Investor Conference. CEO Raul Vazquez and CFO & CAO Jonathan Coblentz will deliver a presentation and engage in investor meetings during the event. The presentation is scheduled for December 4th at 2:30 pm ET and will be accessible via live webcast. Investors can access the presentation through the provided link or through Oportun's Investor Relations website. A replay of the presentation will remain available for 90 days following the conference.
Oportun (Nasdaq: OPRT) released its 2024 Holiday Savings Report, revealing significant increases in holiday savings through its Set & Save™ product. Members increased their holiday savings by 30% compared to 2023, averaging $396 in summer 2024. Users withdrew an average of $325 from their holiday savings by Q3 2024, with members saving approximately $150 within the first 30 days of creating a holiday goal. Hawaii, Washington, and California led in highest holiday savings per user. Members with multiple holiday savings goals saved 13% more than those with single goals. The Set & Save app, named #1 savings app by Bankrate, has helped members save over $11 billion since 2015, averaging $1,800 annually per member.
Oportun (OPRT) has completed the sale of its credit card portfolio to Continental Finance, marking a significant step in its strategy to enhance profitability by focusing on three core products: unsecured personal loans, secured personal loans, and Set & Save™ savings product. The transaction involves a $100 million credit card portfolio and is expected to generate incremental Adjusted EBITDA of approximately $2 million in Q4 2024 and $11 million in 2025. Continental Finance will continue serving former Oportun cardholders under their Revel Card brand.
Oportun Financial (Nasdaq: OPRT) announced its Q3 2024 financial results, meeting or exceeding all guidance metrics. The company reported total revenue of $250 million, a 7% decline from the prior-year quarter. Despite this, Oportun achieved Adjusted Net Income profitability for the third consecutive quarter, with Adjusted EBITDA more than doubling to $31 million. Operating expenses declined by 17% year-over-year, and the Annualized Net Charge-Off Rate improved by 40 basis points sequentially to 11.9%. The company completed the sale of its credit card portfolio and is on track to close a corporate debt refinancing on November 14th. Guidance for Q4 2024 includes expected revenue of $246-$250 million and Adjusted EBITDA of $28-$30 million. CEO Raul Vazquez highlighted the company's positioning for growth and profitability into 2025, with preliminary expectations of GAAP profitability of $0.25 to $0.50 Diluted EPS and $1.00 to $1.25 Adjusted EPS for the full year.
Oportun (Nasdaq: OPRT) has scheduled its third quarter 2024 financial results release for Tuesday, November 12, 2024, after market close. The company will host a conference call and earnings webcast at 5:00 pm ET / 2:00 pm PT on the same day. Investors can access the live webcast through Oportun's investor relations website, with a replay available for one year. Conference call participants can dial 1-866-604-1698 (toll-free) or 1-201-389-0844 (international) and should join 10 minutes before the start time.
Oportun (OPRT) has secured a new $235 million Senior Secured Term Loan to refinance its existing corporate financing facility. The loan, provided by Castlelake L.P. and Neuberger Berman, carries a 15% fixed rate and matures in November 2028. As part of the deal, lenders will receive warrants equal to 9.8% of fully-diluted shares. The company reported preliminary Q3 2024 results with total revenue of $249-251 million and expects an annualized net charge-off rate of 11.9%. For 2025, Oportun projects GAAP EPS between $0.25-$0.50 and Adjusted EPS of $1.00-$1.25.
Oportun (Nasdaq: OPRT) has announced a definitive agreement to sell its credit card portfolio to Continental Finance. This move is part of Oportun's strategy to enhance profitability by focusing on its core products: unsecured personal loans, secured personal loans, and the Set & Save™ savings product. The transaction is now expected to close around November 10, 2024, later than initially planned.
Due to the revised closing date, the sale is projected to be accretive by approximately $2 million to Adjusted EBITDA in 2024, down from the previously indicated $4 million. However, Oportun still anticipates an Adjusted EBITDA favorability of about $11 million in 2025. The company views this transaction as a step towards simplifying its business and improving shareholder value.
Oportun (Nasdaq: OPRT), a mission-driven financial services company, has announced the closing of an amendment and extension to its long-term warehouse facility. The facility features include:
- A total commitment of $306 million
- Goldman Sachs as senior lender and Jefferies as mezzanine lender, both existing, longstanding lenders to Oportun
- A new two-year revolving period
- Collateralization by Oportun's unsecured and secured personal loan originations
Jonathan Coblentz, CFO of Oportun, stated that this extension expands on the company's longstanding lending relationships and will help drive responsible growth in the years ahead. Oportun maintains diverse capital sources, including committed warehouse facilities, asset-backed securitizations, corporate-level debt financing, and whole loan sales.
Oportun (Nasdaq: OPRT), a mission-driven fintech, has announced its participation in the upcoming Sidoti September Virtual Investor Conference. CEO Raul Vazquez and CFO & CAO Jonathan Coblentz will present and engage in investor meetings at the event. The presentation is scheduled for September 18th at 2:30 pm ET and can be accessed live online.
Investors can view the presentation through a link provided in the announcement or via the 'IR calendar' section of Oportun's Investor Relations website. A replay of the presentation will be available for 90 days following the conference, accessible through the same links.
Oportun (Nasdaq: OPRT), a mission-driven fintech, has successfully completed a $223.25 million asset-backed securitization. The offering included four classes of fixed rate notes secured by a pool of unsecured and secured installment loans. KBRA rated the notes AA-, A-, BBB-, and BB- for Class A, B, C, and D respectively. The weighted average coupon on the transaction was 8.07%, with individual class coupons ranging from 5.83% to 10.47%.
Jefferies acted as the sole structuring agent and bookrunner, while Deutsche Bank Securities, J.P. Morgan Securities, Goldman Sachs, and Morgan Stanley served as co-managers. This securitization brings Oportun's total raised funds to over $1.8 billion in diversified financings since June of the previous year, demonstrating strong investor confidence in the company's consumer loans and business model.
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