Oportun Named "Best Consumer Lending Company" in 2023 FinTech Breakthrough Awards Program

Rhea-AI Summary

Oportun has been awarded the title of Best Consumer Lending Company at the 2023 FinTech Breakthrough Awards, highlighting its innovation in digital banking and financial empowerment. The platform utilizes machine learning to create personalized financial profiles, helping members manage their cash flow effectively. With over 15.5 billion dollars in responsible credit provided and 2.3 billion dollars saved in fees, Oportun serves approximately 1.9 million members. The recognition acknowledges Oportun's role in improving financial resilience for those underserved by traditional lending systems.

Positive

• Recognized as 'Best Consumer Lending Company' at the 2023 FinTech Breakthrough Awards.
• Provided over $15.5 billion in responsible and affordable credit.
• Saved members more than $2.3 billion in interest and fees.
• Helped members set aside an average of $1,800 annually for savings.

Negative

• None.

LOS ANGELES, CA / ACCESSWIRE / March 30, 2023 / FinTech Breakthrough, an independent market intelligence organization that recognizes the top companies, technologies and products in the global FinTech market, today announced that it has selected Oportun, a mission-driven fintech and digital banking platform, as winner of the "Best Consumer Lending Company" in the 7th annual FinTech Breakthrough Awards program.

Oportun is a breakthrough digital banking platform that empowers its members to reach their financial goals by offering intelligent borrowing, savings, budgeting, and spending capabilities.

Through machine learning, Oportun then builds a comprehensive and personalized profile of members' cash flow and quickly learns how much a member can afford to set aside without impacting their ongoing obligations and daily spending needs. Oportun calls this the Bank Account with a Brain™, because it does all the hard math, budgeting, and money transferring that present the sort of daily obstacles that inhibit many people from having adequate savings when they most need it.

Additionally, Oportun aims to ensure members always have access to affordable and responsible credit that meets their lifestyle and needs. The Company's A.I.-driven credit-decisioning platform does not require a credit score to be approved, instead focusing on a large range of alternative data points including a borrower's income, cash flow, history of on-time rental payments, and more to score 100% of applicants. While historically about half of borrowers had no FICO score when first coming to Oportun, the Company has helped more than one million people to begin establishing a credit history for the first time.

"With more than half of Americans reporting that they do not have enough savings to cover an unplanned expense of $1,000 or more. Additionally, over 60 percent of Americans live paycheck to paycheck, including nearly half of six-figure earners," said James Johnson, Managing Director, FinTech Breakthrough. "Oportun offers a breakthrough solution that makes building financial resiliency through savings easy and accessible, along with the ability to serve borrowers who would not be approved elsewhere. The Company is serving the needs of millions of people who are often not well-served by the financial mainstream, and we are thrilled to congratulate the entire Oportun team for this well-deserved industry recognition as 'Best Consumer Lending Company' in 2023."

The FinTech Breakthrough Awards is the premier awards program founded to recognize the FinTech innovators, leaders and visionaries from around the world in a range of categories, including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from across the globe.

"It is an honor to be recognized by Fintech Breakthrough as the best consumer lending platform, and be recognized for our efforts to advance our mission and place our members' financial goals within their reach," said Raul Vazquez, Oportun CEO. "Through our combined products and services we have made a significant impact in the lives of our members, having helped them set aside more than $8.9billion for emergencies and other purposes and empowering them to feel more confident in their financial future."

Oportun has provided more than $15.5 billion in responsible and affordable credit, saved its members more than $2.3 billion in interest and fees, and helped members set aside an average of $1,800 annually in savings.

About Oportun
Oportun (Nasdaq: OPRT) is a digital banking platform that puts its 1.9 million members' financial goals within reach. With intelligent borrowing, savings, budgeting, and spending capabilities, Oportun empowers members with the confidence to build a better financial future. Since inception, Oportun has provided more than $15.5 billion in responsible and affordable credit, saved its members more than $2.3 billion in interest and fees, and helped our neobanking members save an average of more than $1,800 annually. For more information, visit Oportun.com.

About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership around the globe, the FinTech Breakthrough Awards program is devoted to honoring excellence in Financial Technologies and Services companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including Payments, Personal Finance, Wealth Management, Fraud Protection, Banking, Lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.

View additional multimedia and more ESG storytelling from Oportun on 3blmedia.com.

Contact Info:
Spokesperson: Oportun
Website: https://www.3blmedia.com/profiles/oportun
Email: info@3blmedia.com

SOURCE: Oportun

View source version on accesswire.com:
https://www.accesswire.com/746722/Oportun-Named-Best-Consumer-Lending-Company-in-2023-FinTech-Breakthrough-Awards-Program

FAQ

What award did Oportun win in 2023?

Oportun was awarded 'Best Consumer Lending Company' at the 2023 FinTech Breakthrough Awards.

How much credit has Oportun provided?

Oportun has provided over $15.5 billion in responsible and affordable credit.

How much have Oportun's members saved in fees?

Members of Oportun have saved more than $2.3 billion in interest and fees.

How does Oportun serve its members?

Oportun empowers its members by offering intelligent borrowing, savings, budgeting, and spending capabilities.

How many members does Oportun have?

Oportun serves approximately 1.9 million members.