Welcome to our dedicated page for OppFi news (Ticker: OPFI), a resource for investors and traders seeking the latest updates and insights on OppFi stock.
OppFi Inc. reports news as a tech-enabled digital finance platform that works with banks to provide financial products and services for everyday Americans. Company updates commonly cover quarterly and annual operating results, revenue from installment and SalaryTap contracts, receivables balances, bank-partner credit products, and the OppLoans by OppFi consumer platform.
Recurring developments also include capital allocation through Class A common stock repurchases, financing and revolving credit arrangements tied to receivables, underwriting and risk-based pricing commentary, and OppFi's equity interest in Bitty Holdings, LLC, which offers revenue-based financing and other working-capital solutions to small businesses.
OppFi (NYSE:OPFI) will release its fourth quarter and full year 2021 financial results on March 10, 2022, post-market. A conference call and webcast will follow at 5:00 pm ET to discuss these results, accessible via their Investor Relations page. The company is recognized for its financial technology services that help consumers access credit, with strong customer ratings and multiple accolades, including being part of the Inc. 5000 for six consecutive years.
OppFi Inc (NYSE: OPFI) has appointed Todd Schwartz as its new Chief Executive Officer, succeeding Neville Crawley, who has stepped down. Schwartz, a founder of the company, previously served as Executive Chairman. The Board believes Schwartz's experience uniquely positions him to lead OppFi in its next growth phase, focused on enhancing access to credit for consumers. The company has reaffirmed its financial outlook for 2021, projecting adjusted net income between $64 million and $66 million, alongside anticipated revenue of $350 million to $352 million.
OppFi Inc. has announced a share repurchase program allowing the purchase of up to $20 million of its Class A common stock, set to expire in December 2023. This initiative aims to support stockholders if the share price diverges from the company's perceived long-term value. The company's leadership emphasizes ongoing profitable growth and strategic investments to enhance customer experiences and market share.
OppFi has appointed Neville Crawley as the new CEO, effective December 31, 2021, succeeding Jared Kaplan. Crawley, who previously served as President since July 2021, is expected to lead the company's growth and expansion efforts in the fintech sector, focusing on providing credit access to underserved consumers. Kaplan will transition to an executive advisory role while remaining on the Board. Under Kaplan, OppFi has achieved significant milestones, including going public and receiving various accolades for growth and innovation.
OppFi Inc. (NYSE: OPFI) announces significant growth, surpassing two million issued OppLoans, utilizing alternative data for credit access. The platform has grown from 750,000 loans in 2019 to this milestone. With machine learning, auto approvals now reach 58%. New products, SalaryTap and OppFi Card, were launched, supported by expanded credit facilities. CEO Jared Kaplan emphasizes OppFi's commitment to enhancing financial services for underserved consumers, reflecting rapid market adaptation.
OppFi (NYSE: OPFI) has been recognized for the fourth consecutive year, ranking 335th on the Deloitte Technology Fast 500™, which highlights the fastest-growing companies in North America. The company empowers everyday consumers by providing accessible credit through partnerships with banks. CEO Jared Kaplan emphasized their commitment to enhancing financial health for the 150 million consumers excluded from mainstream options. OppFi previously ranked higher in the Fast 500 list, showcasing its ongoing growth and innovation in the fintech space.
OppFi reported a 47% increase in revenue for Q3 2021, reaching $91.98 million. Adjusted revenue also grew by 25% year-on-year. Net income was $30.4 million, marking a 57% rise from the previous year. The company achieved a record $165 million in net originations, up 25% year-over-year. Despite these gains, adjusted net income fell 10.9% to $17.36 million. Full-year 2021 guidance remains at $350-$360 million in revenue, with expected adjusted EBITDA of $120-$125 million.
OppFi (NYSE: OPFI), a financial technology platform, is set to release its third-quarter financial results for the period ended September 30, 2021, post-market on November 11, 2021. Management will host a conference call and webcast to discuss the results at 5:00 pm ET on the same day. Investors can access a replay of the call on the company’s website until November 25, 2021. OppFi's platform facilitates various credit products and has received numerous accolades, including being listed on America's Best Startup Employers by Forbes.
OppFi has launched its first credit card, the OppFi Card, targeting the $21 billion non-prime credit card market. The initiative is supported by an amended $75 million credit facility from Atalaya Capital Management. This mobile-first card enables users to build credit history with instant issuance, allowing immediate access to card information for online and in-app purchases. CEO Jared Kaplan emphasized the card's role in providing access to underserved consumers, while the collaboration with Atalaya aims to broaden OppFi's services in the consumer finance sector.
OppFi (NYSE: OPFI) has successfully expanded its bank credit facility from $25 million to $45 million. This increase will support the growth of its SalaryTap product, which offers payroll-linked loans and is now available in 33 states. CEO Jared Kaplan highlighted the financial milestone and the growing market opportunity for SalaryTap. The company plans to further expand this product in the fourth quarter of 2021. Additional details can be found in the Current Report on Form 8-K filed with the SEC.