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OPRT on Nasdaq

Oportun Financial Corp

American finance services company based in San Carlos, incorporated in Delaware2

In its 2026 annual report the company says: “We design our products to holistically address two of the most fundamental challenges to financial health and resilience - access to responsible and affordable credit, and adequate savings.”5 Its shares trade on Nasdaq under the symbol OPRT.2

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Last updated Oct 21, 2026.

Overview

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  • TickerOPRT on Nasdaq2
  • IndustryFinance Services2
  • HeadquartersSan Carlos, United States2
  • Incorporated inDE3
  • Business address1825 South Grant Street, Suite 850, San Mateo, Ca 944023
  • Filer categoryAccelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI549300351Y4J4FKIOR782
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressC/O THE CORPORATION TRUST COMPANY, 19801 Wilmington, United States2
  • Registered withDivision of Corporations, Department of State, 50316572

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With intelligent borrowing, savings, and budgeting capabilities, Oportun empowers its members with the confidence to build a better financial future. We design our products to holistically address two of the most fundamental challenges to financial health and resilience - access to responsible and affordable credit, and adequate savings.5 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

129.7%Net margin6
-14.1%Revenue growth, 20256
6.5%Return on equity6

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Selling, general and admin44¢$34.0M
  • Income tax24¢$18.8M
  • Profit32¢$25.2M

Out of $19.5M in revenue.6

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$413.4M

Out of $413.4M of cash from operations.6

Financial statements

Revenue78910116$19.5M in 2025−97% since 2019
0$200.0M$400.0M$600.0M$800.0M2019: $600.1M$600.1M20192020: $583.7M$583.7M2020−3%2021: $813.0K$813.0K2021−100%2022: $31.2M$31.2M2022+3736%2023: $25.6M$25.6M2023−18%2024: $22.7M$22.7M2024−11%2025: $19.5M$19.5M2025−14%
Net income78910116$25.2M in 2025−59% since 2019
-$200.0M-$100.0M0$100.0M2019: $61.6M$61.6M20192020: -$45.1M-$45.1M20202021: $47.4M$47.4M20212022: -$77.7M-$77.7M20222023: -$180.0M-$180.0M2023+131%2024: -$78.7M-$78.7M2024−56%2025: $25.2M$25.2M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.6

Period ending2025-12-312024-12-31
Interest income$893.2M$925.5M
Non-interest income$63.5M$76.3M
Total revenue$956.7M$1.0B
Interest expense$231.5M$238.2M
Net decrease in fair value-$319.3M-$468.4M
Net revenue$405.8M$295.2M
Technology and facilities$142.4M$166.2M
Sales and marketing$70.6M$67.0M
Personnel$79.9M$87.2M
Outsourcing and professional fees$34.8M$36.8M
General, administrative and other$34.0M$53.2M
Total operating expenses$361.8M$410.4M
Income (loss) before taxes$44.1M-$115.2M
Income tax expense (benefit)$18.8M-$36.5M
Net income (loss)$25.2M-$78.7M
Net income (loss) attributable to common stockholders$25.2M-$78.7M
Net income (loss) attributable to common stockholders$25.2M-$78.7M
Basic (in USD per share)$0.54-$1.95
Diluted (in USD per share)$0.53-$1.95
Basic (in shares)46.4M shares40.4M shares
Diluted (in shares)47.9M shares40.4M shares

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Corporate structure

Oportun Financial Corp sits at the top of its group. 31 entities, 4 countries on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Oportun Financial Corp

