Opportunity Financial, LLC (OppFi), a U.S.-based fintech platform that powers banks to help the everyday consumer gain access to credit, announced on Monday it has closed an expanded $50 million corporate credit facility with Atalaya Capital Management.
OppFi’s key mission is to help consumers who are turned away by traditional providers build a better financial path.
“We facilitate financial inclusion and credit access to the 60 million everyday consumers who lack access to traditional credit through best available products and an unwavering commitment to our customers.”
OppFi went on to reveal that 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. Speaking about the facility, Jared Kaplan, CEO of OppFi, stated:
“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.”
OppFi then added it has facilitated more than 1.5 million loans to date. In addition, Salary Tap, the company’s 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, OppFi’s new credit card product, is planned to launch in the second half of 2021.