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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 reported a 47% increase in revenue for Q3 2021, reaching $91.98 million. Adjusted revenue also grew by 25% year-on-year. Net income was $30.4 million, marking a 57% rise from the previous year. The company achieved a record $165 million in net originations, up 25% year-over-year. Despite these gains, adjusted net income fell 10.9% to $17.36 million. Full-year 2021 guidance remains at $350-$360 million in revenue, with expected adjusted EBITDA of $120-$125 million.
OppFi (NYSE: OPFI), a financial technology platform, is set to release its third-quarter financial results for the period ended September 30, 2021, post-market on November 11, 2021. Management will host a conference call and webcast to discuss the results at 5:00 pm ET on the same day. Investors can access a replay of the call on the company’s website until November 25, 2021. OppFi's platform facilitates various credit products and has received numerous accolades, including being listed on America's Best Startup Employers by Forbes.
OppFi has launched its first credit card, the OppFi Card, targeting the $21 billion non-prime credit card market. The initiative is supported by an amended $75 million credit facility from Atalaya Capital Management. This mobile-first card enables users to build credit history with instant issuance, allowing immediate access to card information for online and in-app purchases. CEO Jared Kaplan emphasized the card's role in providing access to underserved consumers, while the collaboration with Atalaya aims to broaden OppFi's services in the consumer finance sector.
OppFi (NYSE: OPFI) has successfully expanded its bank credit facility from
OppFi (NYSE: OPFI) will present at the JMP Securities Fintech Forum: Artificial Intelligence on September 10, 2021, at 1:30 PM EDT. CEO Jared Kaplan and Chief Risk and Analytics Officer Chris McKay will engage in a fireside chat. Interested parties can access the live audio webcast through the conference link or on the OppFi investor relations site. OppFi is a financial technology platform enabling banks to offer accessible credit products like OppLoans and OppFi Card. The company has received multiple accolades, including recognition from Inc. 5000 and Forbes in 2021.
OppFi Inc. (NYSE: OPFI) applauds the federal district court's recent ruling in Texas, which supports the Consumer Financial Protection Bureau's (CFPB) Small Dollar Rule. This decision reinforces consumer protections in small dollar lending, aiming to protect access to credit for 150 million Americans. CEO Jared Kaplan emphasizes the importance of evaluating borrowers' repayment abilities during the underwriting process. Additionally, OppFi has published a white paper proposing core principles for consumer protection in this sector.
OppFi has released its inaugural 2020 Social Impact Report, highlighting its efforts to enhance credit access for consumers lacking traditional financial options. The report indicates that 424,149 consumers had their payment histories reported to major credit bureaus, leading to an average 32-point increase in Vantage Scores. In 2020, approximately 280,516 consumers accessed credit via the OppFi platform, resulting in over $483 million in net originations. The company's initiatives also included providing over 100,000 referrals to free financial health resources, emphasizing its commitment to financial inclusion.
OppFi reported strong second quarter results for the period ending June 30, 2021, highlighting an 84% growth in originations and a 19% increase in receivables year-over-year. Total revenue reached $78.4 million, a 27.9% increase compared to the previous year. However, net income declined by 28.4% to $18 million. The company anticipates near 50% receivable growth through year-end 2021. The launch of the OppFi Card and partnerships for SalaryTap are part of their strategy to expand financial services. OppFi maintains a strong financial position with $121 million in cash.
OppFi Inc. (NYSE: OPFI) has appointed Neville Crawley as President, enhancing its leadership team. Crawley, a former CEO of Kiva, will report to CEO Jared Kaplan and focus on technology and go-to-market strategies. His expertise aims to drive growth as the company transitions into a public firm after its recent merger with FG New America Acquisition Corp. Since its inception, OppFi has issued over 1.5 million loans, emphasizing financial inclusion for consumers often overlooked by traditional banks. This strategic hire aligns with OppFi's mission to boost accessible financial services.
OppFi will release its second-quarter financial results for the period ending June 30, 2021, on August 10, 2021, after market close. A conference call is scheduled for the same day at 5:30 PM ET, which will be accessible via their Investor Relations page. OppFi has facilitated over 1.5 million loans and has received notable accolades, including recognition from Inc. 5000 and Deloitte's Technology Fast 500™. The company holds an A+ rating from the BBB and a 4.8/5 star rating based on customer reviews.
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