  • Oportun Financial Corp San Carlos, California, United States
    • Digit Advisors, LLC Subsidiary · Delaware, United States
    • Oportun Canada, Inc. Subsidiary · Canada
    • Oportun CL Depositor, LLC Subsidiary · Delaware, United States
    • Oportun CL Trust 2023-A Subsidiary · Delaware, United States
    • Oportun Depositor, LLC Subsidiary · Delaware, United States
    • Oportun Global Holdings, Inc. Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2021-B Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2021-C Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2024-1 Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2024-2 Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2025-A Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2025-B Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2025-C Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2025-D Subsidiary · Delaware, United States
    • Oportun Issuance Trust 2026-A Subsidiary · Delaware, United States
    • Oportun PLW Depositor, LLC Subsidiary · Delaware, United States
    • Oportun PLW II Depositor, LLC Subsidiary · Delaware, United States
    • Oportun PLW II Trust Subsidiary · Delaware, United States
    • Oportun PLW III Depositor, LLC Subsidiary · Delaware, United States
    • Oportun PLW III Trust Subsidiary · Delaware, United States
    • Oportun PLW IV Depositor, LLC Subsidiary · Delaware, United States
    • Oportun PLW IV Trust Subsidiary · Delaware, United States
    • Oportun PLW Trust Subsidiary · Delaware, United States
    • Oportun Receivables Holdings, LLC Subsidiary · Delaware, United States
    • Oportun RF, LLC Subsidiary · Delaware, United States
    • and 5 more

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Oportun Financial Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$41.4M6 Dec 31, 2025$40.6M6 Dec 31, 2024+1.8%
Accumulated depreciation$39.3M6 Dec 31, 2025$37.6M6 Dec 31, 2024+4.4%
Property and equipment, net$2.1M6 Dec 31, 2025$3.0M6 Dec 31, 2024−30.3%
Operating-lease assets (leased space)$9.4M6 Dec 31, 2025$9.8M6 Dec 31, 2024−3.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$105.5M6 Dec 31, 2025$60.0M6 Dec 31, 2024+76.0%

Intangibles and goodwill

ItemLatestA year beforeChange
Accumulated amortization$28.1M6 Dec 31, 2025$23.2M6 Dec 31, 2024+21.2%
Finite-lived intangibles, net$15.0M6 Dec 31, 2025$19.9M6 Dec 31, 2024−24.7%

Properties, in its own words

Our corporate headquarters is located in San Mateo, California pursuant to a lease expiring in November 2031. In early 2026, we transitioned our operations from our office space in San Carlos, California to our San Mateo headquarters, since our office space in San Carlos expired in February 2026. We believe that our San Mateo facilities will be adequate for our near-term needs. If required, we believe that suitable additional or alternative space would be available in the future on commercially reasonable terms. As of December 31, 2025, we leased additional facilities and office space in California, Mexico, and India. We also operate retail locations and co-locations throughout the United States.

Item 2 of the 10-K filed Feb 27, 2026.5

Leadership

Who has led Oportun Financial Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Raul Vazquez2019–2026
  2. Douglas K. Bland2026–now

Chief financial officer

  1. Jonathan Aaron Coblentz2019–2025
  2. William H. Franklin2026–now
20202025
Board members and other officers (24)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerMatthew Jenkins named Jan 6, 202240
  • DirectorR. Neil P. Williams named Jan 6, 202240
  • DirectorSandra P. Smith named Jan 6, 202240

Subsidiaries and ownership

Subsidiaries (Exhibit 21)

  • Digit Advisors, LLC Delaware4
  • OPRT Development Center Private Limited India4
  • OPTNSVC Mexico, S. de R.L. de C.V. Mexico4
  • Oportun CL Depositor, LLC Delaware4
  • Oportun CL Trust 2023-A Delaware4
  • Oportun Canada, Inc. Canada4
  • Oportun Depositor, LLC Delaware4
  • Oportun Global Holdings, Inc. Delaware4
  • Oportun Issuance Trust 2021-B Delaware4
  • Oportun Issuance Trust 2021-C Delaware4
  • Oportun Issuance Trust 2024-1 Delaware4
  • Oportun Issuance Trust 2024-2 Delaware4
  • Oportun Issuance Trust 2025-A Delaware4
  • Oportun Issuance Trust 2025-B Delaware4
  • Oportun Issuance Trust 2025-C Delaware4
  • Oportun Issuance Trust 2025-D Delaware4
  • Oportun Issuance Trust 2026-A Delaware4
  • Oportun PLW Depositor, LLC Delaware4
  • Oportun PLW II Depositor, LLC Delaware4
  • Oportun PLW II Trust Delaware4
  • Oportun PLW III Depositor, LLC Delaware4
  • Oportun PLW III Trust Delaware4
  • Oportun PLW IV Depositor, LLC Delaware4
  • Oportun PLW IV Trust Delaware4
All 31 listed subsidiaries
  • Oportun PLW Trust Delaware4
  • Oportun RF, LLC Delaware4
  • Oportun Receivables Holdings, LLC Delaware4
  • Oportun, Inc. Delaware4
  • Oportun, LLC Delaware4
  • PF Servicing, LLC Delaware4
  • PF Servicing, S. de R.L. de C.V. Mexico4

