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FT Partners Advises Digit on its $238,000,000 Sale to Oportun

Overview of Transaction

  • On November 16, 2021, Oportun, Inc. (Nasdaq: OPRT), a mission-driven provider of inclusive financial services, announced that it has signed a definitive agreement to acquire Digit, a neobanking platform that provides automated savings, investing, and banking tools
  • Oportun will acquire Digit for approximately $238 million, including approximately $114 million in cash at closing; Oportun has obtained a financing commitment for the cash portion of the purchase price
  • Founded in 2013, Digit launched the first truly personalized and automated savings app in 2015 and has since helped members save more than $7 billion and pay off $300 million in debt
  • The acquisition reinforces Oportun’s status as a category leader in inclusive finance, expands Oportun’s A.I. and digital capabilities, and enhances offerings to provide customers a holistic platform built to improve financial health

Significance of Transaction

  • The acquisition will grow Oportun’s US footprint by more than 600,000 paying members, increase daily engagement, enhance funnel conversion, and create a profitable and differentiated neobanking platform with proven product / market fit
  • Oportun’s acquisition of Digit follows the successful integration of Springboard Auto in 2018 and represents a continuation of thoughtful and well-executed M&A strategy

FT Partners' Role

  • FT Partners served as exclusive financial and strategic advisor to Digit
  • This transaction highlights FT Partners’ deep domain expertise in the Consumer Finance sector, and its successful track record generating highly favorable outcomes for high-growth FinTech companies globally