Nonprime lender Oportun goes public | Auto Finance News


Oportun Financial raised $94 million in its initial public offering and sold 6.25 million shares at $15 per share, the company announced. It debuted on the Nasdaq Capital Market on Sept. 26 under the ticker “OPRT.”

Barclays, JP Morgan and Jefferies acted as joint lead bookrunning managers for the offering. At press time, Oportun’s stock was trading at $16.03. The market capitalization was $428.6 million.

The San Carlos, Calif.-based company serves credit-invisible customers, or those without a long credit history or whose credit scores don’t reflect their creditworthiness. “We’re proud to have built a mission-driven, rapidly growing and profitable company that is designed with our customers’ interests in mind,” CEO Raul Vazquez said in a statement.

Since 2005, the lender has expanded to 12 states, and all loan approvals are decisioned using automated machine learning algorithms.

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Source : AutoFinanceNews