What changed in this filing

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Item 1. Business

2026-02-27 compared with 2025-02-20 · 27 added, 36 removed, 169 unchanged (27% of the section changed)

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According to a January 2026 survey by Bankrate, more than half of all Americans do not have enough savings to cover an unplanned expense of $1,000.

In 2024, the Financial Health Network ("FHN") reported that more than two-thirds of U.S.

households "struggle with spending, saving, borrowing and planning" according to its Financial Health Pulse™ 2024 U.S.

Trends Report.

When presented with an unexpected expense they cannot postpone, like a car that won’t start when one needs to get to work, or a required medical procedure, most people lack adequate savings and will typically require access to credit in order to cover their immediate need.

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Credit Products— Since our founding in 2005, we have extended more than $21.8 billion in responsible credit through more than 8.0 million loans and credit cards, and helped over 1.3 million people who came to Oportun without a FICO® score to begin establishing a credit history.

According to a study commissioned by us on the credit options available to people with little or no credit history, the Financial Health Network found that Oportun loans are, on average, 7 times less expensive than other options and up to 16 times less expensive as compared to online-only installment products.

In addition, the study found that our unsecured personal loan product has helped borrowers save more than $2.4 billion in interest and fees.

While many of the people who come to us are not well served by mainstream financial institutions due to limited credit history, we use A.I.

and billions of proprietary data points to score 100% of our loan applicants and offer our members responsibly designed and affordable credit products that are often otherwise unavailable to them.

While many of the people who come to us are not well served by mainstream financial institutions due to limited credit history, we use billions of proprietary data points to score 100% of our loan applicants and offer our members responsibly designed and affordable credit products that are often otherwise unavailable to them.

Savings Product —Since 2015, our Set & Save™ product has allowed our members to set aside more than $12.5 billion for rainy days and other purposes, including an average of $1,800 in individual savings per member per year.

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Through machine learning, Oportun gets a comprehensive and personalized profile of our members’ cash flow and very quickly learns how much a member can afford to set aside each day, without impacting their ongoing obligations and daily spending needs.

For our members, saving money becomes effortless and their financial resiliency improves every day, as Oportun does all the hard math, budgeting, and money transferring that present the sort of daily obstacles that

inhibit many people from having adequate savings when they most need it.

In 2024, Set & Save was ranked the #1 Savings App by Bankrate and a top budget app by Forbes.

In 2025, Set & Save was ranked the #1 Savings App by Bankrate.

Use of Artificial Intelligence

Consistent with our mission of financial inclusion, our application of A.I., specifically machine learning, is designed to address the shortcomings of the modern banking system.

Consistent with our mission of financial inclusion, our application of A.I., specifically machine learning, is designed to address the shortcomings

of the modern banking system.

Since our inception, we have utilized alternative data sets to rapidly build, test and develop our underwriting, pricing, marketing, fraud and servicing models;

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Through the development and utilization of our sophisticated underwriting models, we can assess credit risk more effectively compared to other companies and traditional scoring models.

We ingest billions of data points into our risk model development using traditional (e.g., credit bureau data) and alternative (e.g., transactional information, public records) data.

We ingest billions of data points into our risk model development using traditional (e.g., credit bureau data) and alternative (e.g., bank transactional information, public records) data.

This helps us to score 100% of the applicants who come to us seeking to borrow money, enabling us to serve more people while minimizing risk.

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Our technology, member-centric culture, and effective use of data and analytics enable us to efficient ly help our members overcome financial challenges.

Our strategy should be thought of in two parts, (1) short-term focus and (2) long-term focus.

Short-term focus— Our current strategic priorities are to:

Our current strategic priorities are to:

(a) improve credit outcomes, targeting an annualized net charge-off rate between 9% and 11% over time;

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and (c) identify high-quality originations, ensuring that we continue to lay the foundation for responsible growth.

Long-term focus— As the macro environment stabilizes, we believe we have several significant growth opportunities.

We believe we have several responsible growth opportunities.

