SAN CARLOS, Calif. - Oportun Financial (NASDAQ:OPRT) Corporation (NASDAQ:OPRT), a fintech company dedicated to financial inclusion, has finalized a $245 million warehouse credit facility to support its lending operations. The facility includes a three-year revolving period and is backed by both unsecured and secured loan originations from Oportun.
The new credit line features Deutsche Bank AG (NYSE:DB), New York branch, as the senior lender, marking a fresh lending relationship for Oportun. Jefferies acts as the mezzanine lender, continuing its established lending relationship with the company. This strategic financial move is aimed at bolstering Oportun's growth trajectory in the years to come.
Jonathan Coblentz, Chief Financial Officer of Oportun, commented on the closing of the facility, highlighting the importance of the support from both Deutsche Bank and Jefferies in the company's expansion efforts. He emphasized that the new facility underscores Oportun's capability to attract new investment while maintaining strong ties with long-term investors.
Oportun, known for its commitment to providing responsible and affordable credit, has a diverse capital sourcing strategy that includes warehouse facilities, asset-backed securitizations, corporate-level debt, and whole loan sales. The company has a track record of offering over $18.2 billion in credit, which has translated into significant savings for its members in terms of interest and fees.
Legal counsel for the transaction was provided by Orrick, Herrington & Sutcliffe LLP. Oportun continues to focus on its mission to offer intelligent borrowing, savings, and budgeting tools to its members, aiming to improve their financial well-being.
Deutsche Bank (NYSE:DB) and Jefferies (NYSE:JEF), the involved financial institutions, are well-established entities providing a wide range of banking and investment services globally.
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