Oportun acquires intellectual property and lending platform of SpringboardAuto.com

SpringboardAuto.com team to join Oportun, help mission-driven lender develop responsible and affordable auto loans

SAN CARLOS, CA – October 9, 2018 – Oportun, a technology-powered Community Development Financial Institution (CDFI) providing inclusive, affordable financial services that empower customers to build a better future, today announced it has acquired the intellectual property and lending platform of SpringboardAuto.com (SBA). Based in Irvine, California, SBA is a fintech company that has focused on providing a better experience for consumers in the auto finance category.

“We’ve long wanted to find more ways to help the customers we serve, and this is an important step towards our goal of offering responsible and affordable auto loans,” said Raul Vazquez, CEO of Oportun.  “We are pleased to have Jim and the talented SBA team join Oportun.  Over time, we’ll work to integrate the SBA platform into Oportun and begin to develop the right offering for our customers.”

As part of the transaction, the SBA team has joined Oportun. Jim Landy, previously CEO of SBA, will now serve as Executive Vice President and General Manager for Oportun’s Auto Loans business unit.

“SBA’s proprietary technology was developed with consumers’ needs in mind.  We are excited to join Oportun so we can further extend our mission to provide a transparent, personalized and empowering car buying and auto finance experience,” said Mr. Landy.

ABOUT OPORTUN

Oportun is a mission-driven, technology-powered provider of inclusive, affordable financial services and a certified Community Development Financial Institution. 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 operates more than 280 retail locations and delivers bilingual (English/Spanish) customer service through retail locations, contact centers, and mobile to customers in twelve states: Arizona, California, Florida, Idaho, Illinois, Missouri, Nevada, New Jersey, New Mexico, Texas, Utah, and Wisconsin.