Oportun Provides Intra-Quarter Update on Strategic Initiatives | 2021-09-14 | Press Releases
Strong progress towards quarterly and annual targets
SAN CARLOS, Calif., September 14, 2021 (GLOBE NEWSWIRE) – Oportun Financial Corporation (NASDAQ: OPRT), an AI-driven financial services and technology company that provides hard workers with access to responsible and affordable credit, today provided an intra-quarterly update of its strategic initiatives.
âWe continue to be very satisfied with the progress of our third quarter and the year 2021â, & CloseCurlyDoubleQuote; said Raul Vazquez, CEO of Oportun. âOportun is making great progress on all of its key strategic goals. & CloseCurlyDoubleQuote;
The intra-quarter updates were featured in an updated investor set posted on the Opportunity ‘investor website (investor.oportun.com) this morning. The updates included:
- Aggregate fixtures were $ 501 million year-to-date, up 122% year-on-year
- Better-than-expected personal loan arrangements in the first 12 states where Oportun started offering loans as part of its banking partnership expansion, launched on August 23, 2021
- Oportun plans to enter around 17 more states through the banking partnership, nearly doubling its addressable market by the end of 2021
- Receivables on secured personal loans were $ 23.1 million as of August 31, 2021, up 11,078% year over year
- Oportun Visa credit card receivables were $ 31.8 million as of August 31, 2021, up 946% year-on-year
- In addition, the credit card program now has over 75,000 active customers.
- DolEx locations that offer Oportun’s loans through its Lending-as-a-Service program now number 181 as of September 13, 2021, already exceeding the company’s end-of-year target of 175 locations, which it carries. at a new end of the year objective of 200 locations
- Oportun remains on track to begin offering loans under its second Loan-as-a-Service partnership in Q4, which will add at least 100 additional new locations over the next 12 months.
- Last week, the company closed its new 3-year $ 600 million warehouse line and pulled the line to redeem the last of its more expensive ABS tickets issued in 2018, lowering the cost of funds. ‘Timely’
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 leverage 15 years of proprietary customer information and billions of unique data points, Oportun has made over 4.3 million loans and over $ 10.5 billion affordable credit, offering 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.
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are statements that could be considered as forward-looking statements, including statements regarding future results of operations and financial condition and the achievement of our strategic priorities. . These statements involve risks, uncertainties, assumptions and other known and unknown factors which may cause Opportunity’s actual results, performance or achievements to be materially different from the expressed or under-expressed future results, performance or achievements. understood by forward-looking statements. You can usually identify these statements by words such as “wait,” “plan,” “anticipate,” “project,” “Outlook,” “continue,” “may,” “believe,” or “estimate” and phrases similar or negative versions of such or comparable words, as well as future or conditional verbs such as “will” “should,” “would be,” “probably” and “could.” These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended. Oportun has based these forward-looking statements in large part on its current expectations and projections regarding future events and financial trends that it believes could affect its business, financial condition and results of operations. These risks and uncertainties include the risks described in documents filed by Oportun with the Securities and Exchange Commission, including Oportun’s most recent annual report on Form 10-K and most recent quarterly report on Form 10. -Q, and include, without limitation, future operating results and financial condition, new and planned products and services, business strategy, expected benefits of a banking partnership, the ability of the banking partnership to accelerate growth and timing and the ability to achieve certain financial and strategic benefits and management plans and objectives for future operations. Forward-looking statements speak only as of the date on which they are made and, except to the extent required by federal securities laws, Oportun disclaims any obligation to update any forward-looking statement to reflect events or circumstances. after the date the report is made or to reflect the occurrence of unforeseen events. In light of these risks and uncertainties, there can be no assurance that the events or results suggested by forward-looking statements will actually occur, and you should not place undue reliance on such forward-looking statements.