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OppFi, a financial technology platform, has successfully completed its business combination with FG New America Acquisition Corp. (NYSE: FGNA). This move was approved by FGNA's stockholders on July 16, 2021, and the merger closed on July 20, 2021. OppFi will now trade under the ticker symbols 'OPFI' for its Class A common stock and 'OPFI WS' for warrants starting July 21, 2021. The company aims to enhance access to credit for nearly 150 million consumers in the U.S. and continues to innovate its offerings while maintaining high customer satisfaction ratings.
FG New America Acquisition Corp. (NYSE:FGNA) announced that its stockholders approved all proposals for the business combination with Opportunity Financial, LLC (OppFi). This combination is expected to close on or about July 20, 2021, allowing OppFi to operate under the name OppFi Inc. and trade on NYSE as "OPFI" and "OPFI WS" from July 21, 2021. Following the approval, approximately 14.8 million public shares were redeemed, leaving around $91.6 million in its trust account.
FG New America Acquisition Corp. (NYSE: FGNA) has scheduled a special meeting on July 16, 2021, to secure stockholder approval for its business combination with Opportunity Financial, LLC (OppFi). The meeting will involve holders of FGNA common stock as of June 21, 2021. OppFi aims to enhance credit access for underserved consumers. FGNA's Chairman expressed excitement about the public market entry for OppFi, anticipating growth opportunities. The transaction is contingent on stockholder approval and customary closing conditions, expected to finalize soon after the meeting.
OppFi, a financial technology platform, has been named the 7th fastest-growing company in Chicagoland by Crain’s Chicago Business, marking its third consecutive appearance on the Fast 50 list. The company aims to expand access to credit for consumers traditionally locked out of financial products. Recent developments include national expansion of its SalaryTap product and plans to launch the OppFi Card. Additionally, OppFi holds a 4.8/5 customer rating and has facilitated over 1.5 million loans, emphasizing its strong market presence.
Opportunity Financial, LLC (OppFi) announced its participation in the Piper Sandler Global Exchange & FinTech Conference on June 10, 2021, at 4:00 p.m. ET. CEO Jared Kaplan will participate in a fireside chat, accessible via a live audio webcast. Notably, OppFi is in a definitive agreement with FG New America Acquisition Corp (NYSE: FGNA) for a business combination aimed at going public. OppFi has issued over 1.5 million loans and has received numerous accolades, including an A+ rating from the Better Business Bureau and recognition on Forbes' 2021 list of America's Best Startup Employers.
On June 2, 2021, OppFi announced the national expansion of its SalaryTap product into 33 states, enhancing access to payroll-linked loans for consumers. The SalaryTap offers loans between $2,000 and $5,000 with transparent fees and payroll deduction repayment, aiming to support financial inclusion. Following a pilot in November 2020, this expansion reflects significant demand. OppFi plans to extend SalaryTap into 45 states by Q4 2021. The company continues its partnership with Brightside to facilitate employer access, aiming to provide affordable credit for needs like car repairs and medical bills.
OppFi reported robust financial highlights for Q1 2021, with revenue increasing by 12.9% to $84.3 million compared to $74.7 million in Q1 2020, despite a drop in adjusted revenue. Net income surged by 44.3% to $24.4 million. The company’s auto-approval rate improved significantly, rising to 41% from 26% due to AI enhancements. As of March 31, 2021, OppFi had $77 million in cash, up from last year, and $300 million in unused debt capacity, presenting strong growth potential. The completion of its merger with FGNA is anticipated in Q2 2021, aiming for a full-year revenue of approximately $418 million.
Opportunity Financial, LLC, known as OppFi, announced that CEO Jared Kaplan will speak at the LendIt Fintech USA 2021 Conference on April 28, 2021, discussing improving financial health. Kaplan will detail how OppFi employs a data-centric approach to enhance consumer financial health. He emphasized OppFi's mission to bridge the credit access gap for 150 million individuals. The company aims to deliver accessible credit while maintaining high customer satisfaction. OppFi is also in a business combination agreement with FG New America Acquisition Corp (NYSE: FGNA) effective from February 9, 2021.
