OppFi, a financial technology platform that powers banks to help the everyday consumer gain access to credit, has more than doubled one of its existing credit facilities with affiliates of Atalaya Capital Management to $200 million.
“We have been experiencing record consumer demand and opportunistically expanded our funding capacity to support our focus on profitable growth,” Todd Schwartz, CEO and executive chairman of OppFi, said.
OppFi increased its capacity under this credit facility from $75 million to $200 million. The expanded commitment, together with an extended three-year maturity, will be utilized to further fund receivables growth, as well as to refinance existing debt under one of the company’s other credit facilities.
“Inflationary pressures are challenging consumers and affecting their ability to manage financial emergencies,” Vasili Gerogiannis, chief capital officer of OppFi, said. “As a result, we’re very pleased to strengthen our relationship with Atalaya, as this upsized credit facility enables us to accommodate increased demand.”
