Oportun

Oportun offers credit-related products to low and moderate-income consumers with a limited or non-existent credit history via a web portal. Its offerings include credit cards and secured and unsecured personal loans.

The company typically offers personal loans in the range of USD 300–10,000 and credit card limit of up to USD 1,000. While in California, it provides secured loans where customers can pledge their vehicle as collateral for larger loans in the range of USD 2,525–18,500. It also offers an automated investment platform for customers to invest in ETFs based on risk levels. In addition, it provides education content to clients on areas such as credit cards, debt, and investing.

In December 2021, Oportun acquired neobanking platform Digit in a combined cash and equity deal of approximately USD 213 million. Following the acquisition, Digit’s 100+ employees would be combined with Oportun’s workforce and would operate as a business unit within Oportun. Digit is a business-to-consumer (B2C) application that allows consumers to automate their savings, manage expenses, and automate bill payments. Through the acquisition, Oportun planned to leverage Digit’s AI-enabled platform to expand its own AI and digital capabilities by adding intelligent budgeting capabilities as well as automated savings and investing features to its platform.

Key customers and partnerships

As of March 2024, Oportun had 2.2 million customers.

The bank does not have its own license and issues its credit card in partnership with WebBank, while personal loans are offered through its partnerships with DolEx and MetaBank.

In 2023, Oportun reported a total revenue of USD 1.1 billion (up 11% YoY) and a net loss of USD 179.9 million compared with a net loss of USD 77.7 million in 2022. As of the same period, the company had distributed nearly USD 17.8 billion in loans.