SAN CARLOS, Calif., Sept. 25, 2024 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT), a mission-driven monetary providers firm, at this time introduced that it has signed a definitive settlement to promote its bank card portfolio to Continental Finance. This transaction displays a key milestone in direction of Oportun’s initiative to reinforce profitability in 2024 and past by simplifying the enterprise and driving efficiency in its three core merchandise: unsecured private loans, secured private loans, and its award-winning Set & Save™ financial savings product.
The cut-off date is now anticipated to be on or round November 10, 2024, relatively than by the tip of the third quarter as indicated on the August eighth second quarter earnings name. As a result of revised cut-off date, the sale is predicted to be accretive by roughly $2 million to Adjusted EBITDA in 2024 as in comparison with the $4 million beforehand indicated. Oportun continues to anticipate that the transaction will lead to Adjusted EBITDA favorability of roughly $11 million in 2025.
“We’re pleased to have signed a definitive agreement to sell our credit card portfolio to Continental Finance, a leading U.S. credit card marketer and servicer,” mentioned Jonathan Coblentz, Chief Monetary Officer & Chief Administrative Officer of Oportun. “This transaction underscores our commitment to focus on winning in the marketplace with our core product lines, thereby enhancing the value we can deliver to our shareholders.”
Tamer El-Rayess, Continental Finance’s Chairman of the Board, mentioned “Continental Finance is excited to enter into an agreement to acquire Oportun’s Visa (NYSE:) credit card portfolio with its partner bank, The Bank of Missouri. The Continental Finance team will be collaborating with the Oportun team to ensure a seamless transition of their customers onto our platform. Our goal is to continue to provide exceptional, personalized service to these valued customers for many years to come.”
About Oportun
Oportun (Nasdaq: OPRT) is a mission-driven monetary providers firm that places its members’ monetary targets inside attain. With clever borrowing, financial savings, and budgeting capabilities, Oportun empowers members with the boldness to construct a greater monetary future. Since inception, Oportun has supplied greater than $18.7 billion in accountable and reasonably priced credit score, saved its members greater than $2.4 billion in curiosity and charges, and helped its members save a median of greater than $1,800 yearly. For extra data, go to Oportun.com.
About Continental Finance
With over 5.3 million bank cards managed since its founding, Continental Finance prides itself on wonderful customer support and entry to bank-issued credit score merchandise with modern options that present reasonably priced and secure choices to customers with poor or restricted credit score. Using accountable innovation, Continental Finance works to offer every buyer with the mandatory instructional instruments for them to achieve success in managing their private credit score.
Ahead-Trying Statements
This press launch accommodates forward-looking statements. These forward-looking statements are topic to the secure harbor provisions underneath the Non-public Securities Litigation Reform Act of 1995, Part 27A of the Securities Act of 1933, as amended and Part 21E of the Securities Change Act of 1934, as amended. All statements aside from statements of historic truth contained on this press launch, together with statements as to future efficiency and monetary place; expectations concerning the affect of the sale of the Firm’s bank card portfolio, together with anticipated timelines; our deliberate services and products; achievement of the Firm’s strategic priorities and targets and the plans and targets of administration for our future operations, are forward-looking statements are forward-looking statements. These statements will be usually recognized by phrases resembling “expect,” “plan,” “goal,” “target,” “anticipate,” “assume,” “predict,” “project,” “outlook,” “continue,” “due,” “may,” “believe,” “seek,” or “estimate” and comparable expressions or the destructive variations of those phrases or comparable phrases, in addition to future or conditional verbs resembling “will,” “should,” “would,” “likely” and “could.” These statements contain identified and unknown dangers, uncertainties, assumptions and different elements that will trigger Oportun’s precise outcomes, efficiency or achievements to be materially completely different from any future outcomes, efficiency or achievements expressed or implied by the forward-looking statements. Oportun has based mostly these forward-looking statements on its present expectations and projections about future occasions, monetary traits and dangers and uncertainties that it believes might have an effect on its enterprise, monetary situation and outcomes of operations. These dangers and uncertainties embody these dangers described in Oportun’s filings with the Securities and Change Fee, together with Oportun’s most up-to-date annual report on Kind 10-Ok and most up-to-date quarterly report on Kind 10-Q. These forward-looking statements communicate solely as of the date on which they’re made and, besides to the extent required by federal securities legal guidelines, Oportun disclaims any obligation to replace any forward-looking assertion to replicate occasions or circumstances after the date on which the assertion is made or to replicate the prevalence of unanticipated occasions. In mild of those dangers and uncertainties, there isn’t any assurance that the occasions or outcomes prompt by the forward-looking statements will actually happen, and you shouldn’t place undue reliance on these forward-looking statements.
Investor Contact
Dorian Hare
(650) 590-4323
ir@oportun.com
Media Contact
Michael Azzano
Cosmo PR for Oportun
(415) 596-1978
michael@cosmo-pr.com
Supply: Oportun Monetary (NASDAQ:) Company
