OppFi

OppFi

Provides personal loans through community banks

About OppFi

Simplify's Rating
Why OppFi is rated
B-
Rated C on Competitive Edge
Rated B on Growth Potential
Rated B on Rating Differentiation

Industries

Fintech

Financial Services

Company Size

201-500

Company Stage

IPO

Total Funding

$283M

Headquarters

Chicago, Illinois

Founded

2012

Overview

OppFi provides a platform that connects community banks with consumers who have difficulty accessing credit from traditional financial institutions. The company focuses on offering personal loans to individuals who are often underserved, helping them to improve their financial health. OppFi's model involves partnering with community banks to facilitate these loans, generating revenue through the interest and fees associated with them. What sets OppFi apart from its competitors is its commitment to responsible lending practices, transparency, and exceptional customer service, which aims to positively impact the financial well-being of its clients. The goal of OppFi is to enhance financial inclusion by broadening credit access for everyday Americans.

Simplify Jobs

Simplify's Take

What believers are saying

  • Acquisition of Bitty Advance diversifies offerings into small business financing.
  • Expanded $50 million credit facility supports growth and new product development.
  • Partnership with Zogo enhances financial literacy and customer engagement.

What critics are saying

  • Increased competition from fintech companies like Katapult may impact market share.
  • Small business financing exposes OppFi to economic downturn risks.
  • Delay in Federal Reserve rate cuts could decrease loan demand.

What makes OppFi unique

  • OppFi partners with community banks to offer loans to underserved consumers.
  • The company emphasizes transparency and responsible lending to improve financial health.
  • OppFi's tech-enabled platform enhances customer service and credit access.

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Funding

Total Funding

$283M

Above

Industry Average

Funded Over

3 Rounds

Post IPO Debt funding comparison data is currently unavailable. We're working to provide this information soon!
Post IPO Debt Funding Comparison
Coming Soon

Benefits

Generous vacation

Insurance benefits

401(k) matching

Employee Assistance Program

Tuition reimbursement

Subsidies for childcare costs, free financial literacy tools, 6 paid weeks of parental leave

Collaborative and supportive company culture

Company News

PYMNTS
Jan 17th, 2025
Fintech Ipo Index Gains 3% As Katapult Shares Vault Higher On Q4 Originations

Earnings season is officially here as the big banks weighed in this week. Although the quarterly reports have yet to come through for the denizens of the FinTech IPO Index, there was a notable bit of earnings-related news that sent the stock of Katapult soaring, up more than 49%. Katapult’s 4Q Update

CityBiz
Aug 2nd, 2024
OppFi Acquires 35% Stake in Bitty

OppFi has acquired a 35% equity interest in Bitty Advance, a credit access company offering revenue-based financing to small businesses. The deal includes options for OppFi to gain majority and total ownership over time. Bitty, led by CEO Craig Hecker, has funded over 29,000 small businesses since 2020 with products ranging from $2k to $250k. OppFi aims to leverage Bitty's digital platform to expand in the small business financing market, which has a total addressable market of approximately $550 billion per year.

Stock Titan
Aug 1st, 2024
OppFi Acquires 35% of Bitty Advance

OppFi Inc. (NYSE: OPFI) has acquired a 35% equity interest in Bitty Advance, a platform providing credit to underserved small businesses. The transaction, with a 6.0x purchase multiple on adjusted net income for the trailing twelve months ending March 31, 2024, is expected to be immediately accretive to OppFi earnings. Bitty has funded over 29,000 small businesses since 2020, with products ranging from $2k to $250k. The acquisition is expected to contribute approximately $0.03 in adjusted earnings per share annually to OppFi's consolidated results.

PYMNTS
Apr 12th, 2024
Partnerships Dominate Fintech Ipo Index News Ahead Of Earnings

On Friday (April 12), big banks will weigh in with their latest quarterly results, kicking off earnings season in an official manner. JPMorgan, Wells Fargo and Citi will give insight into the trends tied to consumer spending, commercial loans and delinquencies. Earnings supplementals and management commentary will provide a read-across to the platforms and digital lenders who make up a significant slice of our FinTech IPO Index. Absent any earning-related news, the last week was dominated by partnerships and product announcements

Business Wire
Apr 1st, 2024
Oppfi Addresses Financial Literacy Through Social Impact Collaboration With Financial Education Platform Zogo

CHICAGO--(BUSINESS WIRE)--OppFi Inc. (NYSE: OPFI) (“OppFi” or the “Company”), a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans, today announced its social impact collaboration with financial education platform Zogo Inc. (“Zogo”) to support financial literacy. Zogo is a financial education app with more than one million users, allowing individuals to earn rewards while learning about financial topics. Through an OppLoans-branded version of the app, customers on the OppLoans by OppFi platform now have access to a number of financial resources, including lessons on saving money, making a budget, applying for credit, repaying debt, and improving credit. In addition, customers have the opportunity to explore a wide range of topics including purchasing insurance, navigating car shopping, renting an apartment, advancing their career, and more

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