Oportun Financial (OPRT) 10-Q 9 Aug 22 2022 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2022	Aug. 03, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2022
Document Transition Report	false
Entity File Number	001-39050
Entity Registrant Name	OPORTUN FINANCIAL CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	45-3361983
Entity Address, Address Line One	2 Circle Star Way
Entity Address, City or Town	San Carlos,
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	650
Local Phone Number	810-8823
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	OPRT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,927,344
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Entity Central Index Key	0001538716
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Assets
Cash and cash equivalents	$ 66,712	$ 130,959
Restricted cash	67,144	62,001
Loans receivable at fair value	2,854,594	2,386,807
Interest and fees receivable, net	27,740	20,916
Capitalized software and other intangibles, net	136,902	131,181
Goodwill	104,162	104,014
Right of use assets - operating	33,538	38,403
Other assets	59,230	72,344
Total VIE assets	3,350,022	2,946,625
Liabilities
Secured financing	505,727	393,889
Asset-backed notes at fair value	1,935,842	1,651,706
Acquisition financing	113,951	114,092
Lease liabilities	42,362	47,699
Other liabilities	103,942	135,358
Total VIE liabilities	2,701,824	2,342,744
Stockholders' equity
Common stock, $0.0001 par value - 1,000,000,000 shares authorized at June 30, 2022 and December 31, 2021; 33,171,619 shares issued and 32,899,596 shares outstanding at June 30, 2022; 32,276,419 shares issued and 32,004,396 shares outstanding at December 31, 2021	7	6
Common stock, additional paid-in capital	534,148	526,338
Retained earnings	120,352	83,846
Treasury stock at cost, 272,023 shares at June 30, 2022 and December 31, 2021	(6,309)	(6,309)
Total stockholders’ equity	648,198	603,881
Total liabilities and stockholders' equity	$ 3,350,022	$ 2,946,625

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Stockholders' Equity, Number of Shares, Par Value and Other Disclosure [Abstract]
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, shares issued (in shares)	33,171,619	32,276,419
Common stock, shares outstanding (in shares)	32,899,596	32,004,396
Treasury stock, shares (in shares)	272,023	272,023

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue
Interest income	$ 207,655	$ 128,589	$ 399,892	$ 255,780
Non-interest income	18,147	9,665	40,630	17,787
Total revenue	225,802	138,254	440,522	273,567
Less:
Interest expense	17,104	12,163	30,781	25,667
Net decrease in fair value	(63,484)	(5,902)	(59,513)	(17,470)
Net revenue	145,214	120,189	350,228	230,430
Operating expenses:
Technology and facilities	52,788	33,124	101,977	66,048
Sales and marketing	32,368	23,748	66,909	47,641
Personnel	38,629	28,546	74,555	55,373
Outsourcing and professional fees	17,165	14,789	31,492	27,414
General, administrative and other	16,936	10,179	30,297	20,176
Total operating expenses	157,886	110,386	305,230	216,652
Income (loss) before taxes	(12,672)	9,803	44,998	13,778
Income tax expense (benefit)	(3,515)	2,553	8,492	3,509
Net income (loss)	(9,157)	7,250	36,506	10,269
Net income (loss) attributable to common stockholders	$ (9,157)	$ 7,250	$ 36,506	$ 10,269
Earnings (loss) per share:
Basic (in USD per share)	$ (0.28)	$ 0.26	$ 1.12	$ 0.37
Diluted (in USD per share)	$ (0.28)	$ 0.24	$ 1.10	$ 0.34
Weighted average common shares outstanding:
Basic (in shares)	32,831,499	28,004,699	32,525,768	27,888,029
Diluted (in shares)	32,831,499	30,050,847	33,241,681	29,836,089

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Retained Earnings	Treasury Stock, Common
Beginning balance (in shares) at Dec. 31, 2020		27,679,263
Beginning balance at Dec. 31, 2020	$ 466,628	$ 6	$ 436,499	$ 36,432	$ (6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		33,526
Issuance of common stock upon exercise of stock options	307		307
Stock-based compensation expense	5,088		5,088
Vesting of restricted stock units, net (in shares)		261,794
Vesting of restricted stock units, net of shares withheld	(2,794)		(2,794)
Net income (loss)	3,019			3,019
Ending balance (in shares) at Mar. 31, 2021		27,974,583
Ending balance at Mar. 31, 2021	472,248	$ 6	439,100	39,451	(6,309)
Beginning balance (in shares) at Dec. 31, 2020		27,679,263
Beginning balance at Dec. 31, 2020	466,628	$ 6	436,499	36,432	(6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	10,269
Ending balance (in shares) at Jun. 30, 2021		28,033,924
Ending balance at Jun. 30, 2021	484,581	$ 6	444,183	46,701	(6,309)
Beginning balance (in shares) at Mar. 31, 2021		27,974,583
Beginning balance at Mar. 31, 2021	472,248	$ 6	439,100	39,451	(6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		10,114
Issuance of common stock upon exercise of stock options	159		159
Stock-based compensation expense	5,366		5,366
Vesting of restricted stock units, net (in shares)		49,227
Vesting of restricted stock units, net of shares withheld	(442)		(442)
Net income (loss)	7,250			7,250
Ending balance (in shares) at Jun. 30, 2021		28,033,924
Ending balance at Jun. 30, 2021	484,581	$ 6	444,183	46,701	(6,309)
Beginning balance (in shares) at Dec. 31, 2021		32,004,396
Beginning balance at Dec. 31, 2021	603,881	$ 6	526,338	83,846	(6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		505,945
Issuance of common stock upon exercise of stock options	(4,748)	$ 1	(4,749)
Stock-based compensation expense	7,467		7,467
Vesting of restricted stock units, net (in shares)		296,552
Vesting of restricted stock units, net of shares withheld	(2,327)		(2,327)
Net income (loss)	45,663			45,663
Ending balance (in shares) at Mar. 31, 2022		32,806,893
Ending balance at Mar. 31, 2022	649,936	$ 7	526,729	129,509	(6,309)
Beginning balance (in shares) at Dec. 31, 2021		32,004,396
Beginning balance at Dec. 31, 2021	603,881	$ 6	526,338	83,846	(6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	36,506
Ending balance (in shares) at Jun. 30, 2022		32,899,596
Ending balance at Jun. 30, 2022	648,198	$ 7	534,148	120,352	(6,309)
Beginning balance (in shares) at Mar. 31, 2022		32,806,893
Beginning balance at Mar. 31, 2022	649,936	$ 7	526,729	129,509	(6,309)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock upon exercise of stock options (in shares)		32,345
Issuance of common stock upon exercise of stock options	78	$ 0	78
Repurchase of stock options (in shares)		(2,706)
Repurchase of stock options	(28)		(28)
Stock-based compensation expense	7,642		7,642
Vesting of restricted stock units, net (in shares)		63,064
Vesting of restricted stock units, net of shares withheld	(273)		(273)
Net income (loss)	(9,157)			(9,157)
Ending balance (in shares) at Jun. 30, 2022		32,899,596
Ending balance at Jun. 30, 2022	$ 648,198	$ 7	$ 534,148	$ 120,352	$ (6,309)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flow (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities
Net income	$ 36,506	$ 10,269
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	22,340	14,701
Fair value adjustment, net	59,513	17,470
Origination fees for loans receivable at fair value, net	(11,351)	(6,677)
Gain on loan sales	(5,714)	(9,755)
Stock-based compensation expense	13,702	10,454
Other, net	20,732	29,242
Originations of loans sold and held for sale	(48,972)	(75,023)
Proceeds from sale of loans	55,064	84,474
Changes in other assets and other liabilities	(50,178)	(21,317)
Net cash provided by operating activities	91,642	53,838
Cash flows from investing activities
Originations of loans	(1,560,495)	(595,849)
Proceeds from loan sales originated as held for investment	247,230	0
Repayments of loan principal	700,968	552,675
Capitalization of system development costs	(23,580)	(12,132)
Other, net	(2,147)	(1,845)
Net cash used in investing activities	(638,024)	(57,151)
Cash flows from financing activities
Borrowings under secured financing	1,331,000	150,000
Borrowings under asset-backed notes and acquisition financing	404,984	867,462
Repayments of secured financing	(1,220,000)	(396,994)
Repayments of asset-backed notes and acquisition financing	(21,093)	(425,005)
Payments of deferred financing costs	(314)	0
Net payments related to stock-based activities	(7,299)	(2,771)
Net cash provided by financing activities	487,278	192,692
Net increase (decrease) in cash and cash equivalents and restricted cash	(59,104)	189,379
Cash and cash equivalents and restricted cash, beginning of period	192,960	168,590
Cash and cash equivalents and restricted cash, end of period	133,856	357,969
Supplemental disclosure of cash flow information
Cash and cash equivalents	66,712	138,429
Restricted cash	67,144	219,540
Total cash and cash equivalents and restricted cash	133,856	357,969
Cash paid for income taxes, net of refunds	(3,377)	1,809
Cash paid for interest	27,032	25,588
Cash paid for amounts included in the measurement of operating lease liabilities	7,772	9,520
Supplemental disclosures of non-cash investing and financing activities
Right of use assets obtained in exchange for operating lease obligations	1,862	5,187
Non-cash investments in capitalized assets	$ 1,852	$ 806

Organization and Description of

Organization and Description of Business	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Organization and Description of Business	Organization and Description of Business Oportun is a financial technology company and digital banking platform driven by its mission to provide inclusive, affordable financial services that empower its members to build a better future. Oportun Financial Corporation (together with its subsidiaries, "Oportun" or the "Company") takes a holistic approach to serving its members and views as its purpose to responsibly meet their current capital needs, help grow its members' financial profiles, increase their financial awareness and put them on a path to a financially healthy life. With its acquisition of Hello Digit, Inc. ("Digit") on December 22, 2021, the Company can now offer access to a comprehensive suite of digital banking products, offered either directly or through partners, including lending, savings and investing powered by A.I. and tailored to each member's goals to make achieving financial health automated. The Company's credit products include personal loans, secured personal loans and credit cards. The Company's digital banking products include digital banking, automated savings, long-term investing and retirement savings. The Company is headquartered in San Carlos, California. The Company has been certified by the United States Department of the Treasury as a Community Development Financial Institution ("CDFI") since 2009. Segments Segments are defined as components of an enterprise for which discrete financial information is available and evaluated regularly by the chief operating decision maker ("CODM") in deciding how to allocate resources and in assessing performance. The Company’s Chief Executive Officer and the Company's Chief Financial Officer are collectively considered to be the CODM. The CODM reviews financial information presented on a consolidated basis for purposes of allocating resources and evaluating financial performance. The Company’s operations constitute a single reportable segment.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation ‑ The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period financial information has been reclassified to conform to current period presentation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 1, 2022. Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions. Accounting Policies - There have been no changes to the Company's significant accounting policies from those described in Part II, Item 8 - Financial Statements and Supplementary Data in the Annual Report, except for the new accounting pronouncements subsequently adopted as noted below. Recently Adopted Accounting Standards None.

