According to the company, the acquisition of Digit expands its artificial intelligence and digital capabilities to provide consumers an offering built to address their financial needs.
Oportun acquired Digit for approximately USD 211.1 million, comprised of an aggregate of approximately USD 112.6 million in cash and approximately USD 98.5 million in Oportun common stock and/or restricted stock units to be settled in Oportun common stock on the basis of a price of USD 24.477 per share of Oportun common stock, determined at the time of signing pursuant to the definitive agreement between the parties. Oportun also closed a financing facility from Jefferies to finance the cash consideration.
Digit is a neobanking platform founded that provides its 600,000 paying members with personalised savings, investing, and banking 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.
Enabled by A.I., Digit automatically sets aside funds for members by analysing cash flow and recognising how much can be saved and invested each day, while remaining well within a member’s immediate financial means.
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