#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.

https://www.fintechfutures.com/2020/11/san-fran-alternative-lender-oportun-applies-for-banking-charter/