Earnings (Loss) per Share

Earnings (Loss) per Share	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Earnings (Loss) per Share	Earnings (Loss) per Share Basic and diluted earnings (loss) per share are calculated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2022 2021 2022 2021 Net income (loss) $ (9,157) $ 7,250 $ 36,506 $ 10,269 Net income (loss) attributable to common stockholders $ (9,157) $ 7,250 $ 36,506 $ 10,269 Basic weighted-average common shares outstanding 32,831,499 28,004,699 32,525,768 27,888,029 Weighted average effect of dilutive securities: Stock options — 1,327,358 453,695 1,301,088 Restricted stock units — 718,790 262,218 646,972 Diluted weighted-average common shares outstanding 32,831,499 30,050,847 33,241,681 29,836,089 Earnings (loss) per share: Basic $ (0.28) $ 0.26 $ 1.12 $ 0.37 Diluted $ (0.28) $ 0.24 $ 1.10 $ 0.34 The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options 3,587,839 2,268,423 2,897,171 2,545,604 Restricted stock units 4,705,012 — 2,852,608 22,653 Total anti-dilutive common share equivalents 8,292,851 2,268,423 5,749,779 2,568,257

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Variable Interest Entities	Variable Interest Entities Variable interest entities ("VIEs") are legal entities that either have an insufficient amount of equity at risk for the entity to finance its activities without additional subordinated financial support or, as a group, the holders of equity investment at risk lack the ability to direct the entity's activities that most significantly impact economic performance through voting or similar rights, or do not have the obligation to absorb the expected losses or the right to receive expected residual returns of the entity. For all VIEs in which we are involved, we assess whether we are the primary beneficiary of the VIE on an ongoing basis. In circumstances where we have both the power to direct the activities that most significantly impact the VIEs performance and the obligation to absorb losses or the right to receive the benefits of the VIE that could be significant, we would conclude that we are the primary beneficiary of the VIE, and we consolidate the VIE. In situations where we are not deemed to be the primary beneficiary of the VIE, we do not consolidate the VIE and only recognize our interests in the VIE. Consolidated VIEs As part of the Company’s overall funding strategy, the Company transfers a pool of designated loans receivable to wholly owned special-purpose subsidiaries ("VIEs") to collateralize certain asset-backed financing transactions. For these VIEs where the Company has determined that it is the primary beneficiary because it has the power to direct the activities that most significantly impact the VIEs’ economic performance and the obligation to absorb the losses or the right to receive benefits from the VIEs that could potentially be significant to the VIEs the VIEs assets and related liabilities are consolidated with the results of the Company. Such power arises from the Company’s contractual right to service the loans receivable securing the VIEs’ asset-backed debt obligations. The Company has an obligation to absorb losses or the right to receive benefits that are potentially significant to the VIEs because it retains the residual interest of each asset-backed financing transaction in the form of an asset-backed certificate. Accordingly, the Company includes the VIEs’ assets, including the assets securing the financing transactions, and related liabilities in its condensed consolidated financial statements. Each consolidated VIE issues a series of asset-backed securities that are supported by the cash flows arising from the loans receivable securing such debt. Cash inflows arising from such loans receivable are distributed monthly to the transaction’s lenders and related service providers in accordance with the transaction’s contractual priority of payments. The creditors of the VIEs above have no recourse to the general credit of the Company as the primary beneficiary of the VIEs and the liabilities of the VIEs can only be settled by the respective VIE’s assets. The Company retains the most subordinated economic interest in each financing transaction through its ownership of the respective residual interest in each VIE. The Company has no obligation to repurchase loans receivable that initially satisfied the financing transaction’s eligibility criteria but subsequently became delinquent or a defaulted loans receivable. The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited): June 30, December 31, (in thousands) 2022 2021 Consolidated VIE assets Restricted cash $ 52,564 $ 41,803 Loans receivable at fair value 2,780,536 2,267,205 Interest and fee receivable 27,132 19,869 Total VIE assets 2,860,232 2,328,877 Consolidated VIE liabilities Secured financing (1) 509,000 398,000 Asset-backed notes at fair value 1,935,842 1,651,706 Acquisition financing (1) 115,814 116,000 Total VIE liabilities $ 2,560,656 $ 2,165,706 (1) Amounts exclude deferred financing costs. See Note 9, Borrowings for additional information.

Loans Held for Sale and Loans S

Loans Held for Sale and Loans Sold	6 Months Ended
	Jun. 30, 2022
Transfers and Servicing [Abstract]
Loans Held for Sale and Loans Sold	Loans Held for Sale and Loans Sold Structured Loan Sales - On March 31, 2022, the Company participated in a securitization whereby the Company and funds managed by Ellington Management Group both contributed collateral and were co-sponsors of the transaction, which totaled $400.0 million in issued asset-backed notes. As part of the securitization, the Company sold loans to OPTN Funding Grantor Trust 2022-1 ("Grantor Trust") through the issuance of amortizing asset-backed notes secured by a pool of its unsecured and secured personal installment loans. The Company also sold its share of the residual interest in the pool (collectively referred to as the "2022-1 transaction"). The Company's continued involvement in the unconsolidated VIEs is in the form of servicer of these loans. The Company does not have variable interest in the Grantor Trust or the issuer established for this transaction. The sold loans were accounted for under the fair value option and had an aggregate unpaid principal balance of approximately $227.6 million, a cumulative fair value mark of $15.9 million and unpaid interest of $1.5 million. The Company received $245.0 million of net proceeds and by selling both its notes and residual interest, the Company derecognized these loans from its Consolidated Balance Sheets. Other Loan Sales - In April 2022, the Company entered into an agreement with an institutional investor to sell a population of loans ("Q2 2022 Loan Sale"). The sold loans were accounted for under the fair value option and had an aggregate unpaid principal balance of approximately $14.7 million, a cumulative fair value mark of $(14.1) million and unpaid interest and fees of $1.6 million. The Company received $2.2 million of net proceeds. The Q2 2022 Loan Sale qualified for sale accounting treatment and the Company derecognized these loans from its Consolidated Balance Sheets. Whole Loan Sale Program ‑

Acquisition

Acquisition	6 Months Ended
	Jun. 30, 2022
Business Combination and Asset Acquisition [Abstract]
Acquisition	AcquisitionOn December 22, 2021, the Company completed its acquisition of Hello Digit, Inc. (or "Digit"). Digit is a digital banking platform that provides automated savings, banking and investing tools. Digit members can keep and integrate their existing bank accounts into the platform, or they can make Digit their primary banking relationship by opening new accounts via Digit’s bank partner. By acquiring Digit, Oportun further expanded its A.I. and digital banking capabilities, adding to its services to provide its members a holistic offering built to address their financial needs. The total consideration the Company provided for Digit, which consisted of cash and equity, was approximately $205.3 million.The Company recognized acquisition and integration related costs of approximately $6.9 million in the three months ended June 30, 2022 and $14.2 million in the six months ended June 30, 2022 which are included in the General, administrative and other expense in the Condensed Consolidated Statements of Operations (Unaudited).

Capitalized Software, Other Int

Capitalized Software, Other Intangibles, and Goodwill	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Capitalized Software, Other Intangibles, and Goodwill	Capitalized Software, Other Intangibles and Goodwill Capitalized software, net consists of the following: June 30, December 31, (in thousands) 2022 2021 Capitalized software, net: System development costs $ 109,802 $ 84,550 Acquired developed technology 48,500 48,500 Less: Accumulated amortization (61,073) (45,433) Total capitalized software, net $ 97,229 $ 87,617 Capitalized software, net Amortization of system development costs and acquired developed technology for three months ended June 30, 2022 and 2021 was $8.2 million and $3.9 million, respectively. System development costs capitalized in the three months ended June 30, 2022 and 2021 were $14.2 million and $6.6 million, respectively. Amortization of system development costs and acquired developed technology for six months ended June 30, 2022 and 2021 was $15.6 million and $7.4 million, respectively. System development costs capitalized in the six months ended June 30, 2022 and 2021 were $25.4 million and $12.4 million, respectively. Intangible Assets The gross carrying amount and accumulated amortization, in total and by major intangible asset class are as follows: June 30, December 31, (in thousands) 2022 2021 Intangible assets: Member relationships $ 34,500 $ 34,500 Trademarks 6,426 6,364 Other 3,000 3,000 Less: Accumulated amortization (4,253) (300) Total intangible assets, net $ 39,673 $ 43,564 Amortization of intangible assets for the three months ended June 30, 2022 was $2.0 million. There were no intangible assets subject to amortization for the three months ended June 30, 2021. Amortization of intangible assets for the six months ended June 30, 2022 was $4.0 million. There were no intangible assets subject to amortization for the six months ended June 30, 2021. Expected future amortization expense for intangible assets as of June 30, 2022 is as follows: (in thousands) Fiscal Years 2022 (remaining six months) $ (3,996) 2023 (7,949) 2024 (7,798) 2025 (4,929) 2026 (4,929) 2027 (4,929) Thereafter (4,780) Total $ (39,310) Goodwill The Company recorded goodwill of $104.0 million arising from the acquisition of Digit on December 22, 2021. During the three months ended June 30, 2022, the Company recorded no adjustments to goodwill. During the six months ended June 30, 2022, the Company recorded $0.1 million adjustments to goodwill. There was no impairment for the periods presented.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets Other assets consist of the following: June 30, December 31, (in thousands) 2022 2021 Fixed assets Total fixed assets $ 44,333 $ 44,100 Less: Accumulated depreciation (35,096) (34,185) Total fixed assets, net $ 9,237 $ 9,915 Other Assets Loans held for sale 114 491 Prepaid expenses 20,361 25,355 Deferred tax assets 3,998 3,923 Current tax assets 7,985 13,330 Other 17,535 19,330 Total other assets $ 59,230 $ 72,344 Fixed Assets Depreciation and amortization expense for the three months ended June 30, 2022 and 2021 was $1.3 million and $3.9 million, respectively, and for the six months ended June 30, 2022 and 2021 it was $2.6 million, and $7.3 million, respectively.

