Oportun Completes Sale of its Credit Card Portfolio
Oportun Financial Corporation - common stock (OPRT)
Last oportun financial corporation - common stock earnings: 2/27 04:05 pm
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Source: GlobeNewswire
SAN CARLOS, Calif., Nov. 12, 2024 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven financial services company, today announced that it has closed the previously agreed upon sale of its credit card portfolio to Continental Finance. Completing the transaction reflects a key milestone towards Oportun’s initiative to enhance profitability in 2024 and beyond by simplifying the business and driving performance in its three core products: unsecured personal loans, secured personal loans, and its award-winning Set & Save™ savings product. “We expect that closing the credit card portfolio sale will be highly accretive for our shareholders, and I’m pleased to reiterate our expectation that it will result in incremental Adjusted EBITDA of approximately $2 million in the fourth quarter of 2024, and $11 million in full year 2025,” said Jonathan Coblentz, Chief Financial Officer & Chief Administrative Officer of Oportun. “Continental Finance is a leading credit card marketer and serv
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