According to an 8K filed with the SEC, BMO Harris Bank served as administrative agent and collateral agent for the expansion of OppFi’s existing $25 million bank credit facility to $45 million. OppFi, a financial technology platform, plans to use the expanded facility in part to support the growth and expansion of its SalaryTap product, an employer payroll-linked loan product, which is available in 33 states.
“This expanded facility is an important financial milestone for OppFi, as it can help us further expand and grow the SalaryTap product and help everyday consumers gain access to simple and affordable financial products,” Jared Kaplan, CEO of OppFi, said. “We see a growing market opportunity with this type of product as we look to further expand credit access to millions of consumers who have limited mainstream, affordable options.”
In Q2/21, OppFi expanded SalaryTap into 33 markets and entered relationships with financial care platforms Best Money Moves and Brightside. OppFi plans to further expand the SalaryTap platform into additional states in Q4/21.