Oportun Financial Corp

DEF 14A 1 ny20026370x2_def14a.htm DEF 14A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of the

Securities Exchange Act of 1934

Filed by the Registrant ☒

Filed by a Party other than the Registrant ☐

Check the appropriate box:

Oportun Financial Corporation

(Name of Registrant as Specified In Its Charter)

(Name of Person(s) Filing Proxy Statement, if other than the Registrant)

Payment of the Filing Fee (Check the appropriate box):

May 13, 2024

Dear Oportun Stockholder:

In 2023, we worked through a difficult macroeconomic backdrop, with high inflation impacting our hardworking members' ability to pay and higher rates impacting our cost of funds. While we have more work to do to achieve our full potential, we are taking actions to capitalize on the momentum we’re seeing in our business and shared in our preliminary Q1 2024 results. Our focus on the quality of originations and the continuing demand for our services drove a resilient top line, while the expense discipline we have demonstrated since 2022 and the sharp execution by our team led to improved operating efficiency. I am optimistic that we are driving long-term value for our shareholders by supporting our members and are well-positioned to navigate the macroeconomic environment.

For the full year in 2023:

For a reconciliation of non-GAAP measures to GAAP measures, refer to Appendix A of this proxy statement.

In 2024, our focus is on driving sustainable, profitable earnings growth and shareholder value. This will include the continued fortification of our core business and unit economics, with an additional – and previously announced – expense reduction of $30 million this year. With this action, and since we first began significant expense cuts in 2022, our cost savings initiatives are expected to result in approximately $240 million in total annualized savings.

I am grateful and proud to say that our employees continue to be highly motivated and, for the ninth consecutive year, rated Oportun a “Top Workplace” in a regional or national publication. In addition, our team demonstrated high levels of engagement, as measured by our annual employee survey, while delivering best-in-class service to our members.

I am encouraged by the strong and enduring relationships we have built with our members, the improving economics underlying our loan portfolio, and the compelling value proposition we deliver to our savings members in the form of automated savings and access to responsible credit. In addition to helping our members set aside more than $1,800 per year in personal savings, we also know that borrowing members who use our app have exhibited approximately 45% lower 30-plus day delinquencies three months post-disbursement than those who have not yet signed up to use the app.

As always, I am grateful for your support and ownership of Oportun, and am pleased to invite you to attend the 2024 Annual Meeting of Stockholders (and any postponement, adjournment or delay thereof, the “Annual Meeting”) of Oportun Financial Corporation (“Oportun” or the “Company”) on Wednesday, June 26, 2024, beginning at 8:00 a.m. Pacific time. The Annual Meeting will be held virtually via a live interactive audio webcast on the internet. You will be able to vote and submit your questions during the Annual Meeting at www.virtualshareholdermeeting.com/OPRT2024.

Your vote is very important. Regardless of whether you plan to attend the Annual Meeting, we hope you will vote as soon as possible. You may vote by proxy over the internet, by telephone or, if you received paper copies of the proxy statement by mail, you may also vote by mail by following the instructions on your proxy card. The attached proxy statement contains details of the business to be conducted at the Annual Meeting and additional information on how to vote.

On behalf of the board of directors, I would like to express our appreciation for your ongoing support of Oportun and our mission to provide inclusive, affordable financial services.

Sincerely,

Raul Vazquez

Chief Executive Officer

Proxy Statement Overview

Information about the Annual Meeting

How to Vote

Stockholders of record as of the Record Date may vote via the Internet at www.proxyvote.com, by telephone at 1-800-690-6903, by completing and returning your proxy card or voting instruction form, in person at the Annual Meeting, or by scanning with your mobile device the QR code provided to you. See the “Voting Methods” section on page 2.

Voting Matters and Board Recommendations

The Board unanimously recommends that you vote as follows:

We may also transact any other business that may properly come before the Annual Meeting. As of the date of this proxy statement, we are not aware of any business to be presented in consideration other than the matters described in this proxy statement.

DIRECTORS

CORPORATE GOVERNANCE HIGHLIGHTS

The Board is committed to exercising good corporate governance practices, which include:

EXECUTIVE COMPENSATION HIGHLIGHTS

We pay for performance and manage Oportun for the long-term

Oportun Financial Corporation

2 Circle Star Way

San Carlos, California 94070

Notice of the 2024 Annual Meeting of Stockholders

Important Notice Regarding the Availability of Proxy Materials for the Annual Meeting of Stockholders to be

held on June 26, 2024. The Notice of Meeting, Proxy Statement, and Annual Report on Form 10-K are available

free of charge at www.proxyvote.com and at www.investor.oportun.com.

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