Business
Oportun announces definitive agreement to acquire Digit
Oportun to offer unmatched neobanking platform with A.I.-driven lending, saving, investing, and banking capabilities tailored to the needs of hardworking
About this update from Oportun Financial Corporation
[{"type":"text","content":"Oportun to offer unmatched neobanking platform with A.I.-driven lending, saving, investing, and banking capabilities tailored to the needs of hardworking people 1.4 million combined active members and a platform for accelerating growth SAN CARLOS, Calif., Nov. 16, 2021 (GLOBE NEWSWIRE) -- Oportun (Nasdaq:OPRT), a mission-driven fintech company today announced that it has signed a definitive agreement to acquire Digit (digit.co), a neobanking platform that provides automated savings, investing, and banking tools. By doing so, Oportun will further expand its A.I. and digital capabilities, adding to its services to provide consumers a holistic offering built to address their financial needs. “This is a transformational deal that will expand our addressable market, accelerate and diversify revenue growth, and position Oportun for even more future success,” said Raul Vazquez, CEO of Oportun. “In Digit, we are purchasing a proven and scalable neobanking solution that gets us to market 3-5 years earlier than if we were to build it on our own.” Oportun will acquire Digit for approximately $212.9 million, comprised of $98.5 million in equity and $114.4 million in cash, subject to customary adjustments. Oportun has obtained a commitment to finance the cash consideration. Chart included here: https://www.globenewswire.com/NewsRoom/AttachmentNg/a1ba7fb2-3354-4a65-9d1a-c03c72e7a5b3 Combining Oportun and Digit will create a leading neobanking platform with capabilities that include: A proven and profitable lending platformAn unsecured credit card, with starting lines up to $1,000, available to customers without a credit scoreDigital banking with built-in intelligent and effortless budgeting capabilitiesAutomated savings and investing featuresA.I.-driven, mobile-first consumer platforms Digit is a neobanking platform founded in 2013 that provides its 600,000 paying members with personalized savings, investing and banking tools. Digit members can keep and integrate their existing bank accounts into the platform, or they can make Digit their primary banking relationship by opening new accounts via Digit’s bank partner. Infographic included here: https://www.globenewswire.com/NewsRoom/AttachmentNg/7344423d-0304-43a2-b8e2-1219940bc75d Enabled by A.I., Digit automatically sets aside funds for members by analyzing cash flow and recognizing how much ...