The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • Progreso Financiero Holdings, Inc.Jan 9, 2012 to Sep 10, 20133

Timeline

  1. Sep 11, 20268-K Executive or director change; Other events41
  2. Aug 25, 20268-K Executive or director change42
  3. Aug 14, 20268-K Executive or director change; Shareholder vote43
  4. Aug 5, 20268-K Results of operations44
  5. Jul 7, 20268-K Entered a material agreement45
  6. Jun 24, 20268-K Entered a material agreement46
  7. Jun 18, 20268-K Executive or director change; Other events47
  8. May 7, 20268-K Results of operations48
  9. Apr 21, 2026New chief executive Douglas K. Bland becomes CEO14
  10. Apr 17, 20268-K Executive or director change; Other events49
  11. Apr 2, 20268-K Executive or director change50
  12. Feb 26, 20268-K Results of operations51
  13. Feb 10, 20268-K New debt or obligation; Other events52
  14. Sep 25, 2019New chief executive Raul Vazquez becomes CEO15
  15. Aug 30, 2011Founded Oportun Financial Corp is founded2

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.35 a share, on Nov 4, 2025.53

When it reported results

  1. Aug 5, 2026Reported quarterly or annual results44
  2. May 7, 2026Reported quarterly or annual results48
  3. Feb 26, 2026Reported quarterly or annual results51
  4. Jan 21, 2026Reported quarterly or annual results54
  5. Nov 4, 2025Reported quarterly or annual results55
  6. Aug 6, 2025Reported quarterly or annual results56
  7. May 8, 2025Reported quarterly or annual results57
  8. Feb 12, 2025Reported quarterly or annual results58

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

468 filings to the SEC since October 2021: 8 annual reports, 15 quarterly reports, 79 major events, 216 insider forms, 50 large holders, 1 private raises, 99 other. The latest 20:

  1. Sep 14, 20264 EDGAR
  2. Sep 14, 20264 EDGAR
  3. Sep 14, 20264 EDGAR
  4. Sep 14, 20263 EDGAR
  5. Sep 11, 2026144/A EDGAR
  6. Sep 11, 20268-K EDGAR
  7. Sep 10, 2026144 EDGAR
  8. Sep 10, 2026144 EDGAR
  9. Aug 25, 20268-K EDGAR
  10. Aug 20, 20264 EDGAR
  11. Aug 17, 20263 EDGAR
  12. Aug 14, 20268-K EDGAR
  13. Aug 14, 2026SCHEDULE 13G/A EDGAR
  14. Aug 13, 20264 EDGAR
  15. Aug 13, 20264 EDGAR
  16. Aug 13, 20264 EDGAR
  17. Aug 13, 20264 EDGAR
  18. Aug 13, 20264 EDGAR
  19. Aug 13, 20264 EDGAR
  20. Aug 12, 2026144 EDGAR

