Oportun Financial issues letter to stockholders from lead independent director

Oportun issued a letter to stockholders from Lead Independent Director Neil Williams detailing the actions that Oportun’s Board of Directors has taken to drive improved financial performance and reposition the Company for future success. After nearly eight years of dedicated service to Oportun’s Board, Williams plans to retire at the Company’s upcoming 2025 Annual Meeting of Stockholders. In his letter urging shareholders to vote in favor of Oportun’s skilled and experienced nominees, Williams highlights: In response to the changing economic environment, Oportun announced a detailed plan to reduce expenses and streamline operations in February 2023. The announcement of that plan took place nearly two months before the Company was aware that Findell Capital Management was a stockholder. Over the next two years, Oportun: Executed multiple reductions in force; eliminated expenses across the organization; initiated a strategic review process for the Company’s credit card portfolio that eventually resulted in its sale; and discontinued several non-core businesses. Oportun has driven $240 million in cost savings since mid-2022, and over the last two quarters returned to GAAP profitability. Oportun’s highly engaged and qualified Board possesses the right mix of skills and experience to continue driving Oportun’s strong momentum.