REDWOOD CITY, Calif.--(BUSINESS WIRE)--Oportun, formerly known as Progreso Financiero, a mission-driven financial services company serving the credit needs of the growing Hispanic market, today announced the closing of a $90 million equity raise.
The financing round was led by Fidelity Management and Research Company, the investment adviser to Fidelity’s family of mutual funds with participation from another large institutional investor and Institutional Venture Partners (IVP), which increased its initial investment made in August 2013. Morgan Stanley served as the placement agent for Oportun.
“We are thrilled to have the support of Fidelity and the other investor, as they represent two of the largest and most respected asset managers,” said Jonathan Coblentz, CFO of Oportun. “We are also delighted by IVP’s continued confidence in our company.”
“This investment will enable us to continue leveraging our advanced analytics and technology to address our customers’ unmet needs and scale our business,” said Oportun CEO Raul Vazquez. “On a daily basis, we are not only providing financing to the underserved Hispanic community, but we are also providing our customers a life-changing opportunity to build their credit and achieve a healthier financial future.”
Oportun, which was recently named to the Forbes list of America’s Most Promising Companies, charges lower fees and interest rates than widely available alternatives. Since its founding, Oportun has loaned over $1.3 billion to more than 485,000 customers.
The company announced in January that it will transition from Progreso Financiero to the name Oportun over the coming months as it shares the new name with customers and business partners. The name change will be completed by year’s end.
For more information about Oportun, including the name change to Oportun, please visit http://www.oportun.com.
Oportun is a mission-driven, financial services company that uses advanced data analytics to provide responsible credit to thin file or no file underserved Hispanic communities. Oportun’s technology determines every applicant’s ability to repay and enables back-office efficiency. The company delivers a very supportive and welcoming service experience with bilingual staff across channels and operates more than 130 locations in CA, IL and TX. In early 2015 the company announced plans to transition over the year from Progreso Financiero to Oportun.