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Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
IPO
Total Funding
$283M
Headquarters
Chicago, Illinois
Founded
2012
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.
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Total Funding
$283M
Above
Industry Average
Funded Over
3 Rounds
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
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
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.
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.
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
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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Industries
Fintech
Financial Services
Company Size
201-500
Company Stage
IPO
Total Funding
$283M
Headquarters
Chicago, Illinois
Founded
2012
Find jobs on Simplify and start your career today