NEWS
Oportun Announces Definitive Agreement to Sell its Credit Card Portfolio
Oportun (Nasdaq: OPRT) has announced a definitive agreement to sell its credit card portfolio to Continental Finance. This move is part of Oportun's strategy to enhance profitability by focusing on its core products: unsecured personal loans, secured personal loans, and the Set & Save™ savings product. The transaction is now expected to close around November 10, 2024, later than initially planned.
Due to the revised closing date, the sale is projected to be accretive by approximately $2 million to Adjusted EBITDA in 2024, down from the previously indicated $4 million. However, Oportun still anticipates an Adjusted EBITDA favorability of about $11 million in 2025. The company views this transaction as a step towards simplifying its business and improving shareholder value.
Due to the revised closing date, the sale is projected to be accretive by approximately $2 million to Adjusted EBITDA in 2024, down from the previously indicated $4 million. However, Oportun still anticipates an Adjusted EBITDA favorability of about $11 million in 2025. The company views this transaction as a step towards simplifying its business and improving shareholder value.
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