Oportun Financial raised $94 million in its initial public offering and sold 6.25 million shares at $15 per share, the company announced. It debuted on the Nasdaq Capital Market on Sept. 26 under the ticker “OPRT.”
The San Carlos, Calif.-based company serves credit-invisible customers, or those without a long credit history or whose credit scores don’t reflect their creditworthiness. “We’re proud to have built a mission-driven, rapidly growing and profitable company that is designed with our customers’ interests in mind,” CEO Raul Vazquez said in a statement.
Since 2005, the lender has expanded to 12 states, and all loan approvals are decisioned using automated machine learning algorithms.
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