Borrowings

Borrowings	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Borrowings	BorrowingsBorrowings The following table presents information regarding the Company's Secured Financing facilities: June 30, 2022 December 31, 2021 Variable Interest Entity Facility Amount Maturity Date (1) Interest Rate Balance Balance (in thousands) Oportun CCW Trust (1) $ 150,000 December 1, 2023 Variable (1) $ 79,339 $ 40,108 Oportun PLW Trust 600,000 September 1, 2024 LIBOR (minimum of 0.00%) + 2.17% 426,388 353,781 Total secured financing $ 750,000 $ 505,727 $ 393,889 (1) The interest rate on the Secured Financing - CCW facility is LIBOR (minimum of 1.00%) plus 6.00% on the first $18.8 million of principal outstanding and LIBOR (minimum of 0.00%) plus 3.41% on the remaining outstanding principal balance. The following table presents information regarding asset-backed notes: June 30, 2022 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate (c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2022-A) $ 400,000 $ 410,211 $ 384,896 $ 422,897 5.36 % 2 years Oportun Issuance Trust (Series 2021-C) 500,000 512,762 456,610 520,998 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 464,656 521,243 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 352,259 391,176 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 277,421 299,301 3.46 % 3 years Total asset-backed notes recorded at fair value $ 2,054,412 $ 2,113,482 $ 1,935,842 $ 2,155,615 December 31, 2021 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate ( c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-C) $ 500,000 $ 512,762 $ 497,774 $ 525,436 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 498,487 521,174 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 374,363 391,325 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 281,082 299,310 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,654,412 $ 1,703,271 $ 1,651,706 $ 1,737,245 (a) Initial note amount issued includes notes retained by the Company as applicable. The current balances are measured at fair value for asset-backed notes recorded at fair value. (b) Includes the unpaid principal balance of loans receivable, cash, cash equivalents and restricted cash pledged by the Company. (c) Weighted average interest rate excludes notes retained by the Company. The following table presents information regarding the Company's Acquisition Financing: June 30, 2022 December 31, 2021 Variable Interest Entity Original Balance (1) Maturity Date Interest Rate (2) Balance Balance (in thousands) Oportun RF, LLC $ 116,000 October 1, 2024 SOFR (minimum of 0.00%) + 8.00% $ 113,951 $ 114,092 (1) The Acquisition Financing Facility was amended on May 24, 2022 and upsized for an additional $20.9 million. (2) The interest rate on the Acquisition Financing facility was LIBOR (minimum of 0.00%) plus 8.00% as of December 31, 2021. On May 24, 2022 the Company completed the issuance of $400.0 million of two-year asset-backed notes in a private asset-backed securitization secured by a pool of its unsecured and secured personal installment loans (the “2022-A Securitization”). The 2022-A Securitization included four classes of fixed rate notes: Class A, Class B, Class C and Class D notes. The Class A, Class B and Class C notes were priced with a weighted average yield of 5.68% per annum. The Class D notes were initially retained by an affiliate of the Company and subsequently sold to third parties on July 28, 2022. Also on May 24, 2022, pursuant to an amended indenture, Oportun RF, LLC, a wholly owned subsidiary of the Company issued an additional $20.9 million asset-backed floating rate variable funding note, and an asset-backed residual certificate, both of which were initially secured by Class D Notes and residual cash flows from the Company's 2022-A Securitization and guaranteed by Oportun, Inc. The amendment also replaced the Acquisition Financing interest rate based on LIBOR with an interest rate based on the secured overnight financing rate (“SOFR”). The notes bear interest at a rate of SOFR plus 8.00%. The amendment did not modify the maturity date of the Acquisition Financing facility, it is still scheduled to pay down based on an amortization schedule with a final payment in October 2024. On July 28, 2022, Oportun RF, LLC further amended the indenture to incorporate the transfer of certain residual certificates and notes from and to Oportun RF, LLC and increasing the size of the Acquisition Financing facility to $119.5 million. On July 22, 2022 the Company completed the issuance of $400.0 million of Series 2022-2 fixed rate asset-backed notes in a private asset-backed securitization transaction secured by a pool of unsecured and secured installment loans. The notes were priced with a weighted average yield of 8.00% per annum and weighted average interest rate of 7.77% per annum. As of June 30, 2022, and December 31, 2021, the Company was in compliance with all covenants and requirements of the Secured Financing and Acquisition Financing facilities and asset-backed notes.

Other Liabilities

Other Liabilities	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other liabilities consist of the following: June 30, December 31, (in thousands) 2022 2021 Accounts payable $ 5,690 $ 8,343 Accrued compensation 13,404 36,417 Accrued expenses 31,133 36,464 Accrued interest 6,187 3,276 Amount due to whole loan buyer 2,342 14,062 Deferred tax liabilities 34,731 28,424 Current tax liabilities and other 10,455 8,372 Total other liabilities $ 103,942 $ 135,358

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2022
Equity [Abstract]
Stockholders' Equity	Stockholders' Equity Preferred Stock - The Board has the authority, without further action by the Company's stockholders, to issue up to 100,000,000 shares of undesignated preferred stock with rights and preferences, including voting rights, designated from time to time by the Board. There were no shares of undesignated preferred stock issued or outstanding as of June 30, 2022 or December 31, 2021. Common Stock - As of June 30, 2022 and December 31, 2021, the Company was authorized to issue 1,000,000,000 shares of common stock with a par value of $0.0001 per share. As of June 30, 2022, 33,171,619 and 32,899,596 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock. As of December 31, 2021, 32,276,419 and 32,004,396 shares were issued and outstanding, respectively, and 272,023 shares were held in treasury stock.

Equity Compensation and Other B

Equity Compensation and Other Benefits	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Compensation and Other Benefits	Equity Compensation and Other BenefitsThe Company's stock-based plans are described and informational disclosures are provided in the Notes to the Consolidated Financial Statements included in the Annual Report. Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations (Unaudited), net of amounts capitalized to system development costs is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Technology and facilities $ 1,567 $ 764 $ 3,435 $ 1,488 Sales and marketing 38 37 69 69 Personnel 5,324 4,312 10,198 8,379 Total stock-based compensation (1) $ 6,929 $ 5,113 $ 13,702 $ 9,936 (1) Amounts shown are net of $0.7 million and $1.4 million of capitalized stock-based compensation for the three and six months ended June 30, 2022, respectively, and net of $0.3 million and $0.5 million of capitalized stock-based compensation for the three and six months ended June 30, 2021, respectively. As of June 30, 2022, and December 31, 2021, the Company’s total unrecognized compensation cost related to nonvested stock-based option awards granted to employees was $8.2 million and $6.9 million, respectively, which will be recognized over a weighted-average vesting period of approximately 2.8 years and 2.2 years, respectively. As of June 30, 2022 and December 31, 2021, the Company's total unrecognized compensation cost related to nonvested restricted stock unit awards granted to employees was $66.6 million and $54.1 million, respectively, which will be recognized over a weighted average vesting period of approximately 2.9 years and 2.6 years, respectively. Cash flows from the tax shortfalls or benefits for tax deductions resulting from the exercise of stock options in comparison to the compensation expense recorded for those options are required to be classified as cash from financing activities. The total income tax expense recognized in the income statement for stock-based compensation arrangements for the three and six months ended June 30, 2022 was $0.2 million and $0.9 million, respectively. The total income tax expense recognized in the income statement for stock-based compensation arrangements for the three and six months ended June 30, 2021 was insignificant.

Revenue

Revenue	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Interest Income - Total interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Interest income Interest on loans $ 201,904 $ 127,280 $ 389,291 $ 252,962 Fees on loans 5,751 1,309 10,601 2,818 Total interest income 207,655 128,589 399,892 255,780 Non-interest Income - Total non-interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Non-interest income Gain on loan sales $ (1) $ 5,321 $ 5,714 $ 9,755 Servicing fees 6,321 2,963 10,278 6,041 Other income 11,827 1,381 24,638 1,991 Total non-interest income $ 18,147 $ 9,665 $ 40,630 $ 17,787

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes For the three and six months ended June 30, 2022 and 2021, the Company calculates its year-to-date income tax expense (benefit) by applying the estimated annual effective tax rate to the year-to-date income from operations before income taxes and adjusts the income tax expense (benefit) for discrete tax items recorded in the period. During the three and six months ended June 30, 2022, the Company recorded income tax expense (benefit) of $(3.5) million and $8.5 million, respectively, related to continuing operations, representing an effective income tax rate of 27.7% and 18.9%, respectively. Income tax expense for the three and six months ended June 30, 2021 was $2.6 million and $3.5 million, respectively, representing an effective income tax rate of 26.0% and 25.5%, respectively. Our effective tax rates for the three and six months ended June 30, 2022 and 2021 differ from the statutory tax rates primarily due to the impacts of the research and development tax credit and a one-time exercise of stock-based awards.

