Oportun Accelerates Nationwide Expansion

Rhea-AI Summary

Oportun (Nasdaq:OPRT) has expanded its personal loan offerings to 33 states, up from 24, through a partnership with MetaBank. The new states include Alabama, Alaska, Kansas, Louisiana, Michigan, North Carolina, Oklahoma, Tennessee, and Vermont. Additionally, Oportun’s Secured Personal Loan product is now available in Texas, complementing its existing markets in California and Florida. Over its 15-year history, Oportun has issued more than 4.3 million loans totaling $10.5 billion, saving customers over $1.9 billion in interest and fees.

Positive

• Expansion to 33 states increases market access and potential revenue.
• Introduction of Secured Personal Loans in Texas enhances product offerings.
• Oportun has issued over 4.3 million loans, indicating robust demand for services.
• Customers have saved over $1.9 billion in interest and fees, showcasing competitive advantage.

Negative

• None.

Personal Loans Now Available in 33 States, Secured Personal Loans Extended to Texas

SAN CARLOS, Calif., Oct. 06, 2021 (GLOBE NEWSWIRE) -- Oportun (Nasdaq:OPRT), an A.I.-driven financial services and technology company that provides hardworking people with access to responsible and affordable loans, today announced that it is now able to offer personal loans to consumers in 33 states nationwide, up from 24. The nine states added today under its bank partnership expansion with MetaBank, N.A. are Alabama, Alaska, Kansas, Louisiana, Michigan, North Carolina, Oklahoma, Tennessee, and Vermont.

In addition, the company announced that Oportun’s Secured Personal Loan product is now available in Texas, building on its existing markets in California and Florida.

“Our intent is to make Oportun available to consumers in all 50 states, using A.I., alternative data, and stellar customer service to help millions of people access a better financial future,” said Raul Vazquez, CEO of Oportun.

In its 15-year history, Oportun has successfully provided more than 4.3 million loans and $10.5 billion in credit, primarily in small dollar loans, saving its customers more than $1.9 billion in interest and fees when compared to other options typically available to people with little or no credit history. By reporting repayment performance to the major credit bureaus, the company has also helped more than 925,000 people begin to establish a credit history.

For more information about Oportun, please visit Oportun.com.

• Personal loans in AZ, CA, FL, ID, IL, MO, NJ, NM, TX, UT, and WI are originated by Oportun, Inc. NV loans originated by Oportun, LLC.
• Personal loans in AK, AL, AR, DE, IN, KS, KY, LA, MI, MS, MT, NC, ND, NH, OK, OR, SC, SD, TN, VA, and VT are originated by MetaBank®, N.A., Member FDIC.

About Oportun
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to provide responsible consumer credit to hardworking people. Using A.I.-driven models that are built on 15 years of proprietary customer insights and billions of unique data points, Oportun has extended more than 4.3 million loans and over $10.5 billion in affordable credit, providing its customers with alternatives to payday and auto title loans. In recognition of its responsibly designed products which help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

About MetaBank^®, N.A. 
MetaBank^®, N.A., a national bank, is a subsidiary of Meta Financial Group, Inc.® (Nasdaq: CASH), a South Dakota-based financial holding company. MetaBank strives to remove barriers to financial access and promote economic mobility by working with third parties to provide responsible, secure, high quality financial products that contribute to the social and economic benefit of communities at the core of the real economy. MetaBank works to increase financial availability, choice, and opportunity for all. Additional information can be found by visiting www.metafinancialgroup.com.

Media Contact
George Gonzalez
650-769-0441
george.gonzalez@oportun.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/525e5312-85ef-404b-b076-a1e305b554f1

FAQ

What is the significance of Oportun's expansion to 33 states?

The expansion allows Oportun to reach more consumers, thereby enhancing potential loan volume and revenue.

When did Oportun announce the launch of Secured Personal Loans in Texas?

Oportun announced the availability of Secured Personal Loans in Texas on October 6, 2021.

How many loans has Oportun provided over its history?

Oportun has successfully provided more than 4.3 million loans totaling over $10.5 billion.

What impact does Oportun's loan offerings have on customers?

Oportun's loan offerings help customers save over $1.9 billion in interest and fees compared to typical options.

What technology does Oportun utilize for its loan services?

Oportun leverages AI and alternative data to provide responsible and affordable loans.