Oportun announces closing of $ 600 million warehouse loan
SAN CARLOS, Calif., September 09, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (NASDAQ: OPRT), an AI-driven financial services and technology company that gives hard workers access to responsible and affordable credit, today announced the closing of a new $ 600 million warehouse credit facility, backed by a portion of Oportun’s secured and unsecured personal loans. The new facility includes commitments from Morgan Stanley Bank, NA, Goldman Sachs Bank USA, Jefferies Funding LLC and JPMorgan Chase Bank, NA
“Oportun has developed a new approach to tackle financial inclusion, which is a serious and important societal issue that other companies have struggled to tackle on a large scale,” said Raul Vazquez, CEO of Oportun. “Our lenders continue to play an important role in our capital structure, and we can offer an even greater amount of responsible and affordable capital to hard-working clients across the country with this new line of larger warehouses. “
“This greater range of warehouses will support our continued growth in the United States, allowing us to serve an addressable market that will have nearly doubled by the end of the year thanks to the expansion of our recently launched banking partnership,” said Jonathan Coblentz, Chief Financial Officer of Oportun. “Oportun has a proven track record of deploying capital to positively impact the lives of the clients we serve, and this new facility is a strong indication of our lenders’ support for our financially inclusive mission. We used the closing facility yesterday to repurchase the last of our most expensive securitizations issued in 2018. The new warehouse credit facility replaces a $ 400 million facility and reduces our cost of funds.
Since its founding, Oportun has successfully provided over 4.3 million loans and $ 10.5 billion in credit, mostly in the form of small dollar loans, saving clients over $ 1.9 billion in interest. and fees compared to other options generally available to people with little or no credit. the story. By reporting repayment performance to major credit bureaus, the company has also helped over 925,000 people begin to build credit histories.
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to deliver responsible consumer credit to hardworking people. Using AI-powered models that are built on 15 years of proprietary customer information and billions of unique data points, Oportun has granted over 4 million loans and over $ 10 billion in affordable credit, providing its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.