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 Corporation (Nasdaq: OPRT) is a mission-driven fintech company dedicated to providing responsible and affordable financial services, particularly to individuals with limited or no credit history. Formerly known as Progreso Financiero, Oportun focuses on empowering the underserved Hispanic community in the United States through advanced data analytics and technology.
Oportun’s suite of financial products includes personal loans, auto loans, unsecured personal loans, and secured personal loans. Additionally, the company offers deposit accounts, debit card services, and other transaction services to its customers. Oportun operates over 170 locations across California, Illinois, Texas, Utah, and Nevada, with a commitment to delivering a supportive service experience through bilingual staff and multi-channel support.
In recent news, Oportun entered into a $400 million whole loan flow sale agreement with Castlelake, an experienced investor in the consumer credit sector, to acquire personal loan production from Oportun over the next 12 months. This strategic relationship underscores the sustained strong demand for Oportun's lending products among institutional investors and is expected to bolster Oportun's mission of financial inclusion.
Since its inception, Oportun has provided over $17.8 billion in responsible credit, helping members save more than $2.4 billion in interest and fees. The company is also leveraging artificial intelligence to enhance its borrowing, saving, and budgeting capabilities, thereby aiding its 2.2 million members in building better financial futures.
Despite some challenges, including an 82% decline in stockholder return since its IPO in late 2019, Oportun's core business remains robust. The company’s leadership is under scrutiny from significant shareholders like Findell Capital Management, who are urging more decisive actions to unlock shareholder value.
For more detailed information on Oportun Financial Corporation and its latest developments, visit their website at Oportun.com.
Oportun (Nasdaq: OPRT) has partnered with MetaBank to offer affordable personal loans capped at a 36% APR to low- and moderate-income individuals nationwide, launching mid-2021. This collaboration aims to provide financial access to those with limited or no credit history, significantly expanding Oportun's services beyond its existing footprint. The company, established in 2005, has delivered over $9 billion in loans and helped more than 860,000 people build credit. Oportun's mission focuses on social and economic equity by providing responsible financial services.
Oportun Financial Corporation (OPRT) reported a significant decline in net income for Q3 2020, posting a loss of $6 million compared to a profit of $10 million in Q3 2019. Total revenue decreased to $136.8 million from $153.9 million year-over-year. Despite challenges, the company nearly doubled loan originations sequentially to $302.4 million. A strategic partnership with MetaBank is expected to enhance access to affordable personal loans for low- and moderate-income individuals, launching in mid-2021. The company maintains a strong liquidity position with over $208 million undrawn capacity on its warehouse line.
Oportun (Nasdaq: OPRT) announced the completion of sales of Class C and D bonds from its Series 2018-B and 2019-A asset-backed securitizations, closing on October 30, 2020. This transaction garnered $39.8 million in net proceeds, enhancing Oportun's capital to expand its customer base. CFO Jonathan Coblentz noted strong market demand for their bonds as a sign of confidence in their business model. Since 2005, Oportun has offered over $9 billion in loans, primarily to low- and moderate-income communities, saving customers over $1.7 billion in interest compared to other options.
Oportun Financial Corporation (Nasdaq: OPRT) will announce its third quarter financial results on November 10, 2020, after market close. A conference call to discuss the results is scheduled for 5:00 PM ET, with details for dial-in access provided. Oportun, a Community Development Financial Institution, aims to offer inclusive financial services to low- and moderate-income individuals. They operate in 32 states and provide resources online, over the phone, and through retail locations.
On September 22, Oportun (Nasdaq: OPRT) will celebrate National Voter Registration Day by promoting voter registration across its 330 retail locations. The company is also declaring Election Day a paid holiday for all U.S. employees to facilitate voting and civic engagement. Additionally, Oportun is collaborating with local officials to use its stores as polling stations and ballot drop-off sites to enhance voter turnout. Since its inception, Oportun has provided over $9 billion in affordable loans to 860,000 individuals.
Oportun (Nasdaq: OPRT) has expressed support for California Assembly Bill 979, which mandates diverse board member appointments for public companies. The bill emphasizes the need for representation from underrepresented communities within corporate boardrooms. Oportun, a Community Development Financial Institution, aims to provide affordable financial services to low-to-moderate-income individuals and has already complied with the bill's requirements. Since 2006, Oportun has provided over $9 billion in loans to underserved communities and has received multiple accolades for its innovative approach.
Oportun Financial Corporation (Nasdaq: OPRT) will have its CEO Raul Vazquez and CFO Jonathan Coblentz in a virtual fireside chat during the Barclays Global Financial Services Conference on September 14, 2020, at 3:30 PM ET. This event is accessible to investors and interested parties via webcast on the Company's investor relations website. Oportun is dedicated to providing affordable financial services to low-to-moderate-income individuals, helping them establish credit and access new opportunities through a range of services available both online and in-person across 29 states.
Oportun (Nasdaq: OPRT) has signed a binding letter of intent with DolEx Dollar Express to establish a fintech lending partnership. This collaboration aims to provide Oportun’s loans, capped at a 36% APR, to consumers at DolEx locations, with the rollout scheduled for Q4 2020. Oportun, a certified Community Development Financial Institution, has disbursed nearly $9 billion in loans, aiding low-to-moderate income individuals. DolEx operates over 500 retail stores, focusing on financial services for underserved communities in the U.S. and Spain, with plans to enhance access to affordable personal loans.
Oportun Financial Corporation (Nasdaq: OPRT) will announce its Q2 2020 financial results on August 6, 2020, following market close. A conference call will be held at 5:00 PM ET to discuss these results, with dial-in options provided for participants. Oportun, a Community Development Financial Institution, strives to offer affordable financial services to low-to-moderate-income individuals, helping them build credit history. The company operates in 19 states and has over 340 retail locations.
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