Oportun named “Best Consumer Loan Company” in the 2023 FinTech Breakthrough Awards Program

by James · March 30, 2023

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LOS ANGELES, CA / ACCESSWIRE / March 30, 2023 / FinTech Breakthrough, an independent market intelligence organization that recognizes the best companies, technologies and products in the global FinTech market, announced today that it has selected Oportun, a mission-driven fintech and digital banking platform, as the winner of “Best Consumer Lending Company”. ” in the seventh annual FinTech Breakthrough Awards program.

Oportun is a ground-breaking digital banking platform that empowers members to achieve their financial goals by offering intelligent borrowing, savings, budgeting and spending options.

Through machine learning, Oportun then builds a comprehensive and personalized profile of members’ cash flow and quickly learns how much a member can afford to set aside without affecting their ongoing obligations and daily spending needs. Oportun calls this the Bank Account with a Brain” because it does all the hard math, budgeting and money transfers that present the kind of daily hurdles that prevent many people from having adequate savings when they need it most.

In addition, Oportun aims to ensure that members always have access to reasonable and responsible credit that meets their lifestyle and needs. The company’s AI-powered credit decision platform does not require a credit score to be approved, but instead focuses on a wide variety of alternative data points, including a borrower’s income, cash flow, history of on-time rent payments and more to score 100% of applicants. While historically about half of borrowers had no FICO score when they first joined Oportun, the company has helped more than one million people begin to establish a credit history for the first time.

“With more than half of Americans reporting that they don’t have enough savings to cover an unplanned expense of $1,000 or more. In addition, over 60 percent of Americans live paycheck to paycheck, including nearly half of six-figure incomes,” said James Johnson, CEO director, FinTech Breakthrough. “Opportun offers a breakthrough solution that makes it easy and accessible to build financial resilience through savings, along with the ability to serve borrowers who would not be approved elsewhere. The company serves the needs of millions of people who are often not well served by the financial mainstream , and we are delighted to congratulate the entire Oportun team on this well-deserved industry recognition as ‘Best Consumer Loan Company’ in 2023.”

The FinTech Breakthrough Awards is the premier awards program founded to recognize FinTech innovators, leaders and visionaries from around the world across a range of categories including Digital Banking, Personal Finance, Lending, Payments, Investments, RegTech, InsurTech and many more. The 2023 FinTech Breakthrough Award program attracted more than 4,000 nominations from around the world.

“It is an honor to be recognized by Fintech Breakthrough as the best consumer lending platform, and to be recognized for our efforts to advance our mission and put our members’ financial goals within their reach,” said Raul Vazquez, Oportun CEO. “Through our combined products and services, we’ve made a significant impact on the lives of our members, helping them set aside more than $8.9 billion for emergency and other purposes and empowering them to feel more confident about their economic future.”

Oportun has provided more than $15.5 billion in responsible and affordable credit, saved members more than $2.3 billion in interest and fees, and helped members put away an average of $1,800 annually in savings.

About Oportun
Oportun (Nasdaq: OPRT) is a digital banking platform that puts its 1.9 million members’ financial goals within reach. With intelligent loan, savings, budget and consumption options, Oportun gives members the confidence to build a better financial future. Since its inception, Oportun has provided more than $15.5 billion in responsible and affordable credit, saved members more than $2.3 billion in interest and fees, and helped our neobanking members save an average of more than $1,800 annually. For more information, visit Oportun.com.

About FinTech Breakthrough
Part of Tech Breakthrough, a leading market intelligence and recognition platform for technology innovation and leadership worldwide, the FinTech Breakthrough Awards program is dedicated to honoring excellence in financial technologies and services, companies and products. The FinTech Breakthrough Awards provide public recognition for the achievements of FinTech companies and products in categories including payments, personal finance, wealth management, fraud protection, banking, lending, RegTech, InsurTech and more. For more information visit FinTechBreakthrough.com.

Oportun, Thursday 30 March 2023, Press release image