Fair Value of Financial Instrum

Fair Value of Financial Instruments	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Financial Instruments	Fair Value of Financial Instruments Financial Instruments at Fair Value The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown: June 30, 2022 December 31, 2021 (in thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Assets Loans receivable $ 2,792,193 $ 2,854,594 $ 2,272,864 $ 2,386,807 Liabilities Asset-backed notes 2,043,158 1,935,842 1,654,412 1,651,706 The Company calculates the fair value of the asset-backed notes using independent pricing services and broker price indications, which are based on quoted prices for identical or similar notes, which are Level 2 input measures. The Company primarily uses a discounted cash flow model to estimate the fair value of Level 3 instruments based on the present value of estimated future cash flows. This model uses inputs that are inherently judgmental and reflect management’s best estimates of the assumptions a market participant would use to calculate fair value. The following tables present quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for Loans Receivable at Fair Value. June 30, 2022 December 31, 2021 Minimum Maximum Weighted Average (3) Minimum Maximum Weighted Average Remaining cumulative charge-offs (1) 6.26% 48.36% 11.25% 6.75% 51.86% 9.60% Remaining cumulative prepayments (1)(2) — 40.07% 31.93% — 44.25% 32.47% Principal payment rate (1)(2) —% —% 17.52% —% —% 18.07% Average life (years) 0.05 1.55 0.90 0.22 1.51 0.86 Discount rate 8.88 10.94 8.97% 6.90 8.35 6.94% (1) Figure disclosed as a percentage of outstanding principal balance. (2) Remaining cumulative prepayments are estimated to calculate fair value on the unsecured and secured loan receivables and principal payment rates are estimated on the credit card receivables. (3) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms). Fair value adjustments related to financial instruments where the fair value option has been elected are recorded through earnings for the six months ended June 30, 2022 and 2021. Certain unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input. The Company developed internal models to estimate the fair value of loans receivable held for investment. To generate future expected cash flows, the models combine receivable characteristics with assumptions about borrower behavior based on the Company’s historical loan performance. These cash flows are then discounted using a required rate of return that management estimates would be used by a market participant. The Company tested the fair value models by comparing modeled cash flows to historical loan performance to ensure that the models were complete, accurate and reasonable for the Company’s use. The Company also engaged a third party to create an independent fair value estimate for substantially all Loans Receivable at Fair Value, which provides a set of fair value marks using the Company’s historical loan performance data and whole loan sale prices to develop independent forecasts of borrower behavior. Their model generates expected cash flows which were then aggregated and compared to the Company’s actual cash flows within an acceptable range. The Company's internal valuation committee provides governance and oversight over the fair value pricing calculations and related financial statement disclosures. Additionally, this committee provides a challenge of the assumptions used and outputs of the model, including the appropriateness of such measures and periodically reviews the methodology and process to determine the fair value pricing. Any significant changes to the process must be approved by the committee. The table below presents a reconciliation of Loans Receivable at Fair Value on a recurring basis using significant unobservable inputs: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Balance – beginning of period $ 2,450,987 $ 1,670,251 $ 2,386,807 $ 1,696,526 Principal disbursements 940,116 379,463 1,719,835 688,472 Principal payments from customers (436,028) (308,371) (1,072,072) (624,258) Gross charge-offs (65,876) (32,238) (128,434) (73,197) Net increase (decrease) in fair value (34,605) 17,809 (51,542) 39,371 Balance – end of period $ 2,854,594 $ 1,726,914 $ 2,854,594 $ 1,726,914 As of June 30, 2022, the aggregate fair value of loans that are 90 days or more past due and in non-accrual status was $3.1 million, and the aggregate unpaid principal balance for loans that are 90 days or more past due was $25.3 million. As of December 31, 2021, the aggregate fair value of loans that are 90 days or more past due and in non-accrual status was $3.5 million, and the aggregate unpaid principal balance for loans that are 90 days or more past due was $20.7 million. Financial Instruments Disclosed But Not Carried at Fair Value The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy: June 30, 2022 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 66,712 $ 66,712 $ 66,712 $ — $ — Restricted cash 67,144 67,144 67,144 — — Liabilities Accounts payable 5,690 5,690 5,690 — — Secured financing (Note 9) 509,000 492,362 — 492,362 — Acquisition financing (Note 9) 115,814 115,814 — 115,814 — December 31, 2021 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 130,959 $ 130,959 $ 130,959 $ — $ — Restricted cash 62,001 62,001 62,001 — — Loans held for sale (Note 5) 491 547 — — 547 Liabilities Accounts payable 8,343 8,343 8,343 — — Secured financing (Note 9) 398,000 396,081 — 396,081 — Acquisition financing (Note 9) 116,000 116,000 — 116,000 — The Company uses the following methods and assumptions to estimate fair value: • Cash, cash equivalents, restricted cash and accounts payable ‑ The carrying values of certain of the Company’s financial instruments, including cash and cash equivalents, restricted cash and accounts payable, approximate Level 1 fair values of these financial instruments due to their short-term nature. • Loans held for sale ‑ The fair values of loans held for sale are based on a negotiated agreement with the purchaser. • Secured financing and acquisition financing ‑ The fair values of the secured financing and acquisition financing facilities have been calculated using discount rates equivalent to the weighted-average market yield of comparable debt securities, which is a Level 2 input measure. There were no transfers in or out of Level 3 assets and liabilities for the three and six months ended June 30, 2022 and 2021 and the year ended December 31, 2021.

Leases, Commitments and Conting

Leases, Commitments and Contingencies	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Leases, Commitments and Contingencies	Leases, Commitments and Contingencies Leases - The Company’s leases are primarily for real property consisting of retail locations and office space and have remaining lease terms of 10 years or less. During the first quarter of 2022, we made the decision to close an additional 27 retail locations in April 2022 and we have incurred $1.2 million and $1.4 million for the three and six months ended June 30, 2022 in expenses related to the accelerated amortization of right of use assets. The Company has elected the practical expedient to keep leases with terms of 12 months or less off the balance sheet as no recognition of a lease liability and a right-of-use asset is required. Operating lease expense is recognized on a straight-line basis over the lease term in "Technology and facilities" in the Condensed Consolidated Statements of Operations (Unaudited). All of the Company’s existing lease arrangements are classified as operating leases. At the inception of a contract, the Company determines if the contract is or contains a lease. At the commencement date of a lease, the Company recognizes a lease liability equal to the present value of the lease payments and a right-of-use asset representing the Company's right to use the underlying asset for the duration of the lease term. The Company’s leases include options to extend or terminate the arrangement at the end of the original lease term. The Company generally does not include renewal or termination options in its assessment of the leases unless extension or termination for certain assets is deemed to be reasonably certain. Variable lease payments and short-term lease costs were deemed immaterial. The Company’s leases do not provide an explicit rate. The Company uses its contractual borrowing rate to determine lease discount rates. As of June 30, 2022, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 (remaining six months) $ 7,375 2023 13,362 2024 11,331 2025 9,386 2026 3,463 2027 640 Thereafter 7 Total lease payments 45,564 Imputed interest (3,202) Total leases $ 42,362 Sublease income 2022 (remaining six months) $ — 2023 and thereafter — Total lease payments — Imputed interest — Total sublease income $ — Net lease liabilities $ 42,362 Weighted average remaining lease term 3.5 years Weighted average discount rate 3.97 % As of December 31, 2021, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 14,927 2023 13,214 2024 11,142 2025 9,238 2026 3,387 Thereafter 706 Total lease payments 52,614 Imputed interest (4,030) Total leases 48,584 Sublease income 2022 (896) 2023 and thereafter — Total lease payments (896) Imputed interest 11 Total sublease income (885) Net lease liabilities 47,699 Weighted average remaining lease term 3.9 years Weighted average discount rate 4.01 % Purchase Commitments ‑ The Company has commitments to purchase information technology and communication services in the ordinary course of business, with various terms through 2026. These amounts are not reflective of the Company’s entire anticipated purchases under the related agreements; rather, they are determined based on the non-cancelable amounts to which the Company is contractually obligated. The Company’s purchase obligations are $12.8 million for the remainder of 2022, $11.3 million in 2023, $4.7 million in 2024, $1.8 million in 2025 and $0.0 million in 2026 and thereafter. Bank Partnership Program and Servicing Agreement - The Company entered into a bank partnership program with Pathward, N.A. (formerly known as MetaBank, N.A.) on August 11, 2020. In accordance with the agreements underlying the bank partnership program, Oportun has a commitment to purchase an increasing percentage of program loans originated by Pathward based on thresholds specified in the agreements. Lending under the partnership was launched in August of 2021 and as of June 30, 2022, the Company has a commitment to purchase an additional $1.2 million of program loans based on originations through June 30, 2022. Whole Loan Sale Program ‑ Through March 4, 2022, the Company had a commitment to sell to a third-party institutional investor 10% of its unsecured loan originations that satisfy certain eligibility criteria, and an additional 5% at the Company’s sole option. The Company chose not to renew the arrangement and allowed the agreement to expire on its terms on March 4, 2022. For details regarding the whole loan sale program, refer to Note 5, Loans Held for Sale and Loans Sold . Unfunded Loan and Credit Card Commitments - Unfunded loan and credit card commitments at June 30, 2022 and December 31, 2021 were $58.5 million and $39.8 million, respectively. WebBank has a direct obligation to borrowers to fund such credit card commitments subject to the respective account agreements with such borrowers; however, pursuant to the Receivables Purchase Agreement between WebBank and Oportun, Inc., the Company has the obligation to purchase receivables from WebBank representing these unfunded amounts. Litigation Legal Proceedings Resolved in 2021 For legal proceedings resolved in 2021, please refer to Note 16 of the Notes to the Consolidated Financial Statements in the Company's Form 10-K filed on March 1, 2022. Regulatory Proceedings On March 3, 2021, the Company received a Civil Investigative Demand (CID) from the CFPB. The stated purpose of the CID is to determine whether small-dollar lenders or associated persons, in connection with lending and debt-collection practices, have failed to comply with certain federal consumer protection laws over which the CFPB has jurisdiction. The Company received additional information requests related to the CID. The information requests are focused on the Company's legal collection practices from 2019 to 2021 and hardship treatments offered to members during the COVID-19 pandemic. The Company is cooperating fully with the CFPB with respect to this matter and the Company believes that its business practices have been in full compliance with applicable laws. Because the CFPB has broad authority to determine what it views as potentially unfair, deceptive or abusive acts or practices, at this time, the Company is unable to predict the outcome of the Oportun investigation. Digit received a CID from the CFPB in June 2020. The CID was disclosed and discussed during the acquisition process. The stated purpose of the CID is to determine whether Digit, in connection with offering its products or services, misrepresented the terms, conditions, or costs of the products or services in a manner that is unfair, deceptive, or abusive. The Company, including Digit, have cooperated fully with the CFPB with respect to this matter and, while the Company believes that the business practices of the Company, including Digit, have been in full compliance with applicable laws, the Company and the CFPB have reached an agreement in principle with respect to resolution of the Digit matter. The settlement will include a civil monetary penalty and the Company has established a reserve of approximately $2.8 million that was recorded in the Condensed Consolidated Statements of Operations (Unaudited) for the six months ended June 30, 2022. From time to time, the Company may bring or be subject to other legal proceedings and claims in the ordinary course of business, including legal proceedings with third parties asserting infringement of their intellectual property rights, consumer litigation, and regulatory proceedings. The Company is not presently a party to any other legal proceedings that, if determined adversely to the Company, would individually or taken together have a material adverse effect on its business, financial condition, cash flows or results of operations. See Part II. Item 1. Legal Proceedings for additional information regarding legal proceedings in which the Company is involved.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation ‑ The accompanying condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP"). These statements are unaudited and reflect all normal, recurring adjustments that are, in management's opinion, necessary for the fair presentation of results. The condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Certain prior-period financial information has been reclassified to conform to current period presentation. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and the related notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2021 (the "Annual Report"), filed with the Securities and Exchange Commission ("SEC") on March 1, 2022.
Use of Estimates	Use of Estimates ‑ The preparation of the condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of income and expenses during the reporting period. These estimates are based on information available as of the date of the condensed consolidated financial statements; therefore, actual results could differ from those estimates and assumptions.
Recently Adopted Accounting Standards	Recently Adopted Accounting Standards None.
Fair Value of Financial Instruments	Fair value adjustments related to financial instruments where the fair value option has been elected are recorded through earnings for the six months ended June 30, 2022 and 2021. Certain unobservable inputs may (in isolation) have either a directionally consistent or opposite impact on the fair value of the financial instrument for a given change in that input. When multiple inputs are used within the valuation techniques for loans, a change in one input in a certain direction may be offset by an opposite change from another input. The Company developed internal models to estimate the fair value of loans receivable held for investment. To generate future expected cash flows, the models combine receivable characteristics with assumptions about borrower behavior based on the Company’s historical loan performance. These cash flows are then discounted using a required rate of return that management estimates would be used by a market participant. The Company tested the fair value models by comparing modeled cash flows to historical loan performance to ensure that the models were complete, accurate and reasonable for the Company’s use. The Company also engaged a third party to create an independent fair value estimate for substantially all Loans Receivable at Fair Value, which provides a set of fair value marks using the Company’s historical loan performance data and whole loan sale prices to develop independent forecasts of borrower behavior. Their model generates expected cash flows which were then aggregated and compared to the Company’s actual cash flows within an acceptable range. The Company's internal valuation committee provides governance and oversight over the fair value pricing calculations and related financial statement disclosures. Additionally, this committee provides a challenge of the assumptions used and outputs of the model, including the appropriateness of such measures and periodically reviews the methodology and process to determine the fair value pricing. Any significant changes to the process must be approved by the committee.
Short-term Leases	The Company has elected the practical expedient to keep leases with terms of 12 months or less off the balance sheet as no recognition of a lease liability and a right-of-use asset is required. Operating lease expense is recognized on a straight-line basis over the lease term in "Technology and facilities" in the Condensed Consolidated Statements of Operations (Unaudited).