The 468 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

33 open-market trades by officers, directors and large owners since October 2021: 13 buys and 20 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 11, 2026Schueller Joseph AndrewSVP-Controller, CAOSale28$7.80$218Form 4
Sep 10, 2026Schueller Joseph AndrewSVP-Controller, CAOSale2,831$7.80$22.1KForm 4
Sep 10, 2026Layton Kathleen I.Chief Legal OfficerSale4,223$7.80$32.9KForm 4
Mar 10, 2026Layton Kathleen I.Chief Legal OfficerSale19,355$4.90$94.8KForm 4
Mar 10, 2026Kirscht PatrickChief Credit OfficerSale54,299$4.90$266.1KForm 4
Sep 10, 2025Layton Kathleen I.Chief Legal OfficerSale4,214$6.64$28.0KForm 4
Mar 10, 2025Mueller CaseyGlobal Controller and PAOSale26,247$5.99$157.2KForm 4
Mar 10, 2025Kirscht PatrickChief Credit OfficerSale45,341$5.99$271.6KForm 4
Mar 10, 2025Layton Kathleen I.Chief Legal OfficerSale12,717$5.99$76.2KForm 4
Dec 13, 2024Daswani MohitDirectorBuy7,420$3.90$28.9KForm 4
Dec 13, 2024Minetti CarlosDirectorBuy15,000$3.89$58.4KForm 4
Dec 11, 2024Williams R NeilDirectorBuy25,000$3.87$96.8KForm 4
Dec 10, 2024Kirscht PatrickChief Credit OfficerSale8,403$3.80$31.9KForm 4
Dec 9, 2024Mueller CaseyGlobal Controller and PAOSale2,962$4.01$11.9KForm 4
Nov 29, 2024COBLENTZ JONATHAN AARONCFO & Chief Admin OfficerBuy800$3.88$3.1KForm 4
Nov 27, 2024COBLENTZ JONATHAN AARONCFO & Chief Admin OfficerBuy24,700$3.91$96.6KForm 4
Nov 27, 2024Vazquez RaulChief Executive OfficerBuy8,844$3.86$34.1KForm 4
Sep 10, 2024Mueller CaseyGlobal Controller and PAOSale373$2.45$914Form 4
Sep 10, 2024Kirscht PatrickChief Credit OfficerSale7,787$2.45$19.1KForm 4
Sep 10, 2024Layton Kathleen I.Chief Legal OfficerSale5,288$2.45$13.0KForm 4

All 33 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Raul VazquezChief Executive Officer$716.2K$4.3M76
2025Patrick KirschtChief Credit Officer$503.3K$2.5M76
2025Kathleen LaytonChief Legal Officer and Corporate Secretary46$414.2K$1.9M76
2024Raul VazquezChief Executive Officer$595.0K$1.9M76
2024Patrick KirschtChief Credit Officer$483.1K$1.3M76
2024Kathleen LaytonChief Legal Officer and Corporate Secretary46$387.2K$790.9K76
2023Raul VazquezChief Executive Officer$687.9K$1.7M76
2023Kathleen LaytonChief Legal Officer and Corporate Secretary46$356.2K$886.1K76
2023Patrick KirschtChief Credit Officer$473.5K$843.9K76

Funding

Where the company's money came from, by calendar year: private offerings filed with the SEC, federal grants, loans, contracts and other assistance from USAspending.gov, and PPP loans from the SBA. Each bar links to the records below.

Money received by year$86.2M 2021–2021
Money received by yearMoney received by year, 2021–2021: $86.2M in all. Private raises (Form D) $86.2M.$0$25M$50M$75M$100M2021 · Private raises (Form D): $86.2M2021
Figures by year
YearPrivate raises (Form D)Total
2021$86.2M$86.2M

Private raises

Private offerings the company reported to the SEC on Form D. The amount is what the latest filing says was sold so far, charted in the year of the first sale. Covers filings since Oct 1, 2021.

  1. Dec 22, 2021Raised $86.2 million in a private offering of equity40 Form D: 58 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Forager Capital Management, LLC4,512,045$25.8M9.7%+1,150,319
Neuberger Berman Group LLC3,893,025$22.2M0.0%+83,113
BlackRock, Inc.3,370,232$19.2M0.0%+292,572
Findell Capital Management LLC2,798,300$16.0M2.6%+50,000
Vanguard Capital Management LLC1,742,023$9.9M0.0%+113,545
Dimensional Fund Advisors LP1,663,841$9.5M0.0%+300,053
Long Focus Capital Management, LLC1,515,777$8.7M0.4%No change
Goldman Sachs Group Inc1,286,133$7.3M0.0%+467,846
Simcoe Capital LLC1,134,197$6.5M3.9%+131,926
Meros Investment Management, LP1,125,231$6.4M2.0%+398,846
Boothbay Fund Management, LLC1,101,930$6.3M0.1%+242,601
Geode Capital Management, LLC1,081,651$6.2M0.0%+132,849
Two Sigma Investments, LP963,560$5.5M0.0%+1,919
Millennium Management LLC945,987$5.4M0.0%−1,307,195
American Century Companies Inc822,881$4.7M0.0%+371,951
State Street Corp797,256$4.6M0.0%+44,931
Aqr Capital Management LLC752,758$4.3M0.0%+63,921
Mackenzie Financial Corp656,694$3.7M0.0%+168,458
Citadel Advisors LLC516,723$3.0M0.0%+394,700
Vanguard Portfolio Management LLC407,832$2.3M0.0%+45,509
Trexquant Investment LP391,710$2.2M0.0%+58,141
Bridgeway Capital Management, LLC350,581$2.0M0.0%+16,458
Northern Trust Corp331,156$1.9M0.0%+36,594
Summa Corp.293,266$1.7M0.5%−103,500
Berger Financial Group, Inc291,041$1.7M0.1%+47,466

