Oportun (OPRT) has announced that it has reached an agreement to sell its credit card portfolio to Continental Finance.
The transaction, initially expected to close by the end of the third quarter, is now projected to finalize on or around November 10, 2024.
Due to the adjusted closing date, the sale is now expected to contribute approximately $2 million to Adjusted EBITDA in 2024, a decrease from the previously projected $4 million.
However, Oportun still anticipates that the transaction will positively impact Adjusted EBITDA by about $11 million in 2025.
