Oportun Financial Corporation has closed a $150m senior secured term loan to drive its mission-driven FinTech and digital banking platform.
The term loan is due in 2026 and is from funds managed or sub-advised by Neuberger Berman Specialty Finance.
Oportun CFO Jonathan Coblentz stated that the capital will support the company’s growth. The loan will supply it with the capital and liquidity needed to support its future securitization and warehouse line financings.
Oportun is an AI-powered digital banking platform that aims to make financial health effortless for people. Its mission is to boost inclusion and offer cheap financial services.
Its services include personal loans, credit cards, saving and investments. Loan terms range from $300 to $12,000 with APRs no higher than 35.99%.
Neuberger Berman managing director Zhengyuan Lu said, “In extending this credit facility to Oportun, Neuberger Berman is prominently investing in a leading business focused on responsibly serving communities that have historically been overlooked and inadequately supported by mainstream financial institutions.”
Jefferies LLC acted as financial advisor. Orrick, Herrington & Sutcliffe LLP served as legal advisor to Oportun.
Last year, Oportun acquired neobanking platform Digit in a deal worth $212.9m. Digit offers its over 600,000 paying members with personalised savings, banking and investing tools, with the ability to keep and integrate their existing bank accounts into the platform.
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