Oportun Closes $90M Equity Funding

oportunOportun, formerly known as Progreso Financiero, a financial services company serving the credit needs of the Hispanic market, closed a $90m equity funding.

The round was led by Fidelity Management and Research Company, with participation from another large institutional investor and Institutional Venture Partners (IVP).

The company intends to use the funds to continue scaling the business.

Led by CEO Raul Vazquez, Oportun is a financial services company that uses advanced data analytics to provide responsible credit to underserved Hispanic communities. The company delivers a service with bilingual staff across channels and operates more than 130 locations in CA, IL and TX.
Since its founding, it has loaned over $1.3 billion to more than 485,000 customers.

According to a note, the name change will be completed by the end of 2015.



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