OppFi Inc (OPFI)

History and Background

OppFi Inc., formerly known as FG New America Acquisition Corp, was founded in 2012. It is a financial technology platform that powers banks to help everyday consumers gain access to credit. The company went public via a SPAC merger in July 2021.

Core Business Areas

• OppFi Lending Platform: Provides technology and analytics to community banks to enable them to offer installment loans to consumers.
• SalaryTap: An earned wage access platform that allows employees to access a portion of their earned but unpaid wages before payday.

Leadership and Structure

Todd Schwartz is the Executive Chairman. The organizational structure is functional, with departments focusing on technology, marketing, finance, and operations.

Key Offerings

• OppLoans: Installment loans offered through bank partners using OppFi's platform. Competitors include Upstart (UPST), LendingClub (LC), and OneMain Financial (OMF). Market share data is difficult to determine precisely due to the diverse nature of the lending market, but revenue from OppLoans is a significant portion of OppFi's total revenue.
• SalaryTap: Earned wage access solution. Competitors include DailyPay and PayActiv. This product is relatively newer, so market share is still developing. Number of users and revenue figures are growing.

Industry Overview

The fintech industry is rapidly evolving, with increasing demand for digital lending solutions and earned wage access. Regulatory scrutiny is also increasing.

Positioning

OppFi positions itself as a fintech enabler for community banks, providing technology and analytics to help them serve underserved consumers. Its competitive advantage lies in its proprietary technology platform and data analytics capabilities.

Total Addressable Market (TAM)

The estimated TAM for near-prime lending and earned wage access solutions is significant, potentially exceeding $100 billion annually. OppFi is positioned to capture a portion of this market by partnering with banks and offering innovative financial products.

Key Competitors

• UPST
• LC
• OMF
• QFIN

Competitive Landscape

OppFi's advantages include its technology platform and focus on underserved consumers. Disadvantages include dependence on bank partners and regulatory risk.

Historical Growth: OppFi has experienced growth in revenue and customer base in recent years.

Future Projections: Analyst estimates project continued growth for OppFi, driven by increased adoption of its lending platform and earned wage access solution.

Recent Initiatives: Recent initiatives include expanding partnerships with community banks and developing new financial products.

OppFi is a fintech company focusing on providing financial solutions for underserved consumers. Its strengths include a proprietary technology platform and partnerships with community banks. The company faces regulatory risks and competition from larger players. OppFi needs to continue innovating and expanding its partnerships to maintain its growth trajectory.

Data Sources:

• Company Filings
• Market Research Reports
• Analyst Estimates

Disclaimers:

This analysis is for informational purposes only and should not be considered financial advice. Investment decisions should be based on thorough research and consultation with a qualified financial advisor. Market share data is an estimate.