Updated:
OppFi
OppFi is a publicly traded fintech lender that has originated over $4.6B in non-prime consumer credit since 2012 using bank partnerships and alternative...
OppFi
OppFi launched in 2012 as Opportunity Financial, founded by Todd Schwartz, who became CEO, and later joined by Jared Kaplan as CEO in a co-leadership structure. The Chicago-based company went public via a SPAC merger with FG New America Acquisition Corp. in July 2021, listing on the NYSE under the ticker OPFI. The firm targets the roughly 60 million Americans with limited access to traditional credit products. The platform issues installment loans and a credit card product through a bank partnership model, where lending originates via state-chartered banks, enabling rate compliance while OppFi services the accounts. Asset classes include personal installment lending, credit-card receivables, and a small and medium business lending product called OppFi Business. The firm's core consumer offerings are OppLoans, an installment loan product, and OppFi Card, a credit card issued through a partner bank. Since inception, the platform has originated more than $4.6 billion in total credit across approximately 4 million loans, serving borrowers in over 30 states and the District of Columbia. OppFi employs roughly 500 people, with its headquarters in Chicago and an additional office in Bogotá, Colombia, housing technology and operations talent. The firm also operates OppFi Foundation, a philanthropic arm focused on financial literacy. In July 2023, OppFi amended its credit facility with Atalaya Capital Management, extending the maturity to 2026 and reducing the commitment size — a move that reflected tightening credit conditions and the firm's effort to manage balance-sheet risk. OppFi's structural differentiator is its status as a publicly traded entity in the non-prime consumer-finance space, a segment typically dominated by private lenders and storefront operators. Its bank-partnership model provides a regulatory moat, allowing it to offer loans at rates that would otherwise violate state usury caps. The company's alternative underwriting engine — using employment data, bank-account transaction history, and other non-traditional signals — sets it apart from FICO-first competitors and defines its sourcing posture.
General information
Firm type
Asset Manager
Year founded
2012
AUM
Undisclosed
Location
Region
North America
Country
United States
City
Chicago
Corporate office
Chicago, IL, United States
Principals
Todd Schwartz
Chief Executive Officer
Jared Kaplan
Chief Executive Officer
Sector focus
Frequently asked questions
What is OppFi's lending model?
OppFi operates a bank-partnership model, where loans are originated by state-chartered partner banks and OppFi services the receivables. This structure allows the firm to offer credit at rates that comply with federal preemption standards, bypassing state-level usury caps. Its main products are OppLoans, an installment loan, and OppFi Card, a credit card product.
Who runs investment and credit decisions at OppFi?
Todd Schwartz, the founder, and Jared Kaplan serve as co-CEOs, overseeing business strategy and credit policy. Operational underwriting decisions are driven by the firm's proprietary model, which uses alternative data, not just FICO scores, to assess borrower risk. The technology and analytics teams report through the executive leadership group based in Chicago.
How does OppFi source its customers?
OppFi acquires customers primarily through digital marketing channels, including search engine marketing, affiliate partnerships, and direct mail. The firm targets near-prime and non-prime consumers who are often declined by traditional banks and credit card issuers. Its credit-decision engine pulls from bank-account transaction data and employment verification, a process that functions as the sourcing and underwriting funnel.
Is OppFi a single-family office or an operating company?
OppFi is an operating fintech company and a publicly traded entity listed on the NYSE under the ticker OPFI. It is not a family office. The firm went public in July 2021 through a merger with a SPAC, FG New America Acquisition Corp., following nearly a decade as a private company.
Which credit segments does OppFi target?
OppFi focuses on the non-prime and near-prime consumer segments — borrowers with FICO scores typically below 640 who have limited access to traditional bank credit. It also operates a small-business lending product aimed at microbusinesses underserved by conventional lenders. The company explicitly excludes prime and super-prime consumers, as those segments are adequately served by mainstream banks.
What is OppFi's known posture on credit risk during economic cycles?
OppFi tightened credit standards during 2023 in response to rising delinquencies, evidenced by its amendment to the Atalaya Capital Management facility that reduced the commitment size. The firm uses real-time analytics on loan performance to adjust origination volume and underwriting criteria, a posture typical of non-prime lenders facing macro uncertainty.
Does OppFi maintain philanthropic structures?
Yes, OppFi operates the OppFi Foundation, which supports financial literacy programs and community initiatives. The foundation is a separate legal entity, though its mission aligns with the company's customer base of financially underserved Americans. Specific grant amounts and programs are disclosed in the firm's annual community impact reports.
Profile maintained by Altss using OSINT (open-source intelligence), regulatory filings, licensed data partners, and verified direct submissions. Read the methodology. Last updated: . Continuous refresh with full update cycles at least every 30 days.
Need institutional-grade insight on family offices?
Altss delivers:
Prefer a guided tour?
We’ll walk you through: