SAN CARLOS, Calif., December 20, 2021 (GLOBE NEWSWIRE) – Oportun (Nasdaq: OPRT), an AI-focused financial technology company, has announced the closure of a $ 150 million credit facility secured by credit card receivables arising from the Company’s OpportunityÂ®. VisaÂ® credit card issued by WebBank. WebBank is the lender under the new facility, which has a two-year revolving term and replaces Opportunity’s existing retention facility. Timely says the new facility will be used to meet the continued demand and growth of the credit card program.
Oportun announced in August this year that the unsecured credit card is available nationwide and that it expects credit cards to be $ 50 million in receivables by the end of the year. year.
Oportun (Nasdaq: OPRT) is a financial services company that leverages its digital platform to deliver responsible consumer credit to hardworking people. Using AI-powered models that are built on 15 years of proprietary customer information and billions of unique data points, Oportun has granted over 4.5 million loans and over $ 11.1 billion in credit. affordable, offering its customers alternatives to payday loans and auto titles. In recognition of its responsibly designed products that help consumers build their credit history, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.
WebBank is a Utah chartered industrial bank headquartered in Salt Lake City, Utah. Since its inception in 1997, WebBank has created and funded more than $ 147 billion in consumer and business credit products. Like ” The bank behind the brand Â® â, WebBank is a national issuer of consumer and small business credit products through strategic partner platforms (brands), which include retailers, manufacturers, finance companies and FinTech companies. . The Bank is a leading player in digital lending, driving innovation in financial products through strategic partner platforms. WebBank operates a full range of banking activities including consumer and business loan products, revolving lines of credit, credit cards, private label card issuance, auto refinancing, and more. The Bank provides capital in the form of asset-backed loans and other credit facilities to strategic partner platforms, credit funds and other lenders with an emphasis on specialized financial assets. The Bank is also a leading provider of commercial insurance premium financing products through its wholly owned subsidiary National Partners. For more information, please visit www.webbank.com.
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