OppFi reaches facilitated issuance of 2 million installment loans
CHICAGO–(BUSINESS WIRE)–OppFi Inc. (NYSE: OPFI) (“OpFi”), a leading financial technology platform that enables banks to help everyday consumers access credit, today announced that it has facilitated the issuance of more than two million installment loans in line 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 credit scores exclude them from the ecosystem. traditional finance.
“OppLoans’ accelerated growth shows that millions of everyday consumers are underserved by the traditional banking system. Using machine learning technologies, alternative data can unlock access to credit for those with traditional credit scores. are less than perfect,” said Jared Kaplan, CEO of OppFi. “This important milestone shows why we believe we are well positioned to continue to grow as a leader in helping people rebuild their financial health with existing offerings. such as our low dollar OppLoans 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 over 750,000 loans by 2019, and reached the milestone of two million loan issuances this month. As the OppFi platform grows, the company has collected over seven billion informative data points under its proprietary AI-powered scoring algorithm, improving its automatic approvals to 58%. for the last quarter.
To provide more credit access options for the everyday consumer, OppFi has enhanced its platform to offer SalaryTap, a subprime payroll-linked loan product for employers issued by Member FDIC FinWise Bank, 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 evolve and grow our current product offerings, we remain focused on OppFi’s commitment to creating and growing financial services for millions. of daily consumers,” Kaplan added.
OppFi (NYSE: OPFI) is a leading financial technology platform that enables banks to deliver accessible products and a premium experience to everyday consumers. OppFi’s platform facilitates installment loan products, OppLoans and SalaryTap, issued by Member FDIC FinWise Bank and a credit card product, OppFi Card, issued by First Electronic Bank, Member FDIC. The company has been an Inc. 5000 for five consecutive years, four times Deloitte’s Technology Fast 500™, and the seventh fastest growing company in Chicagoland in 2021 by Crain’s Chicago Business. The company was also on Forbes America’s 2021 list of America’s Top Startup Employers and Built In Chicago’s 2021 Best Workplaces list. OppFi maintains an A+ rating from the Better Business Bureau (BBB) and maintains a 4.8/5-star rating with over 14,000 online customer reviews, making it one of the world’s leading online financial platforms. top rated by customers. 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, accordingly, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “expect”, “anticipate”, “intend”, “plan”, “may”, “will” , “could”, “should”, “believes”, “predicts”, “potential”, “continues” and other similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties that could cause actual results may differ materially from expected results. Many of these factors are beyond OppFi’s control and are 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 recognize the expected benefits of the business combination, which may be affected by, among other things, competition; OppFi’s ability to grow and manage growth profitably and to retain its key employees; costs related to the consolidation of e companies; changes in applicable laws or regulations; the possibility that OppFi will be affected by economic, business and/or competitive factors; whether OppFi will successfully launch SalaryTap and OppFi Card, including whether consumers or the market will accept SalaryTap and OppFi Card; and other risks and uncertainties noted from time to time in OppFi’s filings with the SEC, including those listed under “Risk Factors”. OppFi cautions that the foregoing list of factors is not exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date on which they were made. OppFi neither undertakes nor accepts any obligation or undertaking to publicly release updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances about which any such statement is made. based.