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OppFi, a financial technology platform, announced the launch of the OppFi Card, a mobile-first credit card designed to provide access to credit for millions of consumers excluded from traditional financial products. The card, powered by Mastercard, First Electronic Bank, and Deserve, aims to assist users in transitioning to mainstream credit options. OppFi plans to introduce the card in the second half of 2021. Earlier this year, OppFi entered into an agreement with FG New America Acquisition Corp (FGNA) for a business combination, making the company public.
OppFi has partnered with Brightside to launch SalaryTap, a small dollar installment loan product aimed at non-prime borrowers, offering amounts from $2,000 to $6,000 with prime rates. The loans are repaid through payroll deductions with no hidden fees, demonstrating a commitment to transparency. This partnership marks the first public step in SalaryTap's rollout, targeting various industries and aiming to assist consumers previously excluded from traditional credit options. A national launch is anticipated in Q2 2021, following successful pilot programs.
On March 29, 2021, OppFi announced the closing of a $50 million credit facility with Atalaya Capital Management. The funds will refinance existing debts and support growth, helping 60 million U.S. consumers access credit. OppFi has issued over 1.5 million loans and introduced new products like Salary Tap and OppFi Card. The company's business combination with FG New America Acquisition Corp (NYSE: FGNA) is underway to go public. OppFi is recognized for its rapid growth and strong customer ratings.
OppFi reported strong fourth-quarter and full-year financial results for 2020, marking significant growth in revenue and net income. Revenue surged by 24.5% to $90 million in Q4 and by 27% to $291 million for the full year. GAAP Net Income soared by 123.9% to $16 million in Q4 and by 134.9% to $78 million year-over-year. The company has entered a definitive agreement to merge with FG New America Acquisition Corp (FGNA), anticipating enhanced growth and product launches to support underserved consumers. Liquidity remains robust with $26 million in cash and over $100 million in available financing.
Opportunity Financial, LLC has announced the appointment of Elizabeth Simer as general manager for its new credit card venture, OppFi Card, alongside Matthew Gomes as general manager for SalaryTap, its payroll deduction lending product. Simer, with experience from Intuit and Discover, is expected to enhance product development, while Gomes aims to transition SalaryTap from pilot to national rollout by Q2 2021. OppFi has issued over 1.5 million loans and maintains high customer ratings, showcasing its commitment to improving access to credit for consumers.
Opportunity Financial and FG New America Acquisition Corp. (FGNA) have entered a definitive agreement for a business combination, allowing OppFi to go public. The combined entity is expected to trade under the ticker "OPFI" on the NYSE following the closing, anticipated by Q2 2021. The deal values the combined company at approximately $800 million, based on projected Adjusted Net Income. OppFi has achieved a 66% revenue CAGR since 2017 and facilitated over $2.3 billion in loans, demonstrating significant growth potential in the financial technology sector.