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Oportun Financial Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAROportun Financial Corp1
  • CIK0001538716
  • Employer ID (EIN)45-33619835
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company5
  • Incorporated inDelaware5
  • Fiscal year endsDecember 311
  • Industry code (SIC)6199 Finance Services1
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance1
  • Business address1825 South Grant Street, Suite 850, San Mateo, CA 944021
  • Phone(650) 810-88231
  • Shares outstanding45,987,253 as of Jul 30, 202613
  • Public float$234.6M as of Jun 30, 20255
  • AuditorDeloitte & Touche LLP, San Francisco, CA PCAOB ID 34; it also attests to the company’s internal control over financial reporting5
  • On EDGAR sinceJan 9, 20121
  • Filings742 in all: 4 (358), 8-K (104), 3 (32), DEFA14A (25), SC 13G/A (24), 10-Q (21), 144 (21), DFAN14A (14)1
    All 46 form types

    SC 13G (14), S-8 (11), D (10), UPLOAD (10), SCHEDULE 13G/A (9), 10-K (7), 4/A (6), DEF 14A (6), SCHEDULE 13D/A (6), DRS/A (5), SC 13D/A (5), SCHEDULE 13G (5), 8-K/A (4), CORRESP (4), DRSLTR (4), 10-K/A (3), ARS (3), EFFECT (3), 144/A (2), 424B3 (2), DEFC14A (2), PREC14A (2), S-1/A (2), S-3 (2), SC 13D (2), SEC STAFF LETTER (2), 10-Q/A (1), 424B4 (1), 8-A12B (1), CERT (1), CT ORDER (1), DEFR14A (1), DRS (1), PRE 14A (1), PRER14A (1), PRRN14A (1), S-1 (1), S-3/A (1)

  • Latest filingsAnnual report (10-K) Feb 27, 2026
    Quarterly report (10-Q) Aug 6, 2026
    Proxy statement (DEF 14A) Jun 29, 2026
    Latest 8-K (8-K) Sep 11, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, $0.0001 par value per shareOPRTNasdaq Global Select Market

From the cover page of the 10-K filed Feb 27, 2026 (Section 12(b) of the Exchange Act).5

Risk factors and legal proceedings

The risks Oportun Financial Corp names in Item 1A of its 10-K filed Feb 27, 2026: 67 risks under these headings, as written.5

