Oportun Financial Corporation - OPRT STOCK NEWS

Oportun (Nasdaq: OPRT) announced findings from the True Cost of a Loan Study by the Financial Health Network, revealing that its loan products are significantly more affordable than alternatives. The analysis compared its unsecured installment loans of $500, $1,500, and $3,000 to other products typically accessed by subprime borrowers. Results showed Oportun loans are eight times less expensive on average. Specifically, for a $500 loan, alternatives could cost ten times more; for $1,500, six times; and for $3,000, four times more. Since inception, Oportun has provided over $15.5 billion in loans, saving members more than $2.3 billion in interest and fees.

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.

Findell Capital Management, with a ~4% stake in Oportun (OPRT), criticized the company's management for poor performance, citing an 85% drop in shares since its IPO in September 2019. They attribute this decline to excessive overhead and unsuccessful fintech ventures, urging the board to appoint new leadership to cut costs significantly. Findell believes Oportun's core lending business remains strong and could generate over $3 in EPS by 2024, suggesting that aggressive cost reductions could reshape its financial outlook. They emphasize that the current management has not addressed necessary changes and caution against excessive corporate expenses.

Oportun (Nasdaq: OPRT) announced on March 28, 2023, that the Consumer Financial Protection Bureau (CFPB) has concluded its investigation into the company. The CFPB determined that it would not recommend any enforcement action against Oportun regarding its legal collection practices from 2019 to 2021 and its hardship programs during the COVID-19 pandemic. Oportun has consistently maintained that its practices are compliant with applicable laws. The company has provided over $15.5 billion in responsible credit and helped its 1.9 million members save more than $2.3 billion in interest and fees.

Oportun (Nasdaq: OPRT) will participate in the March Sidoti Virtual Investor Conference, with a presentation scheduled for 4:00 PM ET on March 22, 2023. CEO Raul Vazquez and CFO Jonathan Coblentz will lead the session, which can be accessed live via a provided link. Additionally, a replay will be available for 90 days post-conference. Oportun is a digital banking platform dedicated to meeting the financial needs of its 1.9 million members, having provided over $15.5 billion in responsible credit and saving members more than $2.3 billion in interest.

For more details, visit Oportun's Investor Relations website.

Oportun (Nasdaq: OPRT), a mission-driven fintech and digital banking platform, announced the appointment of Irfan Ganchi as Chief Product Officer and Deepak Rao as Chief Technology Officer, effective March 15, 2023. Ganchi previously worked at Meta, focusing on B2C services and fintech platforms, and has experience at Uber and Amazon. Rao comes from SoFi, with nearly 20 years at Microsoft in various roles. CEO Raul Vazquez emphasized that these appointments are crucial for expanding Oportun's digital banking services, aiming to empower members in their financial journeys. Oportun has provided over $15.5 billion in affordable credit since its inception.

Oportun Financial Corporation (Nasdaq: OPRT) reported robust financial results for Q4 and FY 2022. Total originations reached $610 million in Q4, bringing annual originations to $2.9 billion, up 27%. Revenue for Q4 was $262 million, a 35% increase year-over-year, leading to a total revenue of $953 million for FY 2022, up 52%. Notably, adjusted net income for Q4 was $4.6 million, though the annual net loss was $78 million. The company enacted cost-saving measures projected to reduce expenses by $48 to $53 million annually. As of December 31, 2022, total members grew to 1.9 million, highlighting the company’s focus on returning borrowers.

Oportun Financial Corporation (Nasdaq: OPRT) has unveiled its new brand identity and product experience, merging Oportun and Digit into a unified financial services app. This transition aims to empower members in managing their finances through intelligent borrowing, savings, budgeting, and spending tools. Since its inception, Oportun has issued over $14.7 billion in loans and facilitated savings exceeding $8 billion. The platform has supported over 1 million individuals in building credit history and helps members save an average of $1,800 annually. The app is available on both the Apple App Store and Google Play.

Oportun (Nasdaq: OPRT) is set to release its fourth quarter 2022 financial results on March 13, 2023, after market close. Following this, a conference call and earnings webcast will be held at 5:00 PM ET (2:00 PM PT) to discuss the results. Investors can access the live event via Oportun’s investor relations website or join the call using the provided dial-in numbers. Oportun continues its mission to offer inclusive financial services, having provided over $14 billion in credit and helping members save more than $2.3 billion in interest and fees since inception. The company has also helped members save over $8.5 billion for future needs.