OppFi Reaches 2 Million Installment Loans Facilitated
Business growth, supported by the use of alternative data in underwriting, helps expand access to credit to a large underserved consumer market
OppFi Inc. (NYSE: OPFI) (“OppFi“), a leading financial technology platform that enables banks to help ordinary consumers access credit, today announced it has facilitated the issuance of more than two million installment loans online 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 with the lowest credit scores. exclude from the traditional financial ecosystem.
“The accelerated growth of OppLoans shows that millions of ordinary consumers are underserved by the traditional banking system. Using machine learning technologies, alternative data can unlock access to credit for those whose traditional credit scores aren’t perfect, ”said Jared Kaplan, CEO of OppFi. “This milestone demonstrates 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 OppLoans Small Dollar Unsecured Personal Loans and future products in development.”
OppFi facilitated the issuance of its first installment loans in 2012, increased to facilitate issuance of over 750,000 loans by 2019, and reached the two million loan issuance milestone this month. As the OppFi platform grows, the company has collected over seven billion informative data points as part of its proprietary AI-based scoring algorithm, improving its automatic approvals to 58%. for the most recent quarter.
To provide more options for accessing credit for the daily consumer, OppFi has beefed up its platform to offer SalaryTap, an employer-risk salary-linked loan product issued by FDIC member FinWise Bank, and its product credit card, OppFi Card, issued by First Banque Electronique, FDIC member. Additionally, the company recently announced the extension of two credit facilities to specifically support the growth and expansion of SalaryTap and OppFi Card.
“As we continue to seek strategic product development opportunities as well as expand and develop our current product offerings, we remain focused on OppFi’s commitment to create and grow financial services for millions of people. daily consumers, ”Kaplan added.
OppFi (NYSE: OPFI) is a leading financial technology platform that enables banks to deliver accessible products and a best-in-class experience to everyday consumers. OppFi’s platform facilitates installment loan products, OppLoans and SalaryTap, issued by FinWise Bank, FDIC member, and a credit card product, OppFi Card, issued by First Electronic Bank, FDIC member. 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 Crain’s Chicago Business. The company was also on the Forbes America 2021 list of America’s Best Startup Employers and Built In’s 2021 Best Workplaces in Chicago. OppFi maintains an A + rating from the Better Business Bureau (BBB) and maintains a 4.8 / 5 star rating with over 14,000 customer reviews online, making it one of the top online financial platforms rated by customers. For more information, please visit oppfi.com.
This information includes “forward-looking statements” within the meaning of the “safety rule” provisions of the Private Securities Litigation Reform Act of 1995. OppFi’s actual results may differ from its expectations, estimates and projections and, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “anticipate”, “anticipate”, “intend to”, “plan”, “can”, “can”, “Could”, “should,” “believes”, “predicted”, “potential”, “continuing” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties which could cause actual results to differ materially from expected results. Most of these factors are beyond 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; OppFi’s ability to grow and manage its growth profitably and to retain key employees; costs related to business combinations; changes in applicable laws or regulations; the possibility that OppFi will be adversely affected by economic, commercial and / or competitive factors; whether OppFi will be successful in launching SalaryTap and OppFi Card, including whether consumers or the market will accept SalaryTap and OppFi Card; and other risks and uncertainties indicated from time to time in documents filed by OppFi with the SEC, including those mentioned in the “Risk Factors” section. OppFi cautions that the above 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 they are posted. OppFi does not undertake or accept any obligation or commitment to publicly release updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is made. based.