OppFi, a financial technology platform that powers banks to help the everyday consumer gain access to credit, closed a $150 million credit facility with an affiliate of Castlelake as lender. Affiliates of Hudson Cove Capital Management 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,” Todd Schwartz, CEO and executive chairman of OppFi, said.

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

“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,” Shraya Soundararajan, director, capital markets of OppFi, said.