Oportun and Sezzle Partnering to Give Consumers More Choice in Financing Purchases

Rhea-AI Summary

Oportun partners with Sezzle to enhance its Lending-as-a-Service platform, becoming Sezzle’s first digital-only partner. This collaboration allows consumers to finance higher-value purchases at Sezzle's 44,000 merchants, benefiting from Oportun's machine learning capabilities to assess loan applicants. Historically, around half of Oportun's borrowers lacked credit scores, yet the company has aided nearly 1 million Americans in building their credit since 2006, saving them over $2 billion in fees. The partnership aims to provide affordable and transparent financing options.

Positive

• Partnership with Sezzle expands Oportun's Lending-as-a-Service platform.
• Sezzle is Oportun's first digital-only partner, enhancing service offerings.
• Oportun has aided nearly 1 million consumers in building credit since 2006.

Negative

• None.

Buy Now Pay Later leader becomes Oportun’s first digital-only Lending-as-a-Service partner

SAN CARLOS, Calif., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven fintech company, and Sezzle (ASX: SZL), a leading mission-driven Buy Now Pay Later (BNPL) solution, today announced a partnership that will provide consumers more choice when financing higher value purchases at many of Sezzle’s 44,000 online merchant partners.

“This is a significant expansion of our Lending-as-a-Service platform, and we are excited to welcome Sezzle as our first digital-only partner,” said Matt Jenkins, COO of Oportun. “Importantly, both of our companies are mission-aligned and committed to providing consumers with responsible, affordable, and transparent financing options that will help them build a credit history.”

Through the partnership, consumers choosing to purchase higher value items including electronics and other home goods, will have the option at checkout to finance their purchase through Oportun. Using machine learning and billions of proprietary data points, Oportun is able to score 100% of its loan applicants. Historically, about half of Oportun borrowers had no credit score when they took out their first Oportun loan, and since 2006, the company has helped nearly 1 million American consumers to start building a credit score, while saving them more than $2 billion in interest and fees.

“We are excited to partner with Oportun as they will help us expand our mission by making additional responsible and affordable financing options available to consumers who rely on Sezzle to help them with their everyday and special occasion shopping needs,” said Rob Seidman, Vice President of Long-Term Product at Sezzle. “In seeking long-term financing options for our marketplace, mission alignment and ability to digitally scale with our needs were of paramount importance, and we look forward to a successful partnership with Oportun.”

Oportun noted that with the addition of Sezzle, their Lending-as-a-Service business now includes three strategic partners, with Sezzle being the first all-digital partner.

About Oportun
Oportun (Nasdaq: OPRT) is a digital banking platform that uses A.I. to make financial health effortless for anyone. Oportun helps its 1.4 million members meet their daily borrowing, banking, savings, and investing needs. Since its inception, Oportun has provided more than $10 billion in responsible and affordable loans; Oportun’s members have also set aside more than $7 billion for rainy days and other needs, saved more than $2 billion on interest and fees, and paid down more than $300 million in personal debt. In recognition of its responsibly designed products and its mission to provide inclusive and affordable financial services that empower hardworking individuals to build a better future, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.

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

Investor Contact
Nils Erdmann
650-810-9074
ir@oportun.com

FAQ

What is the significance of Oportun's partnership with Sezzle?

The partnership expands Oportun's Lending-as-a-Service platform, providing more financing options for consumers.

How will Oportun help consumers through its partnership with Sezzle?

Oportun will enable consumers to finance higher-value purchases at Sezzle's 44,000 merchants.

What financial impact has Oportun had on its customers?

Oportun has helped nearly 1 million consumers build credit and has saved them over $2 billion in interest and fees.

When was Oportun founded?

Oportun was founded in 2006.