The fintech landscape witnessed a significant leadership shift with the announcement of Raul Vazquez’s decision to step down as CEO of Oportun Financial. This move followed a nearly two-year campaign by Findell Capital, an activist investor that owns approximately 9.5% of Oportun and had been critical of the company’s lending practices. The announcement of Vazquez’s departure, coupled with the release of Oportun’s preliminary fourth-quarter financial results, led to a 25% surge in the company’s stock price.
Behind Vazquez’s Departure
Having held the position for 14 years, Vazquez has been instrumental in shaping Oportun Financial from a regional lender into a national fintech. Nonetheless, his departure comes amidst mounting pressure from Findell Capital Management over concerns about Oportun’s profitability and strategic direction.
The company witnessed a tumultuous proxy battle with Findell, its second-largest shareholder, which culminated in a cooperation agreement in July 2025. As part of the agreement, Oportun expanded its board to include Warren Wilcox, a consumer credit veteran and Findell’s nominee, who had been proposed to challenge Vazquez.
A Dispute Over Strategy
Findell Capital’s campaign against Vazquez stemmed from its dissatisfaction with Oportun’s lending practices. The activist investor argued that under Vazquez’s leadership, Oportun’s strong core lending business faced near destruction due to “disastrous acquisitions” and high operational costs. One such criticized acquisition was that of neobank Digit in 2021, which resulted in significant write-downs for Oportun.
The firm also pointed out the contrast in shareholder returns between Oportun and its peer OneMain Financial. Since its 2019 IPO, Oportun’s stock had seen a significant decline, while OneMain’s value had more than doubled.
Oportun’s Response
Throughout Findell’s campaign, Oportun’s board stood by Vazquez, crediting him for transforming the company from a regional lender into a national financial services company. The board also stressed that Oportun had proactively addressed Findell’s concerns, reducing operating expenses by approximately 40% since mid-2022 and eliminating over $240 million in annualized costs.
Support for Findell’s Campaign
The pressure on Oportun intensified when the company’s founder, James Gutierrez, publicly supported Findell’s campaign. Gutierrez, who was Vazquez’s predecessor as CEO, stated that Findell had accurately identified the root causes of the gap between the company’s revenue and its market cap.
What’s Next for Oportun
With Vazquez’s departure, the future strategic direction of Oportun remains uncertain. A point of contention has been Oportun’s self-imposed 36% annual percentage rate (APR) cap on loans, which was implemented in 2020 following media scrutiny of its debt collection practices. Both Findell and Gutierrez argued that the cap limits the company’s ability to price for risk and serve its target demographic of lower-income borrowers. However, any move to remove this cap to boost margins would carry significant reputational risks.
As the search for a new CEO continues, many are adopting a wait-and-see approach. Analysts from Citizens JMP, the securities analysis arm of Citizens Bank, maintained a “Market Perform” rating on Oportun’s stock following the announcement, stating that a premium valuation would likely require a more consistent track record of stable loss rate guidance.
As part of the transition plan, Vazquez will receive $1.1 million in cash severance along with a prorated lump sum payment for his 2026 service. His outstanding unvested time-based restricted stock units will also be accelerated by the company.
As we await further developments on Oportun’s strategic direction, the company’s preliminary financial results show a promising future, with an expected GAAP net income between $5 million and $8 million for the fourth quarter of 2025, marking its fifth consecutive quarter of GAAP profitability.
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