Oportun Financial Corp Stock Price, News & Analysis

Oportun Financial Corporation (NASDAQ: OPRT) announced that board member Jo Ann Barefoot was named Fintech Woman of the Year by the Finovate Awards. This recognition highlights her contributions to financial inclusion and regulatory advancements benefiting underrepresented communities. Oportun also achieved finalist status for Excellence in Financial Inclusion and Best Consumer Lending Platform, with CEO Raul Vazquez nominated for Executive of the Year. Since 2006, Oportun has provided over $10.5 billion in loans, saving customers approximately $1.9 billion in interest and fees.

Oportun Financial Corporation (NASDAQ: OPRT) reported significant intra-quarter updates on September 14, 2021. The company highlighted a remarkable 122% year-over-year increase in aggregate originations, totaling $501 million. Personal loan originations exceeded expectations due to a bank partnership expansion that will nearly double its addressable market by the end of the year. Secured personal loan receivables surged by 11,078% to $23.1 million, while the Oportun Visa Credit Card receivables soared 946% to $31.8 million, with over 75,000 active customers. Additionally, a new $600 million warehouse line lowers funding costs.

Oportun Financial Corporation (Nasdaq: OPRT) announced that CEO Raul Vazquez will participate in a virtual fireside chat at the Barclays Global Virtual Financial Services Conference on September 14, 2021, at 2:45 PM Eastern Time. Interested parties can access the live webcast via Oportun's investor relations website. The company, recognized as a Community Development Financial Institution since 2009, provides responsible consumer credit using AI-driven models and has extended over 4 million loans, totaling more than $10 billion in affordable credit.

Oportun Financial Corporation (NASDAQ: OPRT) has closed a $600 million warehouse credit facility, supported by its personal loans. Major commitments came from Morgan Stanley, Goldman Sachs, Jefferies, and J.P. Morgan. This facility will enhance Oportun's ability to provide affordable credit, positively impacting its financial inclusion mission. The new facility replaces an earlier $400 million line and allows the company to redeem more expensive debts. Since inception, Oportun has issued over 4.3 million loans and saved customers $1.9 billion in interest.

Oportun Financial Corporation (NASDAQ: OPRT) announced the addition of two independent board members, increasing its board from nine to eleven members as of September 1, 2021. The new members, Roy Banks and Rick Welts, bring extensive experience in technology and sports management, respectively. Banks, CEO of Weave Communications, has over 20 years in e-commerce and software, while Welts has a 45-year background in the NBA. This move aims to strengthen Oportun's leadership and commitment to diversity, enhancing its mission to provide responsible credit to underserved communities.

Oportun Expands Personal Loan Availability

Oportun (Nasdaq: OPRT) has expanded its personal loan services from 12 to 24 states, including new locations such as Arkansas, Kentucky, and Virginia. By year-end, the company plans to extend services to over 40 states. Oportun has issued more than 4.3 million loans totaling $10.5 billion, saving customers over $1.9 billion in interest compared to traditional options. The company aims to assist the estimated 100 million U.S. adults lacking a credit score to establish credit histories through its services.

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.