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Opportun acquires US neobank Digit

Opportun acquires US neobank Digit

Just weeks after withdrawing its application for a US bank charter, consumer lender Opportun has agreed a $213 million deal to acquire neobank Digit.

Founded in 2013, Digit provides its 600,000 paying members with personalised savings, investing and banking tools.

The stock and shares deal creates a business with a combined 1.4 million customer base.

The acquisition is a complementary fit for both companies, giving Opportun the ability to offer mobile banking, automated savings and robo-investing to its customers and open up access to lending products for Digit's consumer base.

Raul Vazquez, CEO of Oportun, says: “In Digit, we are purchasing a proven and scalable neobanking solution that gets us to market 3-5 years earlier than if we were to build it on our own.”

Digit will operate as a business unit within Oportun and continue to be led by founder and CEO, Ethan Bloch. All of Digit’s 100+ employees will join Oportun.

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