What: Financial services company Progreso Financiero will soon be known as Oportun.
Why it matters: Under new name, the company will build upon Progreso Financiero’s commitment to providing affordable and responsible credit services to the Hispanic community. There is substantial demand for Financial Services among Hispanics, particularly after Immigration Reform recently added almost 5 million documented Hispanics to an already substantial population of more than 50 million.
Progreso Financiero, a mission-driven financial services company serving the credit needs of the growing Hispanic market, has announced that it will soon be named Oportun.
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.
A recent consumer research project involving several rounds of qualitative and quantitative data helped shape the direction of the new name and identity. 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.
“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.
“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.
Since its founding, Progreso has loaned over US $1.3 billion to more than 485,000 customers.