Facility is designed to power OppFi’s growth plans and accelerate new product roll-out
Opportunity Financial, LLC (“OppFi“), a leading financial technology platform that powers banks to help the everyday consumer gain access to credit, announced today that it has closed an expanded $50 million corporate credit facility with Atalaya Capital Management. The proceeds of the facility will be used to refinance existing corporate indebtedness and provide growth capital to broaden credit access to tens of millions of everyday consumers who are locked out of mainstream financial options.
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“Our expanded relationship with Atalaya Capital Management not only further validates the strength of our mission-driven business model, but also illustrates our commitment to helping millions of everyday consumers gain access to simple and affordable financial products,” said Jared Kaplan, chief executive officer, OppFi. “We see a great opportunity for OppFi to be the financial champion for the nearly 60 million everyday consumers as we continue to innovate our array of products, technology and capabilities in the years ahead.”
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“Atalaya believes that more equal access to responsible credit is a fundamental need in our economy and an important part of financial inclusion. We are excited to expand our relationship with OppFi in their mission to help everyday consumers build a better financial path,” said David Aidi, Partner, Atalaya Capital Management LP.
OppFi addresses a large unmet need for U.S. consumers, as approximately 60 million consumers lack access to mainstream financial products. The company’s AI-enabled financial services platform is scalable and mobile-first, delivering a simple, efficient consumer experience. The company has facilitated more than 1.5 million loans to date. In addition, Salary Tap, its prime installment lending product that is repaid through payroll deduction, launched in December 2020 and has a national rollout planned for the second quarter of this year. OppFi Card, the company’s new credit card product, is planned to launch in the second half of 2021.
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