OppFi Announces Leadership Appointments to Spearhead Newly Launched OppFi Card and SalaryTap Business Lines

Rhea-AI Summary

Opportunity Financial, LLC has announced the appointment of Elizabeth Simer as general manager for its new credit card venture, OppFi Card, alongside Matthew Gomes as general manager for SalaryTap, its payroll deduction lending product. Simer, with experience from Intuit and Discover, is expected to enhance product development, while Gomes aims to transition SalaryTap from pilot to national rollout by Q2 2021. OppFi has issued over 1.5 million loans and maintains high customer ratings, showcasing its commitment to improving access to credit for consumers.

Positive

• Appointment of Elizabeth Simer and Matthew Gomes strengthens management team.
• Planned national rollout of SalaryTap in Q2 2021 indicates growth potential.
• OppFi has issued more than 1.5 million loans, demonstrating operational success.

Negative

• None.

CHICAGO, March 3, 2021 /PRNewswire/ -- Opportunity Financial, LLC ("OppFi" or the "company"), a leading financial technology platform that powers banks to help everyday consumers gain access to credit, announced today that Elizabeth Simer has joined the company as general manager for its new credit card business, OppFi Card. The company has also appointed Matthew Gomes as general manager for SalaryTap, OppFi's near prime installment lending product that is repaid through payroll deduction.

Simer brings more than a decade of financial services experience, having led product management, marketing and strategic efforts for several blue-chip financial services companies including Intuit, Square, and most recently Discover, where she led product for Discover Student Loans. Simer launched her career in accounting and finance at Ernst & Young and private equity firm CIVC Partners.

Gomes joined OppFi in 2016 and is responsible for the build and launch of OppFi's SalaryTap business that is currently in the pilot phase. Prior, he built and led OppFi's business and marketing analytics division responsible for driving the high growth customer acquisition funnel of OppFi's small dollar lending business. Prior to OppFi, Gomes held key roles at financial services company, Avant, and family care marketplace, Care.com.

"Elizabeth and Matthew bring valuable leadership and expertise to the OppFi mission as we build and expand new products that will further graduate consumers to better financial health," said Jared Kaplan, CEO, OppFi. "They are instrumental in developing, launching, and running these important business lines as we aim to improve credit access for millions of everyday consumers through new financial offerings."

SalaryTap, piloted in November 2020, has a national rollout planned for the second quarter of this year. OppFi Card is set to pilot in the second half of 2021.

About OppFi
OppFi is a leading financial technology platform that powers banks to offer accessible products and a top-rated experience to everyday consumers. Through its unwavering commitment to customer service, OppFi helps consumers who are turned away by traditional providers build a better financial path. To date, OppFi has facilitated the issuance of more than 1.5 million loans. The company has been ranked as an Inc. 5000 company for five straight years and was named the eighth fastest-growing Chicagoland company in 2020 by Crain's Chicago Business. The company maintains an A+ rating from the Better Business Bureau (BBB) and maintains a 4.9/5 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.

Important Information and Where to Find It
In connection with a proposed business combination with OppFi, FG New America Acquisition Corp. ("FGNA") (NYSE: FGNA) intends to file a preliminary proxy statement and a definitive proxy statement with the U. S. Securities and Exchange Commission (the "SEC"). The stockholders of FGNA and other interested persons are advised to read, when available, the preliminary proxy statement and the amendments thereto and the definitive proxy statement and documents incorporated by reference therein filed in connection with the proposed business combination, as these materials will contain important information about OppFi, FGNA and the proposed business combination. When available, the definitive proxy statement and other relevant materials for the proposed business combination will be mailed to stockholders of FGNA as of a record date to be established for voting on the proposed business combination. Stockholders will also be able to obtain copies of the preliminary proxy statement, the definitive proxy statement and other documents filed with the SEC that will be incorporated by reference therein, without charge, once available, at the SEC's web site at www.sec.gov, or by directing a request to: FG New America Acquisition Corp., Attention: Hassan Baqar, Chief Financial Officer, 105 S. Maple Street, Itasca, Illinois 60143.

Participants in the Solicitation
FGNA and its directors and executive officers may be deemed participants in the solicitation of proxies from FGNA's stockholders with respect to the business combination. A list of the names of those directors and executive officers and a description of their interests in FGNA will be filed in the proxy statement for the proposed business combination and be available at www.sec.gov. Additional information regarding the interests of such participants will be contained in the proxy statement for the proposed business combination when available.

OppFi and its directors and executive officers may also be deemed to be participants in the solicitation of proxies from the stockholders of FGNA in connection with the business combination. A list of the names of such directors and executive officers and information regarding their interests in the proposed business combination will be included in the proxy statement for the proposed business combination.

Non-Solicitation
This press release shall not constitute a solicitation of a proxy, consent or authorization with respect to any securities or in respect of the proposed business combination. This press release shall also not constitute an offer to sell or the solicitation of an offer to buy any securities, nor shall there be any sale of securities in any states or jurisdictions in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made except by means of a prospectus meeting the requirements of Section 10 of the Securities Act of 1933, as amended.

Contact:
Wendy Serafin 
vice president of communications
Media@opploans.com

Roger Sauerhaft
Sloane & Company
Rsauerhaft@sloanepr.com 

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SOURCE OppFi

FAQ

What leadership changes were announced by OppFi on March 3, 2021?

OppFi appointed Elizabeth Simer as general manager for the OppFi Card and Matthew Gomes for SalaryTap.

What is the OppFi Card and when is it expected to launch?

The OppFi Card is a new credit card product set to pilot in the second half of 2021.

What is SalaryTap and when will it be available nationally?

SalaryTap is an installment lending product that will have a national rollout planned for Q2 2021.

How many loans has OppFi issued to date?

OppFi has issued more than 1.5 million loans.

What are the customer ratings for OppFi?

OppFi maintains an A+ rating from the BBB and a 4.9/5 star rating from over 14,000 customer reviews.