SOURCE: Oportun

Oportun

July 08, 2015 15:00 ET

Oportun Completes $125 Million Asset-Backed Securitization, Diversifies Access to Capital to Provide Affordable Credit to Hispanics

REDWOOD CITY, CA--(Marketwired - Jul 8, 2015) - Oportun, formerly known as Progreso Financiero, today announced its fourth securitization, an issuance of $125 million of two-year, asset-backed bonds secured by a pool of its installment loans. Oportun is a mission-driven financial services company that uses advanced data analytics and technology to provide small dollar loans to Hispanic borrowers, many of whom have little or no credit history. The bonds, which received investment-grade ratings by Kroll Bond Rating Agency, were placed with a diversified mix of institutional investors in a private offering. Jefferies LLC served as the sole book running manager for Oportun. 

"Our mission is to provide credit-building, affordable loans that help the Hispanic community build a better future," said Oportun CEO Raul Vazquez. "We use our advanced data analytics to approve those applicants we believe will be able to pay us back and to set loan amounts and terms that fit their individual budgets. Our business model is based on our customers being able to repay their loans on time, so our interests and our customers' interests are aligned. Their success is our success."

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, credit-building 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 or build credit. Since its founding in 2005, Oportun has helped more than 570,000 customers by disbursing more than $1.7 billion through more than one million small dollar loans. The company delivers customer service with bilingual staff across channels and operates more than 160 locations in California, Illinois, Texas, Nevada, and Utah.

For more information about Oportun, please visit http://www.oportun.com.

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