Oportun Expands Lending as a Service Business with Addition of Barri Financial Group as New Strategic Partner

Rhea-AI Summary

Oportun (Nasdaq: OPRT) expands its Lending as a Service (LaaS) through a strategic partnership with Barri Financial Group, enhancing credit access for Barri customers. Initially available in select locations, the service will roll out to over 200 Barri stores in Texas and potentially other states. With over 4.3 million loans and $10.5 billion in credit provided, Oportun aims to offer responsible alternatives to payday loans, backed by A.I. models built on extensive customer data. This partnership marks a significant step in Oportun's growth trajectory.

Positive

• Expansion of Lending as a Service business through a strategic partnership with Barri Financial Group.
• Potential access to loans for customers in over 200 Barri locations across Texas.
• Oportun has provided over 4.3 million loans and $10.5 billion in affordable credit to consumers.

Negative

• None.

SAN CARLOS, Calif., Oct. 25, 2021 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), an A.I.-driven fintech that provides hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, today announced the expansion of its Lending as a Service (LaaS) business with the addition of its new strategic partner, Barri Financial Group (Barri).

Already available in a handful of Barri locations, Barri customers can now apply for loans that are originated, funded, and serviced by Oportun. The partnership enables Oportun loans to gradually be made available in over 200 Barri store locations across Texas, and over time, to extend to Barri’s locations in other states.

For more information, please visit https://oportun.com

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 Barri
Barri is a Texas based licensed money remittance company with over 35 years of experience and presence in over 40 states. Barri services are available to customers in over 250 company-operated stores, 2,000 agent locations and online on its website or by downloading the Barri Money Transfer app in Android’s Google Play or iOS App Store.

For more information, please visit www.barri.com.

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