Oportun and DolEx to Form Strategic FinTech Lending Partnership
Binding letter of intent reflects companies’ shared commitment to financial inclusion
Oportun announced that it had signed a binding letter of intent to form a strategic fintech lending partnership with DolEx Dollar Express, Inc. The purpose of the partnership is to make Oportun originated, funded and serviced loans, all of which will be capped at Oportun’s all-in 36% APR, available to consumers at DolEx corporate locations, starting with an initial rollout in Q4 2020.
Oportun is a mission-driven responsible lender and certified Community Development Financial Institution (CDFI) that has developed an advanced technology platform that enables the company to score the credit-unscorable and has disbursed almost $9 billion in loans to more than 1.7 million customers, helping more than 850,000 of them build a credit profile and advance towards the financial mainstream.
DolEx is a multinational company with 24 years of experience in the Financial Services Industry. As one of the leaders in the Retail Financial Services Industry in the US and Spain, DolEx takes great pride in its omnichannel network that includes more than 500 proprietary retail stores, over 3,000 independent retail agents and online offerings. Through its unique distribution network, DolEx serves and meets the financial services needs of millions of customers. DolEx’s branch locations in the US will be the focus of the partnership.
“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,” said 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.”