Findell Capital (9.5% Stake) Presses Oportun Financial (NASDAQ: OPRT) on Governance Failures, Nominates Warren Wilcox to Board

Findell Capital, the largest shareholder of Oportun Financial Corporation (roughly 9.5% stake), sharply criticizes the board’s governance and CEO Raul Vazquez’s strategy. They accuse the board of enabling executive empire-building, including soaring costs, poor loan performance, and a value-destructive $211 million acquisition of Hello Digit, Inc. They claim a 40% shareholder dilution has occurred while the board remains dominated by long-tenured directors lacking lending expertise and real independence. As a remedy, they nominated veteran fintech executive Warren Wilcox to the board, aiming to restore independent oversight. Key strategic proposals include cutting operating expenses toward industry norms (from ~15% to 10% or lower), eliminating the self-imposed 36% interest rate cap to serve customers better, de-staggering the board, and placing directors with lending experience in leadership roles.