We believe we can increase the percentage of our lending that is on a secured basis where we see more than 600 basis points lower credit losses, more deeply penetrate our untapped total addressable market by expanding our store network into states where we do not yet have a physical presence, and grow our Lending as a Service lead generation program.

Available only in California as of the end of 2023, Oportun now also offers secured personal loans in Texas, Florida, Arizona, New Jersey and Illinois;

however, through our partnership with Pathward, N.A., we have the opportunity to expand the coverage of our Secured Personal Loans up to approximately an additional 35 states.

Available only in California as of the end of 2023, Oportun now also offers secured personal loans ("SPL") in Texas, Florida, Arizona, New Jersey, Illinois, Nevada and Utah;

however, through our partnership with Pathward, we have the opportunity to expand the coverage of our Secured Personal Loans up to approximately an additional 33 states.

In addition, we plan to continue developing more cross-buying opportunities between our Set & Save savings product and our credit products, primarily through timely and relevant marketing to existing members via our mobile app.

Growth will be considered where feasible, with careful attention to efficiency, scalability, and sustainable unit economics.

Invest in member acquisition channels —To expand our member base, we plan to efficiently invest in scaling the marketing capabilities for our credit and savings products, primarily through the use of A.I.

Since 2020, Oportun has been expanding within new geographies, as a result of our partnership with Pathward, N.A., and we now offer our products nationwide.

To expand our member base, we plan to efficiently invest in scaling the marketing capabilities for our credit and savings products, primarily through the use of A.I.

Since 2020, Oportun has been expanding within new geographies, as a result of our partnership with Pathward, and we now offer our products nationwide.

along with proprietary and third-party data, we are well-positioned to be highly targeted in reaching out to prospective new members, in addition to our existing 2.8 million members, with relevant and timely offers to help them on their path to financial health.

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By entering Lending as a Service partnerships with other companies, we create new proprietary channels through which to offer our lending and financial services products, and acquire new members, fortifying our membership growth potential.

We may seek to add additional Lending as a Service partners in the future, similar to our current partnerships with DolEx Dollar Express, Inc.

Barri Financial Group (now consolidated into a single company “DolFinTech”) where we collect leads from 491 of their retail locations, and our recently announced collaboration with Western Union.

Enhance our credit and savings products —We leverage machine learning to rapidly build and test strategies across the member lifecycle, including through targeted digital marketing, underwriting, pricing, fraud and member servicing.

We may seek to add additional Lending as a Service partners in the future, similar to our current partnerships with DolEx Dollar Express, Inc., Barri Financial Group (now consolidated into a single company “DolFinTech”), and Western Union where we collect leads from 465 of their retail locations.

We leverage machine learning to rapidly build and test strategies across the member lifecycle, including through targeted digital marketing, underwriting, pricing, fraud and member servicing.

We also expect to continue to derive actionable insights to further drive growth of our products, and we will continue to invest significantly in our A.I.

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Unsecured Personal Loans —Our personal loan is a simple-to-understand, affordable, unsecured, fully amortizing installment loan with fixed payments throughout the life of the loan.

We charge fixed interest rates on our loans, which vary based on the amount disbursed, with a cap of 36% annual percentage rate (“APR”) in all cases.

As of December 31, 2024, for all active loans in our portfolio and at time of disbursement, the weighted average term and APR at origination was 40 months and 34.3%, respectively.

We charge fixed interest rates on our loans, which vary based on the amount disbursed and other factors, with a cap of 36% annual percentage rate (“APR”) in all cases.

As of December 31, 2025, for all active loans in our portfolio and at time of

disbursement, the weighted average term and APR at origination was 38 months and 35.2%, respectively.

The average loan size for loans we originated in 2025 was $3,098.

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As part of our underwriting process, we verify income for all applicants and only approve loans that meet our ability-to-pay criteria.

As of December 31, 2024, we originate unsecured personal loans in 3 states through state licenses and in 38 states through our partnership with Pathward, N.A.