Earnings (Loss) per Share (Tabl

Earnings (Loss) per Share (Tables)	6 Months Ended
	Jun. 30, 2022
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Earnings (Loss) Per Share	Basic and diluted earnings (loss) per share are calculated as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands, except share and per share data) 2022 2021 2022 2021 Net income (loss) $ (9,157) $ 7,250 $ 36,506 $ 10,269 Net income (loss) attributable to common stockholders $ (9,157) $ 7,250 $ 36,506 $ 10,269 Basic weighted-average common shares outstanding 32,831,499 28,004,699 32,525,768 27,888,029 Weighted average effect of dilutive securities: Stock options — 1,327,358 453,695 1,301,088 Restricted stock units — 718,790 262,218 646,972 Diluted weighted-average common shares outstanding 32,831,499 30,050,847 33,241,681 29,836,089 Earnings (loss) per share: Basic $ (0.28) $ 0.26 $ 1.12 $ 0.37 Diluted $ (0.28) $ 0.24 $ 1.10 $ 0.34
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	The following common share equivalent securities have been excluded from the calculation of diluted weighted-average common shares outstanding because the effect is anti-dilutive for the periods presented: Three Months Ended June 30, Six Months Ended June 30, 2022 2021 2022 2021 Stock options 3,587,839 2,268,423 2,897,171 2,545,604 Restricted stock units 4,705,012 — 2,852,608 22,653 Total anti-dilutive common share equivalents 8,292,851 2,268,423 5,749,779 2,568,257

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Variable Interest Entities	The following table represents the assets and liabilities of consolidated VIEs recorded on the Company’s Condensed Consolidated Balance Sheets (Unaudited): June 30, December 31, (in thousands) 2022 2021 Consolidated VIE assets Restricted cash $ 52,564 $ 41,803 Loans receivable at fair value 2,780,536 2,267,205 Interest and fee receivable 27,132 19,869 Total VIE assets 2,860,232 2,328,877 Consolidated VIE liabilities Secured financing (1) 509,000 398,000 Asset-backed notes at fair value 1,935,842 1,651,706 Acquisition financing (1) 115,814 116,000 Total VIE liabilities $ 2,560,656 $ 2,165,706 (1) Amounts exclude deferred financing costs. See Note 9, Borrowings for additional information.

Capitalized Software, Other I_2

Capitalized Software, Other Intangibles, and Goodwill (Tables)	6 Months Ended
	Jun. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Capitalization	Capitalized software, net consists of the following: June 30, December 31, (in thousands) 2022 2021 Capitalized software, net: System development costs $ 109,802 $ 84,550 Acquired developed technology 48,500 48,500 Less: Accumulated amortization (61,073) (45,433) Total capitalized software, net $ 97,229 $ 87,617
Schedule of Acquired Intangible Assets	The gross carrying amount and accumulated amortization, in total and by major intangible asset class are as follows: June 30, December 31, (in thousands) 2022 2021 Intangible assets: Member relationships $ 34,500 $ 34,500 Trademarks 6,426 6,364 Other 3,000 3,000 Less: Accumulated amortization (4,253) (300) Total intangible assets, net $ 39,673 $ 43,564
Schedule of Future Amortization Expense	Expected future amortization expense for intangible assets as of June 30, 2022 is as follows: (in thousands) Fiscal Years 2022 (remaining six months) $ (3,996) 2023 (7,949) 2024 (7,798) 2025 (4,929) 2026 (4,929) 2027 (4,929) Thereafter (4,780) Total $ (39,310)

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of Other Assets	Other assets consist of the following: June 30, December 31, (in thousands) 2022 2021 Fixed assets Total fixed assets $ 44,333 $ 44,100 Less: Accumulated depreciation (35,096) (34,185) Total fixed assets, net $ 9,237 $ 9,915 Other Assets Loans held for sale 114 491 Prepaid expenses 20,361 25,355 Deferred tax assets 3,998 3,923 Current tax assets 7,985 13,330 Other 17,535 19,330 Total other assets $ 59,230 $ 72,344

Borrowings (Tables)

Borrowings (Tables)	6 Months Ended
	Jun. 30, 2022
Debt Disclosure [Abstract]
Schedule of Borrowings	The following table presents information regarding the Company's Secured Financing facilities: June 30, 2022 December 31, 2021 Variable Interest Entity Facility Amount Maturity Date (1) Interest Rate Balance Balance (in thousands) Oportun CCW Trust (1) $ 150,000 December 1, 2023 Variable (1) $ 79,339 $ 40,108 Oportun PLW Trust 600,000 September 1, 2024 LIBOR (minimum of 0.00%) + 2.17% 426,388 353,781 Total secured financing $ 750,000 $ 505,727 $ 393,889 (1) The interest rate on the Secured Financing - CCW facility is LIBOR (minimum of 1.00%) plus 6.00% on the first $18.8 million of principal outstanding and LIBOR (minimum of 0.00%) plus 3.41% on the remaining outstanding principal balance. The following table presents information regarding asset-backed notes: June 30, 2022 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate (c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2022-A) $ 400,000 $ 410,211 $ 384,896 $ 422,897 5.36 % 2 years Oportun Issuance Trust (Series 2021-C) 500,000 512,762 456,610 520,998 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 464,656 521,243 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 352,259 391,176 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 277,421 299,301 3.46 % 3 years Total asset-backed notes recorded at fair value $ 2,054,412 $ 2,113,482 $ 1,935,842 $ 2,155,615 December 31, 2021 Variable Interest Entity Initial note amount issued (a) Initial collateral balance (b) Current balance (a) Current collateral balance (b) Weighted average interest rate ( c) Original revolving period (in thousands) Asset-backed notes recorded at fair value: Oportun Issuance Trust (Series 2021-C) $ 500,000 $ 512,762 $ 497,774 $ 525,436 2.48 % 3 years Oportun Issuance Trust (Series 2021-B) 500,000 512,759 498,487 521,174 2.05 % 3 years Oportun Funding XIV, LLC (Series 2021-A) 375,000 383,632 374,363 391,325 1.79 % 2 years Oportun Funding XIII, LLC (Series 2019-A) 279,412 294,118 281,082 299,310 3.46 % 3 years Total asset-backed notes recorded at fair value $ 1,654,412 $ 1,703,271 $ 1,651,706 $ 1,737,245 (a) Initial note amount issued includes notes retained by the Company as applicable. The current balances are measured at fair value for asset-backed notes recorded at fair value. (b) Includes the unpaid principal balance of loans receivable, cash, cash equivalents and restricted cash pledged by the Company. (c) Weighted average interest rate excludes notes retained by the Company. The following table presents information regarding the Company's Acquisition Financing: June 30, 2022 December 31, 2021 Variable Interest Entity Original Balance (1) Maturity Date Interest Rate (2) Balance Balance (in thousands) Oportun RF, LLC $ 116,000 October 1, 2024 SOFR (minimum of 0.00%) + 8.00% $ 113,951 $ 114,092 (1) The Acquisition Financing Facility was amended on May 24, 2022 and upsized for an additional $20.9 million. (2) The interest rate on the Acquisition Financing facility was LIBOR (minimum of 0.00%) plus 8.00% as of December 31, 2021.

