Oportun Financial, a fintech company that offers low-cost loans to those it calls “credit invisible,” raised $94 million in its IPO on Thursday.
The company, which offered 23% of its outstanding shares to the public, debuted on the Nasdaq under the ticker OPRT.
Oportun sold 6.25 million shares priced at $15, on the lower end of its target range of $15 to $17. Shares jumped to $16.43, or nearly 10%, initially, but as of 2:00 p.m. EST were trading closer to $16. Shares had climbed back $16.17 by 4:00 p.m. EST. Oportun was founded in 2005 to serve the underbanked Hispanic community and once operated as Progreso Financiero. It has since broadened its mission and disbursed more than $7.3 billion in loans ranging from $300 to $9,000 to more than 1.5 million customers, about half of whom did not have a FICO score when they were awarded their first loan.
Fintech IPOs have been few and far between in recent months, despite a public market newly saturated with tech giants like Slack, CrowdStrike, Uber, and Peloton. Only three fintech unicorns went public last year,, and just one in the United States: online home improvement lender GreenSky, which raised $800 million in its May 2018 IPO. Its shares have fallen more than 70% since its offering.
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