Opportunity Financial, LLC (“OppFi”), a leading financial technology platform that serves the everyday consumer, and FG New America Acquisition Corp, a special purpose acquisition corporation (“SPAC”), today announced they have entered into a definitive business combination agreement for a business combination that would result in OppFi becoming a public company. Upon closing, the combined company’s common stock is expected to trade on the New York Stock Exchange under the ticker “OPFI.” The business combination is expected to close by the end of the second quarter of 2021, subject to customary closing conditions.
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FGNA Chairman Joe Moglia stated, “My team at FG New America and I are thrilled to announce this transaction with OppFi, as serving the financial needs of the everyday consumer is very much in our DNA. We have been highly impressed by the significant growth the OppFi team has achieved through their innovative platform and the proven ability to scale, all while faithfully serving their customers.”
OppFi CEO Jared Kaplan stated, “OppFi is at the forefront of a high growth digital financial services revolution. We are a leading financial technology platform that powers banks through a multitude of products and our unwavering commitment to customer service. We’re tremendously proud of the team that has made our progress possible through a commitment to serving consumers excluded from the traditional system through fair, transparent products and an extraordinary customer experience. We see a solid opportunity ahead for OppFi to be the financial champion for the nearly 60 million everyday consumers in the U.S. as we continue to innovate our array of products, technology and capabilities in the years ahead. We are excited to be joining with the FGNA team to help make this a reality.”
