Oportun closes $150m credit facility secured by credit card receivables
By Edlyn Cardoza
Oportun, an A.I.-driven FinTech company, announced it closed a $150 million credit facility secured by credit card receivables arising under its Oportun Visa Credit Card issued by WebBank. WebBank is the lender under the new facility, which carries a two-year revolving term and replaces Oportun’s existing retention facility. Oportun will use the new facility to meet the continuing demand and growth of the credit card program.
Oportun announced in August of this year that the unsecured credit card is available nationwide and expects credit cards to account for $50 million in receivables by year-end.
Oportun is a financial services company that leverages its digital platform to provide responsible consumer credit to hardworking people. Using A.I.-driven models built on 15 years of proprietary customer insights and billions of unique data points, Oportun has extended more than 4.5 million loans and over $11.1 billion in affordable credit, providing its customers with alternatives to payday and auto title loans.
WebBank is a Utah chartered Industrial Bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has originated and funded over $147 billion in consumer and commercial credit products. As “The Bank Behind the Brand”, WebBank is a national issuer of consumer and small business credit products through Strategic Partner (Brand) platforms, which include retailers, manufacturers, finance companies, and financial technology (FinTech) companies.
The Bank is a leading player in the digital lending space, driving innovation in financial products through Strategic Partner platforms. WebBank engages in a full range of banking activities, including consumer and commercial loan products, revolving lines of credit, credit cards, private-label card issuance, auto-refinancing and more. The Bank provides capital in asset-backed lending form and other credit facilities to Strategic Partner platforms, credit funds, and other lenders, focusing on speciality finance assets. The Bank is also a leading provider of commercial insurance premium finance products through its wholly-owned subsidiary National Partners.
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