Opportunity Financial, LLC (OppFi), a U.S.-based fintech platform that powers banks to help the everyday consumer gain access to credit, announced on Wednesday it has joined forces with Mastercard, First Electronic Bank and Deserve to launch OppFi Card, which is a new mobile-first credit card designed to expand credit to millions of consumers who are locked out of mainstream financial products.
OppFi reported that OppFi Card will be issued by First Electronic Bank, Member FDIC, and will serve to help graduate current OppFi customers to mainstream credit options. Upon approval, cardholders will be instantly able to access their OppFi Card by directly adding it to their mobile wallets from the OppFi mobile app. Speaking about the credit card, Jared Kaplan, CEO of OppFi, stated:
“OppFi’s mission is to expand financial access to millions of everyday consumers who are locked out of traditional financial products, of which about 60 million U.S. adults lack access to credit of choice. OppFi Card is the next product phase to fulfill this need. OppFi Card can bridge the gap and help graduate consumers closer to mainstream credit options with simple, revolving credit that can improve their financial health.”
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.”
The new partnerships come just days after OppFi announced it closed an expanded $50 million corporate credit facility with Atalaya Capital Management. 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.
OppFi plans to launch OppFi Card in the second half of 2021.