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.
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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 (Nasdaq:OPRT) has announced the nationwide launch of the Oportun® Visa® Credit Card, designed for financially responsible individuals lacking traditional credit histories. The card provides unsecured starting credit lines up to $1,000 and aims to serve those often excluded from mainstream finance. In 18 months, over 54,000 customers participated in a successful pilot program. With a commitment to using AI for financial inclusion, Oportun has facilitated over 4.3 million loans and $10.5 billion in credit since its inception, saving clients more than $1.9 billion in interest.
Oportun Financial Corporation (Nasdaq: OPRT) reported robust Q2 2021 results with a 175% year-over-year growth in aggregate originations to $433 million. The company achieved a diluted EPS of $0.24 and an adjusted EPS of $0.56, significantly up from a loss of $(1.26) in the prior-year quarter. Total revenue was $138.3 million, down from $142.7 million last year, influenced by lower interest income due to COVID-19. Notably, the 30+ Day Delinquency Rate improved to 2.5%, and the Annualized Net Charge-Off Rate dropped to 6.4%, reflecting enhanced credit metrics.
Oportun Financial Corporation (Nasdaq: OPRT) will announce its second quarter 2021 financial results on August 5, 2021, after market close. A conference call is scheduled for 5:00 PM ET to discuss the results. Oportun utilizes an AI-driven platform to offer responsible consumer credit, having issued over 4 million loans totaling more than $10 billion. The company has been recognized as a Community Development Financial Institution since 2009, highlighting its commitment to providing affordable credit options.
Oportun Financial Corporation has expanded its secured personal loan offerings to Florida, previously available only in California. This move aims to provide responsible and affordable credit options for underserved individuals, aligning with Oportun's mission of financial inclusion. The secured loans range from $2,525 to $20,000, offering lower interest rates and fixed payments without balloon payments. This initiative supports borrowers in building their credit history while offering an alternative to high-interest auto title loans.
Oportun Financial Corporation (NASDAQ:OPRT) is expanding its Board of Directors from seven to nine members with the addition of Ginny Lee and Sandra Smith, effective September 1, 2021. Lee brings extensive experience from Khan Academy and Intuit, while Smith has a background as Chief Financial Officer at Segment and finance roles at Twilio. The appointments enhance the board’s diversity, with six of nine members identifying as women or people of color. Both new members are expected to prioritize shareholder and stakeholder interests.
Oportun Financial Corporation (Nasdaq: OPRT) announced that CEO Raul Vazquez will participate in a virtual fireside chat at the Jefferies Virtual Consumer Conference on June 22, 2021, starting at 10:55 AM ET. Investors can access the live webcast on Oportun's Investor Relations website under 'Events & Presentations.' A replay will be available until July 22, 2021. Oportun is dedicated to providing responsible consumer credit, having extended over $10.2 billion to date and is recognized as a Community Development Financial Institution since 2009.
Oportun Financial Corporation announced its largest bond issuance to date, totaling $500 million of three-year asset-backed notes. This offering includes four classes of fixed-rate notes, rated by DBRS and Kroll Bond Rating Agency. The issuance was oversubscribed, indicating strong investor confidence in Oportun's loan quality. The average fixed interest rate was 2.05% per annum. CFO Jonathan Coblentz highlighted the deal's pivotal role in enhancing funding flexibility for future growth, while CEO Raul Vazquez emphasized their mission to serve underserved consumers.
Oportun Financial Corporation (Nasdaq: OPRT) reported a strong first quarter for 2021, with a GAAP diluted EPS of $0.10 and adjusted EPS of $0.41, marking a significant improvement from a net loss of $13.3 million a year ago. Total revenue decreased to $135.3 million compared to $163.4 million in 2020, primarily due to lower loan originations, which fell 23% year-over-year to $335.2 million. The 30+ day delinquency rate improved to 3.0%, down from 3.8% a year prior. Oportun anticipates aggregate originations of $425 million for Q2 2021, with total revenue guidance of $600-$605 million for the full year.