Other Liabilities (Tables)

Other Liabilities (Tables)	6 Months Ended
	Jun. 30, 2022
Other Liabilities Disclosure [Abstract]
Other Liabilities	Other Liabilities Other liabilities consist of the following: June 30, December 31, (in thousands) 2022 2021 Accounts payable $ 5,690 $ 8,343 Accrued compensation 13,404 36,417 Accrued expenses 31,133 36,464 Accrued interest 6,187 3,276 Amount due to whole loan buyer 2,342 14,062 Deferred tax liabilities 34,731 28,424 Current tax liabilities and other 10,455 8,372 Total other liabilities $ 103,942 $ 135,358

Equity Compensation and Other_2

Equity Compensation and Other Benefits (Tables)	6 Months Ended
	Jun. 30, 2022
Share-Based Payment Arrangement [Abstract]
Equity Compensation and Other Benefits	Stock-based Compensation - Total stock-based compensation expense included in the Condensed Consolidated Statements of Operations (Unaudited), net of amounts capitalized to system development costs is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Technology and facilities $ 1,567 $ 764 $ 3,435 $ 1,488 Sales and marketing 38 37 69 69 Personnel 5,324 4,312 10,198 8,379 Total stock-based compensation (1) $ 6,929 $ 5,113 $ 13,702 $ 9,936 (1) Amounts shown are net of $0.7 million and $1.4 million of capitalized stock-based compensation for the three and six months ended June 30, 2022, respectively, and net of $0.3 million and $0.5 million of capitalized stock-based compensation for the three and six months ended June 30, 2021, respectively.

Revenue (Tables)

Revenue (Tables)	6 Months Ended
	Jun. 30, 2022
Revenue from Contract with Customer [Abstract]
Interest Income	Interest Income - Total interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Interest income Interest on loans $ 201,904 $ 127,280 $ 389,291 $ 252,962 Fees on loans 5,751 1,309 10,601 2,818 Total interest income 207,655 128,589 399,892 255,780
Non-Interest Income	Non-interest Income - Total non-interest income included in the Condensed Consolidated Statements of Operations (Unaudited) is as follows: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Non-interest income Gain on loan sales $ (1) $ 5,321 $ 5,714 $ 9,755 Servicing fees 6,321 2,963 10,278 6,041 Other income 11,827 1,381 24,638 1,991 Total non-interest income $ 18,147 $ 9,665 $ 40,630 $ 17,787

Fair Value of Financial Instr_2

Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2022
Fair Value Disclosures [Abstract]
Fair Value of Loans Receivable and Asset-Backed Notes	The table below compares the fair value of loans receivable and asset-backed notes to their contractual balances for the periods shown: June 30, 2022 December 31, 2021 (in thousands) Unpaid Principal Balance Fair Value Unpaid Principal Balance Fair Value Assets Loans receivable $ 2,792,193 $ 2,854,594 $ 2,272,864 $ 2,386,807 Liabilities Asset-backed notes 2,043,158 1,935,842 1,654,412 1,651,706
Quantitative Information About Significant Unobservable Inputs	The following tables present quantitative information about the significant unobservable inputs used for the Company’s Level 3 fair value measurements for Loans Receivable at Fair Value. June 30, 2022 December 31, 2021 Minimum Maximum Weighted Average (3) Minimum Maximum Weighted Average Remaining cumulative charge-offs (1) 6.26% 48.36% 11.25% 6.75% 51.86% 9.60% Remaining cumulative prepayments (1)(2) — 40.07% 31.93% — 44.25% 32.47% Principal payment rate (1)(2) —% —% 17.52% —% —% 18.07% Average life (years) 0.05 1.55 0.90 0.22 1.51 0.86 Discount rate 8.88 10.94 8.97% 6.90 8.35 6.94% (1) Figure disclosed as a percentage of outstanding principal balance. (2) Remaining cumulative prepayments are estimated to calculate fair value on the unsecured and secured loan receivables and principal payment rates are estimated on the credit card receivables. (3) Unobservable inputs were weighted by outstanding principal balance, which are grouped by risk (type of customer, original loan maturity terms).
Reconciliation of Loans Receivable at Fair Value Using Significant Unobservable Inputs	The table below presents a reconciliation of Loans Receivable at Fair Value on a recurring basis using significant unobservable inputs: Three Months Ended June 30, Six Months Ended June 30, (in thousands) 2022 2021 2022 2021 Balance – beginning of period $ 2,450,987 $ 1,670,251 $ 2,386,807 $ 1,696,526 Principal disbursements 940,116 379,463 1,719,835 688,472 Principal payments from customers (436,028) (308,371) (1,072,072) (624,258) Gross charge-offs (65,876) (32,238) (128,434) (73,197) Net increase (decrease) in fair value (34,605) 17,809 (51,542) 39,371 Balance – end of period $ 2,854,594 $ 1,726,914 $ 2,854,594 $ 1,726,914
Carry Value and Estimated Fair Values of Financial Assets and Liabilities	The following table presents the carrying value and estimated fair values of financial assets and liabilities disclosed but not carried at fair value and the level within the fair value hierarchy: June 30, 2022 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 66,712 $ 66,712 $ 66,712 $ — $ — Restricted cash 67,144 67,144 67,144 — — Liabilities Accounts payable 5,690 5,690 5,690 — — Secured financing (Note 9) 509,000 492,362 — 492,362 — Acquisition financing (Note 9) 115,814 115,814 — 115,814 — December 31, 2021 Carrying value Estimated fair value Estimated fair value (in thousands) Level 1 Level 2 Level 3 Assets Cash and cash equivalents $ 130,959 $ 130,959 $ 130,959 $ — $ — Restricted cash 62,001 62,001 62,001 — — Loans held for sale (Note 5) 491 547 — — 547 Liabilities Accounts payable 8,343 8,343 8,343 — — Secured financing (Note 9) 398,000 396,081 — 396,081 — Acquisition financing (Note 9) 116,000 116,000 — 116,000 —

Leases, Commitments and Conti_2

Leases, Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Maturities of Lease Liabilities	As of June 30, 2022, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 (remaining six months) $ 7,375 2023 13,362 2024 11,331 2025 9,386 2026 3,463 2027 640 Thereafter 7 Total lease payments 45,564 Imputed interest (3,202) Total leases $ 42,362 Sublease income 2022 (remaining six months) $ — 2023 and thereafter — Total lease payments — Imputed interest — Total sublease income $ — Net lease liabilities $ 42,362 Weighted average remaining lease term 3.5 years Weighted average discount rate 3.97 % As of December 31, 2021, maturities of lease liabilities, excluding short-term leases and leases on a month-to-month basis, were as follows: (in thousands) Operating Leases Lease expense 2022 14,927 2023 13,214 2024 11,142 2025 9,238 2026 3,387 Thereafter 706 Total lease payments 52,614 Imputed interest (4,030) Total leases 48,584 Sublease income 2022 (896) 2023 and thereafter — Total lease payments (896) Imputed interest 11 Total sublease income (885) Net lease liabilities 47,699 Weighted average remaining lease term 3.9 years Weighted average discount rate 4.01 %

Earnings (Loss) per Share - Ear

Earnings (Loss) per Share - Earnings Per Share Calculation (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income	$ (9,157)	$ 45,663	$ 7,250	$ 3,019	$ 36,506	$ 10,269
Net income (loss) attributable to common stockholders	$ (9,157)		$ 7,250		$ 36,506	$ 10,269
Basic weighted-average common shares outstanding (in shares)	32,831,499		28,004,699		32,525,768	27,888,029
Weighted average effect of dilutive securities:
Diluted weighted-average common shares outstanding (in shares)	32,831,499		30,050,847		33,241,681	29,836,089
Earnings (loss) per share:
Basic (in USD per share)	$ (0.28)		$ 0.26		$ 1.12	$ 0.37
Diluted (in USD per share)	$ (0.28)		$ 0.24		$ 1.10	$ 0.34
Stock options
Weighted average effect of dilutive securities:
Equity compensation (in shares)	0		1,327,358		453,695	1,301,088
Restricted stock units
Weighted average effect of dilutive securities:
Equity compensation (in shares)	0		718,790		262,218	646,972

Earnings (Loss) per Share - Ant

Earnings (Loss) per Share - Anti-dilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	8,292,851	2,268,423	5,749,779	2,568,257
Stock options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	3,587,839	2,268,423	2,897,171	2,545,604
Restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive common share equivalents (in shares)	4,705,012	0	2,852,608	22,653

