Company’s growth supported by the use of alternative data in underwriting helps expand credit access to large, underserved consumer market
CHICAGO–(BUSINESS WIRE)–OppFi Inc. (NYSE: OPFI) (“OppFi”), a leading financial technology platform that powers banks to help everyday consumers gain access to credit, announced today that it has facilitated the issuance of more than two million online installment loans with its OppLoans product. Through the OppFi platform, the OppLoans product uses alternative data to reflect a customer’s unique financial situation and facilitates credit access through bank partnerships for consumers whose credit scores exclude them from the traditional financial ecosystem.
“The accelerated growth of OppLoans shows that millions of everyday consumers are underserved by the mainstream banking system. By utilizing machine learning technologies, alternative data can unlock credit access for those with less than perfect traditional credit scores,” said Jared Kaplan, Chief Executive Officer, OppFi. “This important milestone demonstrates why we believe we are well positioned to continue to grow as a leader to help people rebuild financial health with existing offerings like our OppLoans small dollar unsecured personal loans and future products in development.”
OppFi facilitated the issuance of its first installment loans in 2012, grew to facilitate the issuance of more than 750,000 loans by 2019, and reached the two million loan issuance milestone this month. As the OppFi platform grows, the company has collected more than seven billion informative data points as part of its AI-powered proprietary scoring algorithm, thereby improving its auto approvals to 58 percent for the most recent quarter.
To provide more credit access options for the everyday consumer, OppFi has bolstered its platform to offer SalaryTap, an employer sub-prime payroll-linked loan product issued by FinWise Bank, Member FDIC, and its credit card product, OppFi Card, issued by First Electronic Bank, member FDIC. Additionally, the company recently announced the expansion of two credit facilities to specifically support the growth and expansion of SalaryTap and OppFi Card.
“As we continue to pursue strategic product development opportunities as well as scale and grow our current product offerings, we remain focused on OppFi’s commitment to build and expand financial services for millions of everyday consumers,” added Kaplan.
OppFi (NYSE: OPFI) is a leading financial technology platform that powers banks to offer accessible products and a top-rated experience to everyday consumers. OppFi’s platform facilitates the installment loan products, OppLoans and SalaryTap, issued by FinWise Bank, Member FDIC and a credit card product, OppFi Card, issued by First Electronic Bank, Member FDIC. The company has been an Inc. 5000 company for five straight years, a four-time Deloitte’s Technology Fast 500™, and the seventh fastest-growing company in Chicagoland in 2021 by Crain’s Chicago Business. The company was also listed on the Forbes America 2021 list of America’s Best Startup Employers and Built In’s 2021 Best Places to Work in Chicago. OppFi maintains an A+ rating from the Better Business Bureau (BBB) and maintains a 4.8/5 star rating with more than 14,000 online customer reviews, making it one of the top customer-rated financial platforms online. For more information, please visit oppfi.com.
This information includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. OppFi’s actual results may differ from its expectations, estimates and projections and consequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,” “estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,” “potential,” “continue,” 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 the expected results. Most of these factors are outside OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on OppFi’s business; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition, the ability of OppFi to grow and manage growth profitably and retain its key employees; costs related to the business combination; changes in applicable laws or regulations; the possibility that OppFi may be adversely affected by economic, business, and/or competitive factors; whether OppFi will be successful in launching SalaryTap and OppFi Card, including whether there will be consumer or market acceptance of SalaryTap and OppFi Card; and other risks and uncertainties indicated from time to time in OppFi’s filings with the SEC, including those under “Risk Factors” therein. OppFi cautions that the foregoing list of factors is not exclusive and readers should not place undue reliance upon any forward-looking statements, which speak only as of the date made. OppFi does not undertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statements to reflect any change in its expectations or any change in events, conditions, or circumstances on which any such statement is based.