Oportun

Oportun
Private
Founded 2005
Key people
 Raul Vazquez, CEO
Number of employees
 +600
Website oportun.com

Oportun, formerly known as Progreso Financiero, is a private loan company with more than 170 locations in California, Texas, Illinois, Utah and Nevada. It targets financially underserved Hispanics, many of whom have little or no credit history and who often do not qualify for credit from traditional lenders. The company is headquartered in Redwood City, California.

Oportun was founded in 2005, under the name Progreso Financiero, and made its first loan in 2006. Since that time, the company has disbursed over $1.9 billion in loans. Oportun was certified by the United States Department of Treasury as a Community Development Financial Institution in November 2009, and recertified in October 2013.

Product

Oportun offers unsecured installment loans of between $300 and $6,000, with payment terms from 7 to 35 months and payments due twice a month. Loan accounts are reported to the credit bureaus, which helps customers establish credit histories.

Oportun uses a proprietary credit scoring system to offer credit without collateral to borrowers who lack a traditional credit history.

Recognition

In 2015 Oportun was recognized as a One of the Best Places to Work by the Silicon Valley Business Journal.

References

  1. Best Places to Work 2015: Large Companies, Silicon Valley Business Journal, 16 Apr 2015
  2. Hispanic lender Oportun raises $90 million from Fidelity, others, San Francisco Business Times, 11 Feb 2015
  3. Fast-growing lender Progreso Financiero changing name, San Francisco Business Times, 8 Jan 2015
  4. Progreso Financiero soars past $1B in loans, San Francisco Business Journal, 21 Oct 2014
  5. Microloan Startup Brings Banking to the “Unbanked”, Entrepreneur, 08 Oct 2014
  6. Progreso Financiero Completes Second Asset-Backed Securitization for $102 Million, Market Wired, 9 Jul 2014
  7. Progreso Financiero Surpasses One Billion Dollar in Credit-Building, Affordable Loans for the Hispanic Community, Yahoo, 19 Jun 2014
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