Progreso Financiero Soon to be Known as Oportun

Progreso Financiero, a mission-driven financial services company serving the credit needs of the growing Hispanic market, today announced that it will soon be named Oportun.

“For over 8 years, our approach to lending has spearheaded the field of responsible, affordable and sustainable finance for the underserved. As we continue our mission, we want a name that builds on our customers’ perception of our company and what we do for them, and we wanted the name to be short and memorable. Oportun is based on the word Oportunidad, the Spanish word for Opportunity,” said Raul Vazquez, CEO of Progreso Financiero.

A recent consumer research project involving several rounds of qualitative and quantitative data helped shape the direction of the new name and identity.

“Oportun is a name that best reflects how our customers see us. As a result of a very thorough consumer research process we are confident our Hispanic customers will embrace the new name and creative identity,” said Juan P. Valdes, Vice President of Marketing & Communications.

The company will adopt its new name over the coming months as it shares the name “Oportun” with customers and business partners. The name change will be completed by year’s end.

“We are evolving to a new name, but our approach to our product and our pricing remains the same,” continued Vazquez, “We are deeply committed to our mission of building a sustainable business that provides responsible, affordable, credit building loans that help the Hispanic community build a healthier financial future.”

It is estimated that 23 million Hispanics in the United States have limited or no credit history. In fact, approximately half of the company’s first-time customers do not have a credit score at all. Progreso reports performance of all loans to two of the credit bureaus and enables customers to establish a credit history.

Having limited or no credit history can impact a person or family’s ability to rent a home or qualify for employment opportunities. It can also trigger higher premiums for car, health, and other types of insurance, or lead to higher deposits for basic services like utilities and cell phone plans.

Progreso Financiero, soon to be named Oportun, charges lower fees and interest rates than widely available alternatives. Through advanced data analytics, the company is able to accurately identify applicants who are able and willing to repay loans matched to their circumstances. Since its founding, Progreso has loaned over $1.3 billion to more than 485,000 customers.

For more information about Oportun, please visit http://www.progressfin.com.

About Progreso Financiero

Progreso Financiero is a mission-driven, financial services company that uses advanced data analytics to provide responsible credit to underserved Hispanic communities. Progreso’s technology determines every applicant’s ability to repay, including those who do not have credit, and enables back-office efficiency.

The company delivers a very supportive and welcoming service experience with bilingual staff across channels and operates 130 locations in CA, IL and TX. In early 2015 the company announced plans to be named “Oportun.”

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