  • Business, Financial and Operational Risks
  • If we do not compete effectively in our target markets, our results of operations could be harmed.
  • We may not be able to effectively manage the growth of our business.
  • Our business may be adversely affected by disruptions in the credit markets and changes to interest rates on our borrowings.
  • We currently rely on Pathward to originate a substantial portion of our loans. If our relationship with Pathward terminates, or if Pathward were to suspend, limit, or cease its operations or loan origination activities for any reason, and we are unable to engage another originating bank partner on a timely basis or at all, our business, results of operations and financial condition would be materially and adversely affected.
  • Our results of operations and future prospects depend on our ability to retain existing members and attract new members.
  • We have elected the fair value option and we use estimates in determining the fair value of our loans and our asset-backed notes. If our estimates prove incorrect, we may be required to write down the value of these assets or write up the value of these liabilities, which could adversely affect our results of operations.
  • Our current level of interest rate spread may decline in the future. Any material reduction in our interest rate spread could adversely affect our results of operations.
  • Our results of operations and financial condition and our borrowers’ ability to make payments on their loans have been and may be adversely affected by economic conditions and other factors that we cannot control.
  • Our risk management efforts may not be effective, which may expose us to market risks that harm our results of operations.
  • We may change our corporate strategies or underwriting and servicing practices, which may adversely affect our business.
  • We rely extensively on models in managing many aspects of our business. If our models contain errors or are otherwise ineffective, our business could be adversely affected.
The other 56 risks
  • If we are unable to collect payments and service the loans we make to members, our net charge-off rates may exceed expected loss rates, and our business and results of operations may be harmed.
  • Our quarterly results are likely to fluctuate significantly and may not fully reflect the underlying performance of our business.
  • We are, and intend in the future to continue, developing our financial products and services, and our failure to accurately predict their demand or growth could have an adverse effect on our business.
  • The success and growth of our business depends upon our ability to continuously innovate and develop our products and technologies.
  • Stockholder activism could disrupt our business, cause us to incur significant expenses, hinder execution of our business strategy, and impact our stock price.
  • Negative publicity or public perception of our company or our industry could adversely affect our reputation, business, and results of operations.
  • Competition for our highly skilled employees is intense, and we may not be able to attract and retain the employees we need to support the growth of our business.
  • If we lose the services of any of our key management personnel, our business could suffer.
  • Our success and future growth depend on our branding and marketing efforts.
  • Any acquisitions, strategic investments, entries into new businesses, joint ventures, divestitures, and other transactions could fail to achieve strategic objectives, disrupt our ongoing operations or result in operating difficulties, liabilities and expenses, harm our business, and negatively impact our results of operations.
  • Fraudulent activity could negatively impact our business, brand and reputation and require us to continue to take steps to reduce fraud risk.
  • Security breaches and incidents may harm our reputation, adversely affect our results of operations, and expose us to liability.
  • Any significant disruption in our computer systems and critical third-party vendors may impair the availability of our websites, applications, products or services, or otherwise harm our business.
  • We are, and intend in the future to continue, expanding into new geographic regions, and our failure to comply with applicable laws or regulations, or accurately predict demand or growth, related to these geographic regions could have an adverse effect on our business.
  • We are exposed to geographic concentration risk.
  • Our proprietary credit risk models rely in part on the use of third-party data to assess and predict the creditworthiness of our members, and if we lose the ability to license or use such third-party data, or if such third-party data contain inaccuracies, it may harm our results of operations.
  • A deterioration in the financial condition of counterparties, including financial institutions, could expose us to credit losses, limit access to liquidity or disrupt our business.
  • Our vendor relationships subject us to a variety of risks, and the failure of third parties to comply with legal or regulatory requirements or to provide various services that are important to our operations could have an adverse effect on our business.
  • Our mission to provide inclusive, affordable financial services that empower our members to build a better future may conflict with the short-term interests of our stockholders or may not provide the long-term benefits that we expect and may adversely impact our business operations, results of operations, and financial condition.
  • If we cannot maintain our corporate culture as we grow, we could lose the innovation, collaboration and focus on the mission that contribute to our business.
  • We are dependent on hiring an adequate number of hourly bilingual employees to run our business and are subject to government regulations concerning these and our other employees, including minimum wage laws.
  • Misconduct by our employees could harm us by subjecting us to monetary loss, significant legal liability, regulatory scrutiny and reputational harm.
  • Our international operations involve inherent risks which could result in harm to our business.
  • If we discover a material weakness in our internal control over financial reporting that we are unable to remedy or otherwise fail to maintain effective internal control over financial reporting or disclosure controls and procedures, our ability to report our financial results on a timely and accurate basis and the market price of our common stock may be adversely affected.
