OppFi, a financial technology platform, 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. 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.
“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,” Jared Kaplan, CEO of OppFi, said. “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,” Justin Burns, managing director of Atalaya Capital Management, said.
OppFi Card provides consumers with a mobile-first option to access credit, featuring Mastercard as the exclusive card network and Deserve’s technology platform. With the card’s instant issuance, 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.
“The OppFi card is a much-needed product designed to provide a high-quality, safe, and transparent solution for a large underserved market,” Elizabeth Simer, general manager of credit cards at OppFi, said. “We believe the OppFi Card will help meet the evolving credit needs of everyday consumers through a seamless digital experience.”
