Financial Opportunity, LLC and FG New America Acquisition Corp. joined forces. The new combined company, now officially known as OppFi, Inc., began trading on the New York Stock Exchange under the ticker symbols OPFI (class A common stock) and OPFI (warrants) on Wednesday, July 21.
OppFi, which will ring the NYSE closing bell on Tuesday, July 27, will continue to be led by CEO Jared Kaplan and CFO Shiven Shah.
“We are extremely proud of the fintech platform we have built and our commitment to serving consumers excluded from the traditional banking system through fair and transparent products and an extraordinary customer experience,” Kaplan said in the joint announcement. “We are very excited to enter the public markets and strengthen our position as a financial champion for nearly 150 million daily consumers in the United States.”
Kaplan told PYMNTS earlier this year that OppFi offers banks an alternative in assessing credit risk beyond the traditional FICO score that allows them to expand their services to more customers. The company’s technology product is credit decision-centric that leverages artificial intelligence (AI) coupled with alternative data feeds to “see through what we don’t think is a very predictive metric to determine a person’s creditworthiness, ”he said.
“Community banks and regional banks are looking for ways to compete with much larger banks,” Kaplan told PYMNTS. “It’s a massively underserved market, and by entering it, they can gain market share.” Part of OppFi’s offering includes educational modules designed to teach people how to budget and take better care of their finances. This educational content needs to be connected to its banking products, he said.
“We continue to be very impressed with the significant growth of the OppFi team,” said the Chairman of the FGNA. Joe moglia in the joint announcement. “We look forward to their continued expansion as the company expands its digital and data-driven platform to reach the millions of consumers who could benefit from expanded access to financial products. “