SAN CARLOS, Calif., Oct. 19, 2023 (GLOBE NEWSWIRE) -- Oportun (NASDAQ:OPRT), a mission-driven fintech, and Ellington Management Group, an investment management firm dedicated to seeking attractive risk-adjusted returns for institutional investors, today announced the intent to enter into a new whole loan flow sale transaction between the companies. Under the terms of the deal, expected to close in the near term, Oportun is expected to sell Ellington up to $70 million of personal loan production from Oportun over the next 12 months.
"This deal represents the strength of our long-term relationship with Ellington, with whom we have worked for many years to provide attractive returns in both whole loan and security investments," said Jonathan Coblentz, Chief Financial Officer of Oportun. "Through this transaction, Oportun is demonstrating both our ability to tap diverse sources of capital and expand access to our responsible and affordable credit products."
"We are proud of the relationship we have built with Oportun and are pleased with the returns their loans have delivered," said Will Messmore of Ellington. "With this latest transaction, we are excited to help Oportun expand financial inclusion while delivering the returns all our stakeholders expect."
About Oportun
Oportun (NASDAQ:OPRT) is a mission-driven fintech that puts its 2 million members' financial goals within reach. With intelligent borrowing, savings, ...