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Oportun expands existing warehouse credit facility to $400 million with commitment from Natixis, a key player in responsible finance
SAN CARLOS, CA – January 10, 2019 – Oportun, a Community Development Financial Institution (CDFI) providing inclusive, affordable financial services that empower customers to build a better future, today announced the expansion of its existing warehouse credit facility to $400 million through a $100 million commitment from Natixis. The revolving period of the facility was also extended to October 2021. As part of this agreement, Natixis joins Oportun’s existing lending syndicate of Morgan Stanley Bank, N.A., Goldman Sachs Bank USA, and Jefferies.
“Oportun’s mission is to provide empowering, affordable financial products that help people build a better future,” said Oportun CEO Raul Vazquez. “As a CDFI, accessing dependable, lower cost capital from partners that are committed to responsible social finance is very important to us. We are grateful to Natixis as well as our existing lenders, whose funding has helped enable our mission.”
The agreement with Natixis and existing lenders to expand Oportun’s credit facility was completed in December 2018. The larger warehouse credit facility will allow Oportun to finance more loan originations and further diversify its lending base.
“We at Natixis are committed to expanding our global footprint with clients engaged in environmentally and socially responsible financial services. We are very proud to be working with the mission-oriented team at Oportun, led by a management group that shares our vision for socially responsible lending, and we look forward to a long relationship,” said Mike Sierko, Managing Director and Head of US Global Structured Credit and Solutions at Natixis.
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 serves customers online, over the phone, and 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 on Oportun please visit oportun.com.