Fintech Opportunity Financial (OppFi) is now listed as a public company, debuting on the stock market on Wednesday with a bang as shares rose 2% during the first day of trading. This move follows OppFi’s merger with FG New America Acquisition Corp., a special purpose acquisition company (SPAC).
During an interview with CNBC, OppFi’s CEO Jared Kaplan revealed his commitment to solving the emergency savings problem that has plagued America and Americans for a long time.
OppFi’s is dedicated to helping the average earner with a bank account – anyone who probably brings an annual income of US$50,000.
The firm is using artificial intelligence-enabled solutions to bring financing offerings to the section of the banked population who do not often qualify for conventional financing options from banks.
Its primary service lets customers access installment loans facilitated through banking institutions.
Based on financial projections and following a successful and profitable five-year run, OppFi is on course to bring in about US$418 million in revenue this year.
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