Oportun Financial to reduce corporate staff by 10%, or 155 employees

Oportun Financial announced a plan to streamline its operations, intended to assure that the company’s resources are efficiently allocated in the current macroeconomic environment. Oportun is taking a series of measures to streamline its operations, including reducing the size of its corporate staff by 10%, impacting approximately 155 employees, and reducing its expenditures on external contractors. In relation to these and other personnel related activities, management expects to incur non-recurring, pre-tax charges of $5M to $6M in the first quarter of 2023. Oportun expects to exclude these charges from its calculation of its non-GAAP financial measures. These reductions are anticipated to result in annualized run-rate savings in compensation and benefits of approximately $38M beginning in 2023. Oportun has furthermore identified certain non-personnel related operational efficiencies that are anticipated to result in annualized run-rate savings of $10M to $15M beginning in 2023.