OppFi
OppFi facilitates safe, simple, and more affordable credit access for 60 million Americans who lack traditional options through its 100% digital platform and partnerships with banks and mission-aligned organizations.
Company Overview
OppFi facilitates safe, simple, and more affordable credit access to 60 million everyday Americans who lack traditional options. OppFi addresses the financial needs of a substantial portion of U.S. consumers, with 64% living paycheck to paycheck and 44% lacking sufficient savings for a $1,000 unplanned expense. The company's platform powers banks to deliver credit access through a 100% digital solution, ensuring fairness and transparency in its offerings.
Products
OppLoans is a key product powered by the OppFi platform, working with bank partners to facilitate credit access. OppFi provides a quick application process with same-day funding upon approval, subject to credit verification. Its offerings include fully amortizing loans with no balloon payments, transparent and interest-only pricing, and the ability to prepay without penalty. All loans originated by OppFi’s lending partners are serviced by OppLoans, which reports to all three major credit bureaus.
Partnerships and Initiatives
OppFi has established several partnerships with mission-aligned organizations to enhance its customers' financial health. Zogo is a gamified personal finance app sponsored by OppFi to foster financial literacy. SpringFour provides access to over 20,000 vetted nonprofit and government resources. Experian Boost® allows customers to potentially improve their FICO® scores using alternative data. OppFi supports initiatives designed to help consumers meet their financial objectives more effectively.
Public Listing and Recognition
OppFi went public via a SPAC merger with FG New America in July 2021. The company has been recognized as one of the Best Places to Work for three consecutive years (2018, 2019, and 2020) and was listed as one of the Best Startup Employers in 2021. In February 2023, OppFi debuted a same-day funding service aimed at underserved borrowers, further cementing its commitment to providing accessible financial solutions.