OppFi Inc. , a leading financial technology platform that powers banks to help everyday consumers gain access to credit, announced today that it has facilitated the issuance of more than two million online installment loans with its OppLoans product. Through the OppFi platform, the OppLoans product uses alternative data to reflect a customer’s unique financial situation and facilitates credit access through bank partnerships for consumers whose credit scores exclude them from the traditional financial ecosystem.
“The accelerated growth of OppLoans shows that millions of everyday consumers are underserved by the mainstream banking system. By utilizing machine learning technologies, alternative data can unlock credit access for those with less than perfect traditional credit scores,” said Jared Kaplan, Chief Executive Officer, OppFi. “This important milestone demonstrates why we believe we are well positioned to continue to grow as a leader to help people rebuild financial health with existing offerings like our OppLoans small dollar unsecured personal loans and future products in development.”
OppFi facilitated the issuance of its first installment loans in 2012, grew to facilitate the issuance of more than 750,000 loans by 2019, and reached the two million loan issuance milestone this month. As the OppFi platform grows, the company has collected more than seven billion informative data points as part of its AI-powered proprietary scoring algorithm, thereby improving its auto approvals to 58 percent for the most recent quarter.
To provide more credit access options for the everyday consumer, OppFi has bolstered its platform to offer SalaryTap, an employer sub-prime payroll-linked loan product issued by FinWise Bank, Member FDIC, and its credit card product, OppFi Card, issued by First Electronic Bank, member FDIC. Additionally, the company recently announced the expansion of two credit facilities to specifically support the growth and expansion of SalaryTap and OppFi Card.
“As we continue to pursue strategic product development opportunities as well as scale and grow our current product offerings, we remain focused on OppFi’s commitment to build and expand financial services for millions of everyday consumers,” added Kaplan.