Variable Interest Entities (Det

Variable Interest Entities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021	Jun. 30, 2021
Variable Interest Entity [Line Items]
Restricted cash	$ 67,144	$ 62,001	$ 219,540
Loans receivable at fair value	2,854,594	2,386,807
Interest and fees receivable, net	27,740	20,916
Total VIE assets	3,350,022	2,946,625
Secured financing	505,727	393,889
Asset-backed notes at fair value	1,935,842	1,651,706
Acquisition financing	113,951	114,092
Total VIE liabilities	2,701,824	2,342,744
Variable Interest Entity, Primary Beneficiary
Variable Interest Entity [Line Items]
Restricted cash	52,564	41,803
Loans receivable at fair value	2,780,536	2,267,205
Interest and fees receivable, net	27,132	19,869
Total VIE assets	2,860,232	2,328,877
Secured financing	509,000	398,000
Asset-backed notes at fair value	1,935,842	1,651,706
Acquisition financing	115,814	116,000
Total VIE liabilities	$ 2,560,656	$ 2,165,706

Loans Held for Sale and Loans_2

Loans Held for Sale and Loans Sold (Details) - USD ($) $ in Thousands		1 Months Ended	3 Months Ended		6 Months Ended
	Mar. 31, 2022	Apr. 30, 2022	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Marketable Securities [Line Items]
Minimum loans to be sold under Whole Loan Sale Agreement			10%		10%
Additional loans to be sold under Whole Loan Sale Agreement			5%		5%
Servicing fees			$ 6,321	$ 2,963	$ 10,278	$ 6,041
Originations of loans sold and held for sale					48,972	75,023
Gain (loss) on loan sales					5,714	9,755
Asset-backed Securities, Securitized Loans and Receivables
Marketable Securities [Line Items]
Amount issued	$ 400,000
Aggregate unpaid principal balance	227,600
Cumulative fair value mark increase (decrease)	15,900
Unpaid interest and fees, net	1,500
Proceeds from securitizations of loans held-for-investment	$ 245,000
Q2 2022 Loan Sale
Marketable Securities [Line Items]
Aggregate unpaid principal balance		$ 14,700
Cumulative fair value mark increase (decrease)		14,100
Unpaid interest and fees, net		1,600
Proceeds from securitizations of loans held-for-investment		$ 2,200
Whole Loan Sale Program
Marketable Securities [Line Items]
Servicing fees			$ 6,300	3,000	10,300	6,000
Originations of loans sold and held for sale				41,600	49,000	75,000
Gain (loss) on loan sales				$ 5,300	$ 5,700	$ 9,800

Acquisition (Details)

Acquisition (Details) - Hello Digit, Inc. - USD ($) $ in Millions		3 Months Ended	6 Months Ended
	Dec. 22, 2021	Jun. 30, 2022	Jun. 30, 2022
Business Acquisition [Line Items]
Total consideration	$ 205.3
Acquisition related costs		$ 6.9	$ 14.2

Capitalized Software, Other I_3

Capitalized Software, Other Intangibles, and Goodwill - Schedule of Capitalization (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (61,073)	$ (45,433)
Total capitalized software, net	97,229	87,617
Software and Software Development Costs
Acquired Finite-Lived Intangible Assets [Line Items]
Capitalized software, net:	109,802	84,550
Acquired Software
Acquired Finite-Lived Intangible Assets [Line Items]
Capitalized software, net:	$ 48,500	$ 48,500

Capitalized Software, Other I_4

Capitalized Software, Other Intangibles, and Goodwill - Narrative (Details) - USD ($)		3 Months Ended		6 Months Ended
	Dec. 22, 2021	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
System development costs		$ 14,200,000	$ 6,600,000	$ 25,400,000	$ 12,400,000
Amortization of intangible assets		2,000,000	0	4,000,000	0
Goodwill from acquisition	$ 104,000,000
Adjustments to goodwill		0		100,000
Impairment		0		0
Software Development
Acquired Finite-Lived Intangible Assets [Line Items]
Amortization of system development costs		8,200,000	$ 3,900,000	15,600,000	$ 7,400,000
Acquired Software
Acquired Finite-Lived Intangible Assets [Line Items]
Capitalized computer software, gross		$ 48,500,000		$ 48,500,000		$ 48,500,000
Acquired Software | Hello Digit, Inc.
Acquired Finite-Lived Intangible Assets [Line Items]
Capitalized computer software, gross	$ 48,500,000

Capitalized Software, Other I_5

Capitalized Software, Other Intangibles, and Goodwill - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Acquired Finite-Lived Intangible Assets [Line Items]
Less: Accumulated amortization	$ (4,253)	$ (300)
Total intangible assets, net	39,673	43,564
Member relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	34,500	34,500
Trademarks
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	6,426	6,364
Other
Acquired Finite-Lived Intangible Assets [Line Items]
Intangible assets, gross	$ 3,000	$ 3,000

Capitalized Software, Other I_6

Capitalized Software, Other Intangibles, and Goodwill - Schedule of Amortization Expense (Details) $ in Thousands	Jun. 30, 2022 USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year	$ (3,996)
2023	(7,949)
2024	(7,798)
2025	(4,929)
2026	(4,929)
2027	(4,929)
Thereafter	(4,780)
Total	$ (39,310)

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Fixed assets
Total fixed assets	$ 44,333	$ 44,100
Less: Accumulated depreciation	(35,096)	(34,185)
Total fixed assets, net	9,237	9,915
Other Assets
Loans held for sale	114	491
Prepaid expenses	20,361	25,355
Deferred tax assets	3,998	3,923
Current tax assets	7,985	13,330
Other	17,535	19,330
Total other assets	$ 59,230	$ 72,344

Other Assets - Narrative (Detai

Other Assets - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Depreciation	$ 1.3	$ 3.9	$ 2.6	$ 7.3

Borrowings (Details)

Borrowings (Details) - USD ($)		6 Months Ended	12 Months Ended
	May 24, 2022	Jun. 30, 2022	Dec. 31, 2021	Jul. 22, 2022
Debt Instrument [Line Items]
Facility amount	$ 20,900,000	$ 750,000,000
Current balance		505,727,000	$ 393,889,000
Current balance		1,935,842,000	1,651,706,000
Variable Interest Entity, Primary Beneficiary
Debt Instrument [Line Items]
Current balance		509,000,000	398,000,000
Current balance		1,935,842,000	1,651,706,000
Variable Interest Entity, Primary Beneficiary | Oportun RF, LLC
Debt Instrument [Line Items]
Initial note amount issued		116,000,000
Variable interest entity, balance		$ 113,951,000	114,092,000
Variable Interest Entity, Primary Beneficiary | Oportun RF, LLC | Minimum
Debt Instrument [Line Items]
Interest Rate, basis spread		0%
Variable Interest Entity, Primary Beneficiary | Oportun RF, LLC | Maximum
Debt Instrument [Line Items]
Interest Rate, basis spread		8%
Oportun Issuance Trust (Series 2022-A)
Debt Instrument [Line Items]
Original revolving period	2 years
Asset-Backed Notes 2022-2 Securitization | Subsequent Event
Debt Instrument [Line Items]
Initial note amount issued				$ 400,000,000
Weighted average interest rate				7.77%
Weighted average yield, percent				8%
Credit Facility | Warehouse Facility
Debt Instrument [Line Items]
Facility amount		$ 600,000,000
Current balance		$ 426,388,000	353,781,000
Credit Facility | Warehouse Facility | LIBOR
Debt Instrument [Line Items]
Interest Rate, basis spread		2.17%
Interest Rate, basis spread minimum		0%
Credit Facility | Secured Warehouse Facility CCW
Debt Instrument [Line Items]
Facility amount		$ 150,000,000
Current balance		$ 79,339,000	40,108,000
Credit Facility | Secured Warehouse Facility CCW | LIBOR | Minimum
Debt Instrument [Line Items]
Interest Rate, basis spread		1%
Credit Facility | Secured Warehouse Facility CCW | LIBOR | Maximum
Debt Instrument [Line Items]
Interest Rate, basis spread		6%
Asset-Backed Notes
Debt Instrument [Line Items]
Initial note amount issued		$ 2,054,412,000	1,654,412,000
Current balance		1,935,842,000	1,651,706,000
Asset-Backed Notes | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance		2,113,482,000	1,703,271,000
Asset-Backed Notes | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance		2,155,615,000	1,737,245,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2022-A)
Debt Instrument [Line Items]
Initial note amount issued	$ 400,000,000	400,000,000
Current balance		$ 384,896,000
Original revolving period		2 years
Weighted average interest rate	5.68%	5.36%
Asset-Backed Notes | Oportun Issuance Trust (Series 2022-A) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance		$ 410,211,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2022-A) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance		422,897,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-C)
Debt Instrument [Line Items]
Initial note amount issued		500,000,000	500,000,000
Current balance		$ 456,610,000	$ 497,774,000
Original revolving period		3 years	3 years
Weighted average interest rate		2.48%	2.48%
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-C) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance		$ 512,762,000	$ 512,762,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-C) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance		520,998,000	525,436,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B)
Debt Instrument [Line Items]
Initial note amount issued		500,000,000	500,000,000
Current balance		$ 464,656,000	$ 498,487,000
Original revolving period		3 years	3 years
Weighted average interest rate		2.05%	2.05%
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance		$ 512,759,000	$ 512,759,000
Asset-Backed Notes | Oportun Issuance Trust (Series 2021-B) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance		521,243,000	521,174,000
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A)
Debt Instrument [Line Items]
Initial note amount issued		375,000,000	375,000,000
Current balance		$ 352,259,000	$ 374,363,000
Original revolving period		2 years	2 years
Weighted average interest rate		1.79%	1.79%
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance		$ 383,632,000	$ 383,632,000
Asset-Backed Notes | Oportun Funding XIV, LLC (Series 2021-A) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance		391,176,000	391,325,000
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A)
Debt Instrument [Line Items]
Initial note amount issued		279,412,000	279,412,000
Current balance		$ 277,421,000	$ 281,082,000
Original revolving period		3 years	3 years
Weighted average interest rate		3.46%	3.46%
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A) | Initial Collateral
Debt Instrument [Line Items]
Initial collateral balance		$ 294,118,000	$ 294,118,000
Asset-Backed Notes | Oportun Funding XIII, LLC (Series 2019-A) | Current Collateral
Debt Instrument [Line Items]
Initial collateral balance		$ 299,301,000	$ 299,310,000
Asset-Backed Notes | Secured Warehouse Facility CCW | LIBOR | Minimum
Debt Instrument [Line Items]
Basis spread on variable rate, outstanding principal		0%
Asset-Backed Notes | Secured Warehouse Facility CCW | LIBOR | Maximum
Debt Instrument [Line Items]
Basis spread on variable rate, outstanding principal		3.41%
Asset-Backed Notes | Credit Card Warehouse Facility
Debt Instrument [Line Items]
Principal threshold to trigger different interest rate		$ 18,800,000
Asset-Backed Notes | Asset-Backed Notes Class D
Debt Instrument [Line Items]
Interest Rate, basis spread	8%
Initial note amount issued	$ 20,900,000

