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OppFi Closes $150MM Credit Facility with Castlelake and Hudson Cove Capital

December 20, 2022, 07:35 AM
Filed Under: Technology

OppFi, a leading financial technology platform that powers banks to help the everyday consumer gain access to credit, announced that subsidiaries of the Company have closed a $150 million credit facility with an affiliate of Castlelake L.P. ("Castlelake") as lender. Affiliates of Hudson Cove Capital Management LLC ("Hudson Cove") are also participating in the credit facility.

"This facility will enable us to finance receivables growth, furthering our mission to facilitate credit access to the 60 million Americans who are not traditionally served by banks and other financial institutions and paving the way for us to achieve profitable growth," said Todd Schwartz, Chief Executive Officer and Executive Chairman of OppFi.

OppFi intends to utilize the credit facility, which has a 4-year term, to fund receivables growth and replace one of OppFi’s other credit facilities, which was scheduled to mature in January 2024.

Castlelake is a global alternative investment manager with 17 years of experience investing in asset-rich opportunities. Hudson Cove is an SEC-registered asset management firm that invests in liquid structured credit and asset-based lending strategies.

"We are excited by this support from Castlelake and Hudson Cove and believe this new facility demonstrates the resiliency of our platform throughout capital markets cycles," said Shraya Soundararajan, Director, Capital Markets of OppFi.

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