Fintech company Oportun has announced the successful issuance of $223.25 million in fixed-rate asset-backed notes. These notes are supported by a pool of unsecured and secured installment loans. This securitization emphasizes Oportun's status as a reputable provider in the consumer lending sector. The notes were organized into four categories: Class A, Class B, Class C, and Class D. Kroll Bond Rating Agency assigned these classes ratings of AA-, A-, BBB-, and BB-, respectively. The weighted average coupon for the transaction was 8.07%. The Class A notes were priced at a coupon rate of 5.86% per annum, Class B at 5.83%, Class C at 6.61%, and Class D at 10.47%.
Oportun’s Chief Financial Officer, Jonathan Coblentz, commented on the demand for this securitization: “The significant demand for and pricing of this securitization once again reflects investor confidence in the credit quality of Oportun’s consumer loans and our business model.” Oportun is dedicated to empowering its members through the use of intelligent financing, savings, and budgeting tools. Its objective is to assist members in achieving their financial goals while simultaneously establishing a more secure future. Investor confidence in Oportun's business model and the creditworthiness of its consumer loan portfolio is underscored by the $223 million securitization, which positions the company for sustained expansion in the fintech sector.