Other Liabilities (Details)

Other Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Other Liabilities Disclosure [Abstract]
Accounts payable	$ 5,690	$ 8,343
Accrued compensation	13,404	36,417
Accrued expenses	31,133	36,464
Accrued interest	6,187	3,276
Amount due to whole loan buyer	2,342	14,062
Deferred tax liabilities	34,731	28,424
Current tax liabilities and other	10,455	8,372
Total other liabilities	$ 103,942	$ 135,358

Stockholders' Equity (Details)

Stockholders' Equity (Details) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Equity [Abstract]
Preferred stock, shares authorized (in shares)	100,000,000	100,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, shares authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, par value (in USD per share)	$ 0.0001	$ 0.0001
Common stock, shares issued (in shares)	33,171,619	32,276,419
Common stock, shares outstanding (in shares)	32,899,596	32,004,396
Treasury stock, shares (in shares)	272,023	272,023

Equity Compensation and Other_3

Equity Compensation and Other Benefits (Details) - USD ($) $ in Thousands	3 Months Ended			6 Months Ended
	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 6,929		$ 5,113	$ 13,702	$ 9,936
Capitalized compensation expense	700		300	1,400	500
Income tax expense recognized in the income statement for stock-based compensation arrangements	200			900
Stock options
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost	8,200			$ 8,200		$ 6,900
Unrecognized compensation cost, period for recognition		2 years 2 months 12 days		2 years 9 months 18 days
Restricted stock units
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Unrecognized compensation cost	66,600			$ 66,600		$ 54,100
Unrecognized compensation cost, period for recognition		2 years 7 months 6 days		2 years 10 months 24 days
Technology and facilities
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	1,567		764	$ 3,435	1,488
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	38		37	69	69
Personnel
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Total stock-based compensation	$ 5,324		$ 4,312	$ 10,198	$ 8,379

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Interest income
Interest on loans	$ 201,904	$ 127,280	$ 389,291	$ 252,962
Fees on loans	5,751	1,309	10,601	2,818
Total interest income	207,655	128,589	399,892	255,780
Non-interest income
Gain on loan sales	(1)	5,321	5,714	9,755
Servicing fees	6,321	2,963	10,278	6,041
Other income	11,827	1,381	24,638	1,991
Total non-interest income	$ 18,147	$ 9,665	$ 40,630	$ 17,787

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income Tax Disclosure [Abstract]
Income tax expense (benefit)	$ (3,515)	$ 2,553	$ 8,492	$ 3,509
Effective tax rate	27.70%	26%	18.90%	25.50%

Fair Value of Financial Instr_3

Fair Value of Financial Instruments Financial Instruments at Fair Value (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Loans receivable, unpaid principal balance	$ 2,792,193		$ 2,792,193		$ 2,272,864
Loans receivable, fair value	2,854,594		2,854,594		2,386,807
Asset-backed notes, unpaid principal balance	2,043,158		2,043,158		1,654,412
Asset-backed notes at fair value	1,935,842		1,935,842		1,651,706
Fair value of loans 90 days or more past due	3,100		3,100		3,500
Aggregate unpaid principal balance of loans 90 days or more past due	$ 25,300		$ 25,300		$ 20,700
Level 3 | Remaining cumulative charge-offs | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.0626		0.0626		0.0675
Level 3 | Remaining cumulative charge-offs | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.4836		0.4836		0.5186
Level 3 | Remaining cumulative charge-offs | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.1125		0.1125		0.0960
Level 3 | Remaining cumulative prepayments | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0		0		0
Level 3 | Remaining cumulative prepayments | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.4007		0.4007		0.4425
Level 3 | Remaining cumulative prepayments | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.3193		0.3193		0.3247
Level 3 | Measurement Input, Principal Payment Rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0		0		0
Level 3 | Measurement Input, Principal Payment Rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0		0		0
Level 3 | Measurement Input, Principal Payment Rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.1752		0.1752		0.1807
Level 3 | Average life (years) | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.05		0.05		0.22
Level 3 | Average life (years) | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	1.55		1.55		1.51
Level 3 | Average life (years) | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.90		0.90		0.86
Level 3 | Discount rate | Minimum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.0888		0.0888		0.0690
Level 3 | Discount rate | Maximum
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.1094		0.1094		0.0835
Level 3 | Discount rate | Weighted Average
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Unobservable inputs for unsecured personal loan portfolio	0.0897		0.0897		0.0694
Loans receivable at fair value | Level 3
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance – beginning of period	$ 2,450,987	$ 1,670,251	$ 2,386,807	$ 1,696,526
Principal disbursements	940,116	379,463	1,719,835	688,472
Principal payments from customers	436,028	308,371	1,072,072	624,258
Gross charge-offs	(65,876)	(32,238)	(128,434)	(73,197)
Net increase (decrease) in fair value	(34,605)	(17,809)	51,542	(39,371)
Balance – end of period	$ 2,854,594	$ 1,726,914	$ 2,854,594	$ 1,726,914

Fair Value of Financial Instr_4

Fair Value of Financial Instruments Financial Instruments at Amortized Cost (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021	Dec. 31, 2021
Liabilities
Transfers into level 3	$ 0	$ 0	$ 0	$ 0
Transfers out of level 3	0	$ 0	0	$ 0
Level 1
Assets
Cash and cash equivalents	66,712,000		66,712,000		$ 130,959,000
Restricted cash	67,144,000		67,144,000		62,001,000
Loans held for sale and loans sold					0
Liabilities
Accounts payable	5,690,000		5,690,000		8,343,000
Secured financing	0		0		0
Asset-backed notes at amortized cost	0		0		0
Level 2
Assets
Cash and cash equivalents	0		0		0
Restricted cash	0		0		0
Loans held for sale and loans sold					0
Liabilities
Accounts payable	0		0		0
Secured financing	492,362,000		492,362,000		396,081,000
Asset-backed notes at amortized cost	115,814,000		115,814,000		116,000,000
Level 3
Assets
Cash and cash equivalents	0		0		0
Restricted cash	0		0		0
Loans held for sale and loans sold					547,000
Liabilities
Accounts payable	0		0		0
Secured financing	0		0		0
Asset-backed notes at amortized cost	0		0		0
Carrying value
Assets
Cash and cash equivalents	66,712,000		66,712,000		130,959,000
Restricted cash	67,144,000		67,144,000		62,001,000
Loans held for sale and loans sold					491,000
Liabilities
Accounts payable	5,690,000		5,690,000		8,343,000
Secured financing	509,000,000		509,000,000		398,000,000
Asset-backed notes at amortized cost	115,814,000		115,814,000		116,000,000
Estimated fair value
Assets
Cash and cash equivalents	66,712,000		66,712,000		130,959,000
Restricted cash	67,144,000		67,144,000		62,001,000
Loans held for sale and loans sold					547,000
Liabilities
Accounts payable	5,690,000		5,690,000		8,343,000
Secured financing	492,362,000		492,362,000		396,081,000
Asset-backed notes at amortized cost	$ 115,814,000		$ 115,814,000		$ 116,000,000

Leases, Commitments and Conti_3

Leases, Commitments and Contingencies - Narrative (Details) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2022 USD ($)	Jun. 30, 2021 USD ($)	Jun. 30, 2022 USD ($) retailLocations	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Restructuring Cost and Reserve [Line Items]
Retail locations | retailLocations			27
Restructuring costs	$ 1.2		$ 1.4
Rental expenses under operating leases	$ 5.7	$ 6.2	$ 10.1	$ 15.6
Minimum loans to be sold under Whole Loan Sale Agreement	10%		10%
Additional loans to be sold under Whole Loan Sale Agreement	5%		5%
Unfunded loan and credit card commitments	$ 58.5		$ 58.5		$ 39.8
Reserve established to settle regulatory proceeding	2.8
Information Technology and Communication Services
Restructuring Cost and Reserve [Line Items]
Purchase obligation, remainder of 2022	12.8		12.8
Purchase obligation, 2023	11.3		11.3
Purchase obligation, 2024	4.7		4.7
Purchase obligation, 2025	1.8		1.8
Purchase obligation, 2026 and thereafter	$ 0		0
Bank Partnership Program and Servicing Agreement Loans
Restructuring Cost and Reserve [Line Items]
Purchase commitment			$ 1.2
Maximum
Restructuring Cost and Reserve [Line Items]
Remaining lease term	10 years		10 years

Leases, Commitments and Conti_4

Leases, Commitments and Contingencies - Maturities of Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Lease expense
Remainder of fiscal year	$ 7,375
Year one	13,362	$ 14,927
Year two	11,331	13,214
Year three	9,386	11,142
Year four	3,463	9,238
Year five	640	3,387
Thereafter	7	706
Total lease payments	45,564	52,614
Imputed interest	(3,202)	(4,030)
Total leases	42,362	48,584
Sublease income
Remainder of fiscal year	0
Year one		(896)
Year 2 and thereafter	0	0
Total lease payments	0	(896)
Imputed interest	0	11
Total sublease income	0	(885)
Net lease liabilities	$ 42,362	$ 47,699
Weighted average remaining lease term	3 years 6 months	3 years 10 months 24 days
Weighted average discount rate	3.97%	4.01%