Oportun Financial, which provides installment loans to low and moderate income consumers with limited credit history, filed on Wednesday with the SEC to raise up to $50 million in an initial public offering.
The San Carlos, CA-based company was founded in 2005 as Progress Financial (Progreso Financiero) and changed its name to Oportun Financial in 2015. The company booked $523 million in gross revenue for the 12 months ended March 31, 2019 and plans to list on the Nasdaq under the symbol OPRT. Oportun Financial filed confidentially on July 18, 2018. Barclays, J.P. Morgan, Jefferies, and Keefe Bruyette Woods are the joint bookrunners on the deal. No pricing terms were disclosed.
