Oportun announced on September 25, 2024, that it has signed a definitive agreement to sell its credit card portfolio to Continental Finance. This transaction is a key milestone in Oportun’s initiative to enhance profitability by simplifying its business.
The sale allows Oportun to focus on its three core products: unsecured personal loans, secured personal loans, and its Set & Save savings product. The closing date is anticipated to be on or around November 10, 2024.
The transaction is expected to be accretive by approximately $2 million to Adjusted EBITDA in 2024 and approximately $11 million in 2025. This divestiture underscores the company's commitment to driving performance in its primary business lines.
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