Oportun Surpasses 4 Million Loans and $10 Billion in Originations

Rhea-AI Summary

Oportun Financial Corporation (Nasdaq: OPRT) announced the milestone of originating over 4 million loans totaling $10 billion, primarily aimed at underserved consumers. Utilizing advanced A.I. technology and a proprietary scoring model, Oportun provides affordable credit alternatives, saving customers more than $1.8 billion in interest compared to traditional options. With its approach, the company has assisted more than 890,000 individuals in establishing credit history since its inception in 2006, demonstrating a commitment to enhancing economic equity.

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• Originated over 4 million loans and $10 billion in credit.
• Saved customers more than $1.8 billion in interest and fees.
• Assisted over 890,000 individuals in establishing credit history.

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• None.

Oportun continues to advance economic equity with its A.I.-driven credit underwriting, providing hardworking people with affordable credit and a path to the financial mainstream

SAN CARLOS, Calif., March 30, 2021 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT), a financial services company that leverages its digital platform to provide hardworking people with responsible, affordable, and credit-building alternatives to payday and auto title loans, today announced that it has originated more than 4 million loans and $10 billion to customers who have largely been underserved by the financial mainstream.

“More than 100 million hardworking people in the U.S. live outside the financial mainstream because traditional providers are unable to accurately assess their creditworthiness,” said Raul Vazquez, CEO of Oportun. “Reaching this milestone with responsible credit products proves that the hardworking people we serve are creditworthy. While incumbent banks and other lenders remain unable to successfully score our customers, we are leveraging advanced technology for the purpose of uplifting underserved communities.”

Using a proprietary scoring and risk model, backed by artificial intelligence, machine learning, and 15 years of data, Oportun is able to provide affordable and responsible loans to traditionally unserved consumers. Since its first loan in 2006, Oportun has now extended more than 4 million loans and $10 billion in credit, primarily in small dollar loans, and saved its customers more than $1.8 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 890,000 people begin to establish a credit history.

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 million loans and $10 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.

Media Contact
Usher Lieberman
650-769-9414
usher.lieberman@oportun.com

FAQ

What recent milestone did Oportun achieve regarding loans?

Oportun announced that it has originated over 4 million loans totaling $10 billion.

How much have Oportun's customers saved in interest and fees?

Customers have saved more than $1.8 billion in interest and fees compared to traditional loan options.

What is the primary customer base for Oportun's services?

Oportun primarily serves hardworking individuals who are underserved by traditional financial institutions.

How does Oportun determine creditworthiness?

Oportun uses a proprietary scoring and risk model backed by A.I. and 15 years of customer data.