Oportun and Sezzle Partnering to Give Consumers More Choice in Financing Purchases
Buy Now Pay Later leader becomes Oportun’s first digital-only Lending-as-a-Service partner
SAN CARLOS, Calif., Jan. 19, 2022 (GLOBE NEWSWIRE) -- Oportun (Nasdaq: OPRT), a mission-driven fintech company, and Sezzle (ASX: SZL), a leading mission-driven Buy Now Pay Later (BNPL) solution, today announced a partnership that will provide consumers more choice when financing higher value purchases at many of Sezzle’s 44,000 online merchant partners.
“This is a significant expansion of our Lending-as-a-Service platform, and we are excited to welcome Sezzle as our first digital-only partner,” said Matt Jenkins, COO of Oportun. “Importantly, both of our companies are mission-aligned and committed to providing consumers with responsible, affordable, and transparent financing options that will help them build a credit history.”
Through the partnership, consumers choosing to purchase higher value items including electronics and other home goods, will have the option at checkout to finance their purchase through Oportun. Using machine learning and billions of proprietary data points, Oportun is able to score 100% of its loan applicants. Historically, about half of Oportun borrowers had no credit score when they took out their first Oportun loan, and since 2006, the company has helped nearly 1 million American consumers to start building a credit score, while saving them more than $2 billion in interest and fees.
“We are excited to partner with Oportun as they will help us expand our mission by making additional responsible and affordable financing options available to consumers who rely on Sezzle to help them with their everyday and special occasion shopping needs,” said Rob Seidman, Vice President of Long-Term Product at Sezzle. “In seeking long-term financing options for our marketplace, mission alignment and ability to digitally scale with our needs were of paramount importance, and we look forward to a successful partnership with Oportun.”
Oportun noted that with the addition of Sezzle, their Lending-as-a-Service business now includes three strategic partners, with Sezzle being the first all-digital partner.
Oportun (Nasdaq: OPRT) is a digital banking platform that uses A.I. to make financial health effortless for anyone. Oportun helps its 1.4 million members meet their daily borrowing, banking, savings, and investing needs. Since its inception, Oportun has provided more than $10 billion in responsible and affordable loans; Oportun’s members have also set aside more than $7 billion for rainy days and other needs, saved more than $2 billion on interest and fees, and paid down more than $300 million in personal debt. In recognition of its responsibly designed products and its mission to provide inclusive and affordable financial services that empower hardworking individuals to build a better future, Oportun has been certified as a Community Development Financial Institution (CDFI) since 2009.
Released January 19, 2022