Welcome to our dedicated page for Oportun Financial news (Ticker: OPRT), a resource for investors and traders seeking the latest updates and insights on Oportun Financial stock.
Oportun Financial Corp (OPRT) provides responsible credit solutions and banking services to underserved communities through innovative fintech solutions. This news hub offers investors and stakeholders timely updates on company developments, financial performance, and strategic initiatives.
Access comprehensive coverage of OPRT's latest press releases, earnings reports, and market analyses. Track key announcements including loan product expansions, partnership agreements, regulatory updates, and technology advancements driving financial inclusion.
Our curated news collection enables informed decision-making by consolidating essential information in one reliable location. Discover updates on Oportun's community-focused programs, credit access innovations, and operational milestones that shape its mission to serve underbanked populations.
Bookmark this page for continuous access to verified OPRT news updates. Stay informed about this fintech leader's progress in creating affordable financial solutions while maintaining responsible lending practices across its growing service network.
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.
Oportun (Nasdaq: OPRT) granted 385,268 restricted stock units to 16 employees on December 30, 2021, as part of the 2021 Inducement Equity Incentive Plan following its acquisition of Hello Digit, Inc. on December 22, 2021. The vesting periods for these stock units range from one to four years, contingent on continued employment. The grants were approved by Oportun’s Compensation and Leadership Committee as required by Nasdaq regulations and serve as a material inducement for new hires.
Oportun (Nasdaq: OPRT) has successfully acquired Digit, a neobanking platform, for approximately $211.1 million in cash and stock. This acquisition aims to enhance Oportun's AI and digital capabilities, benefiting its 1.4 million members. With Digit's automated savings tools and existing member base of 600,000, Oportun plans to provide a more comprehensive financial service. Digit will operate as a business unit under Oportun, retaining its leadership and workforce.
Oportun Closes $150 Million Credit Facility
On December 20, 2021, Oportun (Nasdaq: OPRT) announced the completion of a $150 million credit facility, enhancing its Oportun® Visa® Credit Card program. This facility, secured by credit card receivables and provided by WebBank, is set for a two-year revolving term and will replace the existing retention facility. The funds will support the anticipated growth of Oportun's credit card program, which is expected to reach $50 million in receivables by year-end 2021.
Oportun (Nasdaq: OPRT) announced its participation in upcoming investor conferences, highlighting its role in digital lending. CEO Raul Vazquez will lead a fireside chat titled “Trends in Digital Lending” at the JMP Financial Services and Real Estate Conference on November 18, 2021. Another appearance is scheduled for the Jefferies’ Crossover Consumer Finance Summit on December 9, 2021. The events will be accessible via live webcasts on Oportun’s investor relations website, and recordings will be available afterward.
Oportun (Nasdaq: OPRT) has announced its acquisition of Digit, a neobanking platform, for approximately $212.9 million. This strategic move aims to enhance Oportun's A.I. capabilities and digital banking services, targeting a combined membership of 1.4 million. The acquisition is expected to accelerate revenue growth and market expansion, allowing Oportun to offer a more holistic range of financial services, including savings and investing tools. The transaction is anticipated to close by early 2022, pending customary approvals.
Oportun Financial Corporation (OPRT) reported strong financial results for Q3 2021, with aggregate originations soaring 119% year-over-year to $662 million. Total revenue increased 16% to $159.1 million, driven by significant growth in interest income. The company posted a net income of $23 million compared to a net loss of $6 million in Q3 2020. Diluted EPS reached $0.75, reflecting a major turnaround. Additionally, the annualized net charge-off rate fell to 5.5% from 10.4% in the prior year, highlighting strong credit performance. The company anticipates aggregate originations of $800 million for Q4 2021.
Oportun (Nasdaq: OPRT) has announced the issuance of $500 million in three-year asset-backed notes secured by personal installment loans. The offering comprised four classes of fixed-rate notes, with ratings from DBRS and Kroll Bond Rating Agency ranging from AA (low) to BB (high). Priced at a weighted average interest rate of 2.48% per annum, the notes were placed with institutional investors. CFO Jonathan Coblentz highlighted the strong investor interest and confidence, reflecting the effectiveness of Oportun's A.I.-driven credit underwriting and the reliability of its customer base.
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.
