NEW YORK, Sept. 26, 2019 (GLOBE NEWSWIRE) -- Oportun Financial Corporation (Nasdaq: OPRT), a leading high-growth, mission-driven Community Development Financial Institution (CDFI) providing inclusive, affordable financial services to underserved communities, and Nasdaq, are pleased to celebrate Oportun’s initial public offering (IPO) and inclusion on the Nasdaq Stock Market.
Oportun’s mission is to provide inclusive, affordable financial services that empower the estimated 100 million people in the United States who are shut out of the financial mainstream because they do not have a credit history or have limited credit history. Powered by a deep, data-driven understanding of its customers and advanced proprietary technology, Oportun provides loans and supportive services to hardworking, low-to-moderate-income individuals. Oportun designs its financial solutions to meet its customers’ needs in a transparent and affordable way that allows them to demonstrate their creditworthiness and establish the credit history they need to open the door to new opportunities.
“We’re proud to have built a mission-driven, rapidly-growing, and profitable company that is designed with our customers’ interests in mind,” said Raul Vazquez, chief executive officer for Oportun. “When our customers succeed in paying back their loans on time, we succeed as a business. Our proprietary credit platform allows us to provide loans to our hardworking customers at affordable rates. This approach has resulted in customers saving over $1.5 billion in fees and interest compared to alternative products available to them. We are excited to join the Nasdaq market and raise the capital necessary to extend our mission to millions more.”
“Oportun’s proprietary use of alternative data allows them to create a unique credit scoring model that enables the creation of a proprietary credit score for every customer they serve, including consumers without a traditional credit score,” said Jack Cassel, Vice President, New Listings & Capital Markets, Nasdaq. “They have built an inclusive, omnichannel platform based on transparency and superior customer service. We could not be more excited to welcome Oportun to the Nasdaq family of the world’s most innovative companies.”
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