OppFi

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.