#LendTech / San Fran alternative lender Oportun applies for banking charter

Its core Californian business Oportun issues personal and auto loans. It uses proprietary scoring and more than a decade of accumulated data.

The fintech reports to America’s major credit bureaus to help consumers with no credit history build up a file from scratch.

Founded in 2005, Oportun claims to have extended more than $9 billion in affordable loans. It largely serves consumers living in low- and moderate-income communities.

“A national bank charter will allow us to reach the estimated 100 million LMI consumers in the US that we seek to serve,” explains Raul Vazquez, Oportun’s CEO.