SOURCE: Oportun


February 19, 2016 13:18 ET

Oportun Completes $124.8 Million Asset-Backed Securitization to Provide Affordable Credit to Hispanics

REDWOOD CITY, CA--(Marketwired - Feb 19, 2016) - Oportun, formerly known as Progreso Financiero, today announced its fifth securitization, an issuance of $124.8 million of two-year, asset-backed bonds secured by a pool of its installment loans. Oportun uses advanced data analytics and technology to provide affordable small dollar loans to Hispanic borrowers, many of whom have little or no credit history. The bonds, which received an investment-grade rating by Kroll Bond Rating Agency, were placed with a diversified mix of institutional investors in a private offering pursuant to Rule 144A under the Securities Act of 1933, as amended. Morgan Stanley was the lead book-running manager. Goldman, Sachs & Co. and Jefferies were joint book-runners.

"Our mission is to help the Hispanic community build a better future by offering affordable, responsible loans to individuals who may have little or no credit history," said Oportun CEO Raul Vazquez. "Diversifying our access to capital will help us reach more of the estimated 25 million Hispanics whose needs are not currently being met by mainstream financial services companies."

Oportun issued its first securitization in June 2013.

About Oportun

Oportun, formerly known as Progreso Financiero, is a mission-driven financial services company that uses advanced data analytics and technology to provide responsible, affordable personal loans to financially underserved Hispanics, many of whom have little or no credit history. The company's centralized data analytics system calculates each loan applicant's ability to repay, approves those loans the company believes can be paid back, and sets loan amounts and terms to fit individual budgets. Customer account information is also reported to credit bureaus to help customers establish credit history. Since its founding in 2005, Oportun has helped more than 689,000 customers by disbursing more than $2.2 billion through more than 1.3 million small dollar loans. The company delivers customer service with bilingual staff across channels and operates more than 179 locations in California, Illinois, Nevada, Texas, and Utah.

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