“We continue to be very pleased with how our third-quarter and full-year 2021 are progressing,” said
The intra-quarter updates were presented in an updated investor deck posted to Oportun’s investor website (investor.oportun.com) this morning. The updates included:
- Aggregate Originations were
$501 million quarter-to-date, up 122% year-over-year - Better than expected personal loan originations in the first 12 states that
Oportun began offering loans under its bank partnership expansion, launchedAugust 23, 2021 Oportun expects to enter approximately 17 additional states through the bank partnership, nearly doubling its addressable market by the end of 2021
- Secured personal loan receivables were
$23.1 million as ofAugust 31, 2021 , up 11,078% year-over-year - Oportun Visa Credit Card receivables were
$31.8 million as ofAugust 31, 2021 , up 946% year-over-year- Additionally, the credit card program now has over 75,000 active customers
- DolEx locations that offer Oportun’s loans through its Lending-as-a-Service program now number 181 as of
September 13, 2021 , already surpassing the company’s yearend goal of 175 locations, which it is raising to a new year-end target of 200 locationsOportun remains on track to begin offering loans through its second Lending-as-a-Service partnership in the fourth quarter, which will add at least an additional 100 new locations over the next 12 months
- Last week the Company closed its new
$600 million , 3-year warehouse line and drew on the line to redeem the last of its more expensive ABS notes issued in 2018, which lowers Oportun’s cost of funds going forward
About
Forward-Looking Statements
This press release contains forward-looking statements. All statements other than statements of historical fact contained in this press release are statements that could be deemed forward-looking statements, including statements as to future results of operations and financial position and achievement of our strategic priorities. These statements involve known and unknown risks, uncertainties, assumptions and other factors that may cause Oportun’s actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. You generally can identify these statements by terms such as “expect,” “plan,” “anticipate,” “project,” "outlook,” “continue,” “may,” “believe,” or “estimate” and similar expressions or the negative versions of these words or comparable words, as well as future or conditional verbs such as “will,” “should,” “would,” “likely” and “could.” These forward-looking statements are subject to the safe harbor provisions under the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended and Section 21E of the Securities Exchange Act of 1934, as amended.
Investor Contact
650-810-9074
ir@oportun.com
Media Contact
650-769-0441
george.gonzalez@oportun.com
Source:
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