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OppFi Inc. (NYSE: OPFI) is a technology-driven, mission-focused specialty finance platform dedicated to expanding credit access for everyday Americans. Leveraging advanced technology, OppFi connects with community banks, enabling them to offer installment loans and SalaryTap contracts designed to meet the needs of underserved consumers. By recognizing revenue through finance charges on these contracts via the interest method, OppFi has carved out a significant niche in the fintech industry.
OppFi's core business revolves around providing accessible financial solutions that promote financial inclusion. The company’s innovative platform allows for efficient and responsible lending, ensuring customers have access to credit while managing risk effectively. Recent achievements include the initiation of coverage by Stonegate Capital Partners, a testament to OppFi's growing presence and influence in the market.
Currently, OppFi is working on several projects aimed at enhancing their product offerings and expanding their market reach. These initiatives include partnerships with various financial institutions to broaden their service capabilities and improve customer experience. Financially, OppFi maintains a stable condition, with consistent revenue growth driven by their unique business model and strategic collaborations.
OppFi's commitment to innovation and customer-centric services positions it as a significant player in the fintech space, continually striving to bridge the credit gap for those often overlooked by traditional financial services. For investors and stakeholders, OppFi presents a promising opportunity, backed by a robust business model and a clear mission to make credit more accessible to all.
OppFi (NYSE:OPFI) celebrates a significant milestone, surpassing 1 million unique customers and launching a same-day funding service on its OppLoans platform. This service allows qualified customers applying by 1:00 pm ET on business days to receive funds the same day. Approximately one-third of OppFi’s customers have benefited from this feature. The company emphasizes its commitment to enhancing customer financial health through partnerships with social impact organizations offering financial education and resources. CEO Todd Schwartz stated that these offerings cater to the financial needs of underserved Americans.
OppFi Inc. (NYSE:OPFI) has secured a $150 million credit facility with Castlelake L.P. and Hudson Cove Capital Management. This facility, with a 4-year term, aims to finance receivables growth and replace an existing facility due to mature in January 2024. CEO Todd Schwartz emphasized that this move will help expand credit access to 60 million underserved Americans and support profitable growth. The company is recognized for its strong consumer ratings, holding a 4.6/5.0 star rating on Trustpilot.
OppFi reported a 35% year-over-year revenue increase to $124.2 million for Q3 2022. Net originations rose 11% to $182.7 million, and ending receivables surged 39% to $407.7 million. Despite these gains, the company faced a net loss of $0.7 million with basic and diluted EPS at $(0.04). Adjusted net income fell 95.6% to $0.8 million, with adjusted EPS at $0.01. OppFi reaffirms a full-year revenue growth guidance of 20-25% and anticipates profitability improvements in 2023.
OppFi (NYSE: OPFI) provided a business update on its upcoming financial performance, projecting total revenue of approximately
OppFi (NYSE: OPFI) announced its participation in the 4th Annual Needham Virtual FinTech & Digital Transformation 1x1 Conference on August 17, 2022. CEO Todd Schwartz and CFO Pam Johnson will meet with institutional investors. Interested parties can contact Needham or OppFi's investor relations for scheduling details. OppFi is a financial technology platform focused on providing credit access to consumers often overlooked by traditional banks. The company boasts a 4.7/5.0 star rating on Trustpilot and an A+ rating from the Better Business Bureau.
OppFi reported a 38% year-over-year revenue increase to $107.9 million for Q2 2022, alongside a 57% rise in net originations to $226.2 million. However, net income fell by 47% to $9.5 million, and adjusted net income dropped 61.7% to $6.8 million. EPS was reported at $0.26 basic and $0.10 diluted. The company anticipates 20% to 25% revenue growth for the full year, while adjusting guidance due to inflation-related credit deterioration.
OppFi (NYSE:OPFI) announced it will release its financial results for Q2 2022 on August 9, 2022, after market close. Management will discuss results and future outlook during a conference call at 4:30 p.m. ET on the same day. OppFi is recognized for providing consumers access to credit, and it has received accolades from the Deloitte North America Technology Fast 500 for multiple consecutive years. The company holds a high customer satisfaction rating of 4.7/5.0 on Trustpilot, reflecting its dedication to service.
OppFi (NYSE: OPFI) has been added to the Russell 2000 Index, along with the Russell 3000 and Russell Microcap Indexes. This addition marks a significant milestone in the company's first year as a publicly-traded entity. CEO Todd Schwartz expressed optimism that this inclusion will elevate OppFi's visibility among investors, aligning with their mission to provide credit access to 60 million underserved Americans. Russell indexes are crucial for investment managers and institutional investors.
Ryan Williams, Founder of Cadre, transitions to Executive Chairman as Jared Kaplan, former CEO of OppFi, is appointed as the new CEO. Kaplan brings extensive fintech experience, aiming to accelerate Cadre's growth and expand its investment offerings for diverse investors. Cadre has achieved a significant milestone, closing over
OppFi Inc. (NYSE: OPFI) announced a significant expansion of its credit facility with Atalaya Capital Management, increasing it from $75 million to
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