CHICAGO–(COMMERCIAL THREAD) – OppFi Inc. (NYSE: OPFI) (“OppFi“), a leading financial technology platform that enables banks to help everyday consumers access credit, today announced it has extended its existing bank credit facility by $ 25 million OppFi plans to use the expanded facility in part to support the growth and expansion of its SalaryTap product, an employer payroll-related loan product, available in 33 states.
“This expanded facility is a significant financial milestone for OppFi as it can help us develop and further develop the SalaryTap product and help everyday consumers access simple and affordable financial products, âsaid Jared Kaplan, CEO of OppFi. “We see a growing market opportunity with this type of product as we seek to further expand access to credit to millions of consumers who have limited affordable mainstream options. ”
In the second quarter, OppFi announced the expansion of SalaryTap to 33 markets as well as new relationships with financial care platforms, Best Money Moves and Brightside. OppFi plans to further expand the SalaryTap platform to other states in the fourth quarter of 2021.
Additional information regarding the extended bank credit facility is included in the current report on Form 8-K filed today by OppFi with the United States Securities and Exchange Commission.
OppFi (NYSE: OPFI) is a leading financial technology platform that enables banks to deliver accessible products and a best-in-class experience to everyday consumers. OppFi’s platform facilitates installment loan products, OppLoans and SalaryTap, and credit card product, OppFi Card. The company has been an Inc. 5000 company for six consecutive years, a two-time Deloitte Technology Fast 500 â¢, and the seventh fastest growing company in Chicagoland in 2021 by Crain’s Chicago Business. The company was also on the Forbes America 2021 list of America’s Best Startup Employers and Built In’s 2021 Best Workplaces in Chicago. OppFi maintains an A + rating from the Better Business Bureau (BBB) ââand maintains a 4.8 / 5 star rating with over 14,000 customer reviews online, making it one of the top online financial platforms rated by customers. For more information, please visit oppfi.com.
This information includes “forward-looking statements” within the meaning of the “safety rule” provisions of the Private Securities Litigation Reform Act of 1995. OppFi’s actual results may differ from its expectations, estimates and projections and, therefore, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect”, “estimate”, “project”, “budget”, “plan”, “anticipate”, “intend”, “plan”, “may”, “can” , “Could”, “should,” “believes”, “predicted”, “potential”, “continuing” and similar expressions are intended to identify such forward-looking statements. These forward-looking statements involve significant risks and uncertainties which could cause actual results to differ materially from expected results. Most of these factors are beyond OppFi’s control and are difficult to predict. Factors that may cause such differences include, but are not limited to: the impact of COVID-19 on OppFi’s business; the impact of stimulus or other government programs; the ability to recognize the anticipated benefits of the business combination, which may be affected by, among other things, competition; OppFi’s ability to grow and manage its growth profitably and to retain key employees; costs associated with business combinations; changes in applicable laws or regulations; the possibility that OppFi will be adversely affected by economic, commercial and / or competitive factors; whether OppFi will be successful in launching SalaryTap, including whether SalaryTap will be accepted by consumers or the market; and other risks and uncertainties indicated from time to time in documents filed by OppFi with the SEC, including those referred to under âRisk Factorsâ. OppFi cautions that the above list of factors is not exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date they are posted. OppFi does not undertake or accept any obligation or commitment to publicly release updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in the events, conditions or circumstances upon which such statement is made. based.