This product is currently the majority of our revenue and profitability, and continues to have significant opportunity for growth, benefiting from category growth as well as growth in our brand awareness outside of our historical regional operating footprint (leveraging our partnership with Pathward, N.A.).

Secured Personal Loans —In April 2020, we launched a personal installment loan product secured by an automobile, which we refer to as secured personal loans.

As of December 31, 2025, we originate unsecured personal loans in 2 states through state licenses and in 39 states through our partnership with Pathward.

This product is currently the majority of our revenue and profitability, and continues to have responsible opportunity for growth, benefiting from category growth as well as growth in our brand awareness outside of our historical regional operating footprint (leveraging our partnership with Pathward).

Secured Personal Loans —We also offer a personal installment loan product secured by an automobile, which we refer to as secured personal loans.

This product allows our members to access larger loan sizes than they can with an unsecured loan, which is critical if the financial need they are addressing exceeds our unsecured lending limits for that member.

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We may also face competition from companies that have not previously competed in the consumer lending market for borrowers with limited credit history.

For example, we are already seeing that the companies commonly referred to as “challenger banks”, “digital banks”, or “neo-banks” offering low-cost digital-only deposit accounts are beginning to offer lending products catered to underserved borrowers.

For example, we are already seeing that the companies commonly referred to as “challenger banks”, “digital banks”, or “neo-banks” offering low-cost digital-only deposit accounts are offering lending products catered to underserved borrowers.

In addition, it is possible that, in competitive reaction to the challenger banks, traditional banks may introduce new approaches to small-dollar lending.

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The principal competitive factors in our sector include member approval parameters (often described informally as “credit box” ), price, flexibility of loan terms offered, member convenience and member satisfaction.

We believe our technology, responsible construction of our products, A.I.-enabled digital platform and superior member value proposition allow us to compete favorably on each of these factors.

We believe our technology, responsible construction of our products, digital platform and superior member value proposition allow us to compete favorably on each of these factors.

Going forward, however, our competition could include large traditional financial institutions that have more substantial financial resources than we do, and that can leverage established distribution and infrastructure channels.

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In addition to the CFPB, other state and federal agencies have the ability to regulate aspects of our business.

For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” ), as well as many state statutes provide a mechanism for state attorneys general to investigate us.

For example, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act” ), as well as many state statutes provide a

mechanism for state attorneys general to investigate us.

The CFPB may also use a dormant provision of the Dodd-Frank Act to expand its supervisory authority over entities it reasonably believes pose risks of consumer harm.

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Our Intellectual Property

We protect our intellectual property through a combination of trademarks, trade dress, domain names, copyrights and trade secrets, as well as contractual provisions, confidentiality procedures, non-disclosure agreements with third parties, employee disclosure and invention assignment

agreements, and other contractual rights.

We currently have no patent applications on our proprietary risk model, underwriting process or loan approval decision making process because applying for a patent would require us to publicly disclose such information, which we regard as trade secrets.

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We define the leadership team as Directors, Senior Directors, Vice Presidents and above, inclusive of the Board.

We have nine employee resource groups focused on our Asian, Black, Hispanic/Latinx, LGBTQ+, early career individuals, disability/accessibility, South Asian, veteran, environmental enthusiasts, and women communities.

We have nine employee resource groups focused on our Asian, Black, Hispanic/Latinx, LGBTQ+, early career individuals, disability/accessibility, veteran, environmental enthusiasts, and women communities.

We are committed to fostering a culture of diversity, equity and inclusion;

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We had 2,405 full-time and 83 part-time employees worldwide as of December 31, 2025.

This includes 361 corporate employees in the United States, of which 141 employees are dedicated to technology, risk, analytics, A.I.

and data science.

Since 2023, we announced a series of personnel and other cost savings measures to reduce expenses and streamline efficiency, including reducing our corporate staff by approximately 47% in the United States, India and Mexico.

This includes 332 corporate employees in the United States, of which 169 employees are dedicated to technology, risk, analytics, and data science.

Available Information

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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 1. Business