  • Because we receive cash in our retail locations through member loan repayments, we may be subject to theft and cash shortages due to employee errors.
  • Unfavorable outcomes in legal proceedings may harm our business and results of operations.
  • Health epidemics or other outbreaks may adversely impact our business and results of operations.
  • Funding and Liquidity Risks
  • We have incurred substantial debt and may issue debt securities or otherwise incur substantial debt in the future, which may adversely affect our financial condition and negatively impact our operations.
  • A breach of early payment triggers or covenants or other terms of our agreements with lenders could result in an early amortization, default, and/or acceleration of the related funding facilities.
  • Our securitizations and structured and whole loan sales may expose us to certain risks, and we can provide no assurance that we will be able to conduct such transactions in the future, which may require us to seek more costly financing.
  • We may need to raise additional funds in the future, including through equity, debt, or convertible debt financings, to support business growth and those funds may not be available on acceptable terms, or at all.
  • We maintain cash deposits in excess of federally insured limits. Adverse developments affecting financial institutions, including bank failures, could adversely affect our liquidity and financial performance.
  • Intellectual Property Risks
  • It may be difficult and costly to protect our intellectual property rights, and we may not be able to ensure their protection.
  • We have been, and may in the future be, sued by third parties for alleged infringement of their proprietary rights.
  • Our credit risk models, A.I. capabilities, and internal systems rely on software that is highly technical, and if it contains undetected errors, our business could be adversely affected.
  • Some aspects of our business processes include open source software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business.
  • Industry and Regulatory Risks
  • The financial services industry is highly regulated. Changes in regulations or in the way regulations are applied to our business could adversely affect our business.
  • Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs and/or requirements resulting in increased expenses and reputational harm.
  • Internet-based and electronic signature-based loan origination processes may give rise to greater risks than paper-based processes.
  • The CFPB has broad authority to regulate consumer financial services, creating uncertainty as to how the agency’s actions or the actions of any other new agency could impact our business.
  • The collection, storage, use, disclosure, and other processing of personal information is an area of increasing complexity and scrutiny.
  • Our bank partnership products may lead to regulatory risk and may increase our regulatory burden.
  • Anti-money laundering, anti-terrorism financing and economic sanctions laws could have adverse consequences for us.
  • We may have to constrain our business activities to avoid being deemed an investment company under the Investment Company Act.
  • We are subject to governmental export and import controls that could subject us to liability, impair our ability to compete in international markets and adversely affect our business.
  • General Risk Factors
  • You may be diluted by the future issuance of additional common stock in connection with our equity incentive plans, acquisitions, financings, investments or otherwise.
  • The issuance of shares of our Common Stock upon exercise of our outstanding warrants issued in connection with our Corporate Financing, would increase the number of shares eligible for future resale in the public market and result in dilution to our stockholders.
  • The price of our common stock may be volatile, and you could lose all or part of your investment.
  • If financial or industry analysts do not publish research or reports about our business, or if they issue an adverse or misleading opinion regarding our stock, our stock price and trading volume could decline.
  • The enactment of tax reform legislation and differences in interpretation of tax laws and regulations could adversely impact our financial position and results of operations.
  • Our ability to use our net operating loss carryforwards and certain other tax attributes may be limited.
  • Our directors, officers, and principal stockholders have substantial control over our company, which could limit your ability to influence the outcome of key transactions, including a change of control.
  • The requirements of being a public company may strain our resources, divert management’s attention and affect our ability to attract and retain qualified Board members.
  • Certain of our market opportunity estimates, growth forecasts, and key metrics could prove to be inaccurate, and any real or perceived inaccuracies may harm our reputation and negatively affect our business.
  • Certain provisions in our charter documents and under Delaware law could limit attempts by our stockholders to replace or remove our Board, delay or prevent an acquisition of our company, and adversely affect the market price of our common stock.
  • Our amended and restated certificate of incorporation provides that the Court of Chancery of the State of Delaware or the U.S. federal district courts will be the exclusive forums for substantially all disputes between us and our stockholders, which could limit our stockholders’ ability to obtain a favorable judicial forum for disputes with us or our directors, officers or other employees.

Legal proceedings

The information set forth under Note 15, Leases, Commitments and Contingencies, in the accompanying Notes to the Consolidated Financial Statements is incorporated herein by reference. From time to time, we may bring or be subject to other legal proceedings and claims in the ordinary course of business, including legal proceedings with third parties asserting infringement of their intellectual property rights, consumer litigation, and regulatory proceedings. Other than as described in this report, we are not presently a party to any legal proceedings that, if determined adversely to us, we believe would individually or taken together have a material adverse effect on our business, financial condition, cash flows or results of operations.

The opening of Item 3, Legal Proceedings.5

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