SAN CARLOS, Calif., Aug. 06, 2020 (GLOBE NEWSWIRE) — Oportun (Nasdaq: OPRT) announced today it had signed a binding letter of intent to create a strategic fintech financing venture with DolEx Dollar Express, Inc. The objective of the partnership would be to create Oportun originated, funded and protected loans, all which is capped in Oportun’s all time 36% APR, available to customers in DolEx corporate locations, beginning with a first rollout at Q4 2020.
Oportun is a mission-driven accountable lender and certified Community Development Financial Institution (CDFI) which has developed an innovative technology platform that permits the enterprise to evaluate the credit-unscorable and has disbursed nearly $9 billion in loans to over 1.7 million clients, helping greater than 850,000 of these construct a credit report and progress towards the financial mainstream.
DolEx is a multinational firm with 24 years of expertise in the Financial Services Industry. As among the leaders at the Retail Financial Services Industry in the usa and Spain, DolEx takes great pride in its own omnichannel network which includes over 500 proprietary retail shops, more than 3,000 independent retail brokers and internet offerings. Through its distinctive distribution system, DolEx functions and meets with the financial services needs of tens of thousands of consumers. DolEx’s branch locations in the united states is going to be the focal point of this venture.
“This is an exciting potential expansion of our business as we can begin offering our affordable personal loans to DolEx customers in their corporate branch locations,” stated Raul Vazquez, CEO of Oportun. “Both our companies have an emphasis on serving low-to-moderate income consumers, and we believe this partnership will provide a compelling offer to DolEx’s customers.”
“DolEx provides essential financial services to underserved consumers, and we are focused on delivering excellent service and value,” said Mario Trujillo, CEO of DolEx. “We are excited to partner with Oportun as we are aligned with their mission and track record of providing superior service. We are pleased to begin making Oportun’s loan products available as a service to our customers.”
Subject to appropriate regulatory approvals, the companies expect the partnership to be finalized in the coming months and to its first rollout to start in Q4 2020.
Throughout its distinctive distribution system, DolEx supplies a thorough choice of essential financial services and products, such as, amongst others, National and worldwide Remittances, Check Cashing, Bill Payments and Installment Loans.
Inclusion and fiscal equality are on very top of DolEx’s assignment. By being among the favorite Fintech suppliers by Latinos and other underserved demographics in america and Spain, DolEx is dedicated to continuing the investment from cutting-edge technologies to develop and supply offerings which produce a difference for equality and inclusion; for example accountable installation loans that assist individuals build a credit history and so accessibility several life-changing financial goods.
At the united states, DolEx functions over two million loyal clients from the Latino community and other minorities by both industry-leading manufacturers, DolEx & Quisqueyana. DolEx’s retail community includes a presence in over 30 US states, Puerto Rico and the US Virgin Islands.
In Spain, the Europhil brand was a pioneer for several years in the Currency Enforcement Industry. With the very same principles and assignment, constantly with client satisfaction at the top of its priorities, Europhil continues to be fulfilling its clients’ requirements for sending cash to family and friends in Latin America and various other countries and areas around the world, such as the Philippines and Africa.
For additional details, please see https://www.DolEx.com or telephone 1.800.892.0210.
Vice President of Marketing & Client Growth
Oportun (Nasdaq: OPRT) is a mission-driven Community Development Financial Institution (CDFI). Oportun provides comprehensive, affordable financial solutions powered by a profound, data-driven comprehension of its clients and innovative proprietary technologies. By committing money to hardworking, low-to-moderate-income people, Oportun helps them go ahead in their own lives, establish their creditworthiness, and set the credit history that they will need to get new opportunities. Oportun serves clients in English and Spanish, on line and on the telephone in 19 countries, and in-house in greater than 340 retail locations around 9 of these countries.
For additional details, please see https://oportun.com.