Oportun prices $400m in asset-backed securities

By Edlyn Cardoza

Oportun, a mission-driven FinTech and digital banking platform, recently announced that it has priced $400 million of Series 2022-2 fixed rate asset-backed notes in a private asset-backed securitisation transaction secured by a pool of unsecured and secured installment loans.

“With this transaction priced, investors have reiterated their confidence in Oportun’s financial strength and A.I.-driven underwriting throughout various cycles. We intend to continue to fund our business for responsible growth, and are actively assessing the asset-backed and other debt capital markets,” said Jonathan Coblentz, Chief Financial and Administrative Officer at Oportun.

Oportun is an A.I.-powered digital banking platform that seeks to make financial health effortless for anyone. Driven by a mission to provide inclusive and affordable financial services, Oportun helps its nearly 1.7 million hardworking members meet their daily borrowing, savings, banking, and investing needs. Since its inception, Oportun has provided more than $13 billion in responsible and affordable credit, saved its members more than $2.2 billion in interest and fees, and automatically helped members set aside more than $7.6 billion for rainy days and other needs.

Access to credit, affordable rates, and great service are often reserved for those with the most income or highest credit scores. By looking at more than just a customer’s credit score or income, Oportun can offer affordable credit to the people often excluded from the financial mainstream.