OppFi Achieves Easier Issuance of 2 Million Installment Loans
CHICAGO–(BUSINESS WIRE) – OppFi Inc. (NYSE: OPFI) (“OppFi“, A leading financial technology platform empowering banks to help everyday consumers access credit, announced today that it has made more than two million online installment loans easier with its OppLoans product. Through the OppFi platform, the OppLoans product uses alternative data to reflect a customer’s unique financial situation and facilitates access to credit through banking partnerships for consumers whose creditworthiness excludes them from the traditional financial ecosystem.
“OppLoans’ accelerated growth shows that millions of everyday consumers are underserved by the mainstream banking system. Using machine learning technologies, alternative data can unlock credit access for those with less than perfect traditional credits, ”said Jared Kaplan, chief executive officer of OppFi. “This important milestone shows why we believe we are well positioned to continue growing as a leader to help people rebuild their financial health with existing offerings such as our OppLoans unsecured personal loans and future products.”
OppFi eased the issuance of its first installment loans in 2012, grew to allow the issuance of more than 750,000 loans by 2019, and hit the 2 million loan milestone this month. With the growth of the OppFi platform, the company has collected more than seven billion informational data points as part of its AI-powered proprietary assessment algorithm, improving its car approvals to 58 percent in the last quarter.
To bring more credit access options to the everyday consumer, OppFi has expanded its platform to include SalaryTap, a wage-based loan product for employers with subprime payments issued by FinWise Bank, a member of the FDIC, and its own from First. Credit card product OppFi Card issued to Electronic Bank, member of FDIC. In addition, the company recently announced the addition of two credit facilities specifically to support the growth and expansion of SalaryTap and OppFi Card.
“As we continue to pursue strategic product development opportunities and scale and expand our current product offerings, we continue to focus on OppFi’s commitment to building and expanding financial services for millions of everyday consumers,” added Kaplan.
OppFi (NYSE: OPFI) is a leading financial technology platform enabling banks to bring everyday consumer-accessible products and a premium experience. OppFi’s platform supports the installment loan products OppLoans and SalaryTap, published by FinWise Bank, member FDIC, and a credit card product, OppFi Card, published by First Electronic Bank, member FDIC. The company has been an Inc. 5000 company for five consecutive years, four times Deloitte’s Technology Fast 500 ™, and the seventh fastest growing company in Chicagoland in 2021 by Crains Chicago Business. The company was also listed on Forbes America’s 2021 list of America’s Best Startup Employers and Chicago’s Built In 2021 Best Places to Work. OppFi earns an A + rating from the Better Business Bureau (BBB) and a 4.8 / 5-star rating with more than 14,000 online customer reviews, making it one of the best-rated online financial platforms out there. For more information, please visit oppfi.com.
This information contains “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. Actual results could differ from its expectations, estimates and projections and you should not place undue reliance on these forward-looking information Statements as predictions of future events. Words like “expect”, “estimate”, “project”, “budget”, “forecast”, “anticipate”, “intend”, “plan”, “can”, “will”, “could”, “should,” “believes,” “forecasts,” “potentially,” “further” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results to differ materially from those anticipated most of these factors are beyond OppFi’s control and difficult to predict. Factors that could cause such differences include, but are not limited to: the impact of COVID-19 on OppFi’s business; the ability to see the anticipated benefits of the business combination which can be influenced by competition, among other things, Oppfi’s ability to grow and profitably manage growth and retain its key employees; Kos ten in connection with the business combination; Changes in applicable laws or regulations; the possibility that OppFi will be adversely affected by economic, business and / or competitive factors; whether OppFi will succeed in introducing SalaryTap and OppFi Card, including whether SalaryTap and OppFi Card will be accepted by consumers or the marketplace; and other risks and uncertainties disclosed from time to time in OppFi’s filings with the SEC, including those set out in “Risk Factors” therein. OppFi advises that the foregoing list of factors is non-exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date of this publication. OppFi assumes no obligation or undertaking to publicly release any update or revision of any forward-looking statement to reflect changes in its expectations or any change in the events, conditions or circumstances on which any such statement is based.