Oportun celebrates first decade as a community development financial institution
SAN CARLOS, CA–4 December 2019–Oportun (Nasdaq: OPRT) today announced that it has again been certified as a Community Development Financial Institution (CDFI) by the U.S. Department of the Treasury. Originally certified as a CDFI in 2009, Oportun has been a CDFI for the past 10 years.
CDFI designation is awarded to mission-driven financial institutions that take a market-based approach to supporting economically disadvantaged communities. CDFI organizations work to empower low-income and underserved people who are traditionally shut out of the financial mainstream. The more than 1,000 certified CDFIs in the United States are selected as part of an extensive application process. Oportun remains among a select number of for-profit, mission-driven companies to earn this designation.
“Certification by the U.S. Department of the Treasury as a CDFI is an important validation of both our mission and the many ways in which we serve our customers and their communities,” said Raul Vazquez, Oportun CEO. “Oportun remains committed to helping the estimated 100 million people in the United States who do not have a credit score or have been mis-scored by a traditional credit bureau to build a better future.”
Since 2006, Oportun has lent over $7.8 billion through over 3.4 million affordable loans that have saved customers an estimated $1.6 billion in interest and fees, according to a study commissioned by Oportun and conducted by the Financial Health Network, a leading nonprofit authority on consumer financial health.
The vast majority of Oportun customers live in low- to moderate-income communities. Oportun has helped over 795,000 people who originally came to the company without a FICO® score to start establishing credit.
Earlier this year, Oportun was recognized as the Best Consumer Lending Product at the Fintech Breakthrough Awards, and in 2018 was named a Time magazine 2018 Genius Company, one of 50 businesses inventing the future.
Oportun (Nasdaq: OPRT) is a high-growth, mission-driven Community Development Financial Institution (CDFI) and provider of inclusive, affordable financial services powered by a deep, data-driven understanding of its customers and advanced proprietary technology. By lending money to hardworking, low-to-moderate-income individuals, Oportun helps them move forward in their lives, demonstrate their creditworthiness, and establish the credit history they need to access new opportunities. Oportun serves customers online, over the phone, or in person in English and Spanish in the following 12 states: Arizona, California, Florida, Idaho, Illinois, Missouri, Nevada, New Jersey, New Mexico, Texas, Utah, and Wisconsin.
For more information, please visit Oportun.com.