OppFi Inc. (NYSE: OPFI) (“OppFi”), a leading financial technology platform that powers banks to help everyday consumers gain access to credit, announced today that it has expanded its existing $25 million bank credit facility to $45 million. OppFi plans to use the expanded facility in part to support the growth and expansion of its SalaryTap product, an employer payroll-linked loan product, that is available in 33 states.
“This expanded facility is an important financial milestone for OppFi as it can help us further expand and grow the SalaryTap product and help everyday consumers gain access to simple and affordable financial products,” said Jared Kaplan, Chief Executive Officer, OppFi. “We see a growing market opportunity with this type of product as we look to further expand credit access to millions of consumers who have limited mainstream affordable options.”
In the second quarter, OppFi announced the expansion of SalaryTap into 33 markets as well as new relationships with financial care platforms, Best Money Moves and Brightside. OppFi plans to further expand the SalaryTap platform into additional states in the fourth quarter of 2021.
Additional information regarding the expanded bank credit facility is included in the Current Report on Form 8-K filed today by OppFi with the U.S. Securities and Exchange Commission.