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OppFi Amends $75MM Credit Facility with Atalaya Capital Management

October 19, 2021, 07:46 AM
Filed Under: Technology

OppFi, a leading financial technology platform that powers banks to help everyday consumers gain access to credit, amended its existing $75 million credit facility with Atalaya Capital Management to support the growth of the newly launched OppFi Card, issued by First Electronic Bank, Member FDIC. OppFi recently launched OppFi Card, its first-ever credit card designed to enable the company to serve a segment of the $21 billion non-prime credit card market.1

“This expanded relationship with Atalaya Capital Management and OppFi Card is an important next step as we work to further grow OppFi into the broader consumer market and signals our commitment to expand financial services to the millions of everyday consumers who are locked out of mainstream options,” said Jared Kaplan, Chief Executive Officer, OppFi. “With OppFi Card, consumers will have the opportunity to access new revolving credit options that could help build better financial health.”

“Atalaya is excited to expand our relationship with OppFi in their mission to help everyday consumers build a better financial path. The launch of OppFi Card will allow OppFi to continue to service consumers who are currently underserved by traditional credit channels,” said Justin Burns, Managing Director, Atalaya Capital Management LP.

OppFi Card provides consumers with a new, mobile-first option to access credit, featuring Mastercard as the exclusive card network and Deserve’s technology platform. OppFi Card is designed to provide an opportunity for millions of everyday consumers to build credit history through this new revolving credit option.

With the card’s instant issuance, a key differentiator, OppFi Card users, upon approval, can access the mobile app with their card information almost immediately to begin making purchases online, in-app, and at point of sale. This mobile-first experience opens the door to payments technology – like mobile wallets – and broadens access to digital financial solutions for more consumers.

“The OppFi card is a much-needed product designed to provide a high-quality, safe, and transparent solution for a large underserved market,” said Elizabeth Simer, General Manager, Credit Card, OppFi. “We believe the OppFi Card will help meet the evolving credit needs of everyday consumers through a seamless digital experience.”

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