CHICAGO, June 2, 2021 /PRNewswire/ -- Opportunity
Financial, LLC ("OppFi"), a leading financial technology platform
that powers banks to help the everyday consumer gain access to
credit, announced today the national expansion of SalaryTap, an
employer payroll-linked loan product, into 33 new states.
The expansion of SalaryTap into 33 markets reflects the interest
in the product as well as OppFi's continued growth as the company
adds additional products and services to increase credit access for
the everyday consumer. OppFi plans to further expand the SalaryTap
platform into 45 states in the fourth quarter of 2021.
"Our mission is to facilitate financial inclusion by allowing
banks to offer simple and transparent credit through our platform
to everyday consumers who would otherwise have few options," said
Jared Kaplan, chief executive
officer, OppFi. "Products on the OppFi platform are developed with
the goal of supporting long-term financial health, which is why the
expansion of SalaryTap is so exciting. We are proud to facilitate a
new transparent, accessible product to more people and broaden
access to affordable credit."
The SalaryTap platform allows banks through the OppFi platform
to offer multi-year small dollar installment loan products through
a consumer's employer that range from $2,000 to $5,000
and extend prime pricing to non-prime consumers. The products
offered on the platform are fully transparent with no additional
fees or charges levied on borrowers, are repaid via payroll
deduction, and each borrower's income is verified via payroll as a
means of assessing loan affordability.
OppFi began piloting the SalaryTap platform in November 2020, and in March 2021 announced an agreement with financial
care platform Brightside to facilitate access to SalaryTap for its
growing number of employers and distribution channels. The most
common uses of funds from SalaryTap facilitated loans include car
repair, family needs, housing costs and medical bills.
On February 9, 2021, OppFi and FG
New America Acquisition Corp. (NYSE: FGNA), a special purpose
acquisition corporation, entered into a definitive agreement for a
business combination that would result in OppFi becoming a public
company.
About OppFi
OppFi is a leading financial technology platform that powers
banks to help the everyday consumer gain access to credit. Through
its unwavering commitment to customer service, OppFi helps
consumers who are turned away by traditional providers build a
better financial path. OppFi has facilitated the issuance of more
than 1.5 million loans. The company has been ranked as an Inc. 5000
company for five straight years and was named the eighth
fastest-growing Chicagoland company in 2020 by Crain's Chicago
Business. The company was also named on Forbes America 2021 list of America's Best
Startup Employers and Built In's 2021 Best Places to Work in
Chicago. The company maintains an
A+ rating from the Better Business Bureau (BBB) and maintains a
4.8/5 star rating with more than 14,000 online customer reviews,
making it one of the top customer-rated financial platforms online.
For more information, please visit www.oppfi.com.
About FGNA
FG New America Acquisition Corp., (NYSE: FGNA), is a NYSE-listed
blank check company formed for the purpose of effecting a merger,
capital stock exchange, asset acquisition, stock purchase,
reorganization or similar business combination with one or more
businesses. For more information, please visit
www.fgnewamerica.com.
Contacts:
OppFi
Investor Relations: Investors@oppfi.com
Media Relations: media@oppfi.com
FGNA
Investor
Relations: info@fgnewamerica.com
Media Relations: media@fgnewamerica.com
Forward-Looking Statements
This information includes "forward-looking statements" within
the meaning of the "safe harbor" provisions of the Private
Securities Litigation Reform Act of 1995. FGNA's and OppFi's actual
results may differ from their expectations, estimates and
projections and consequently, you should not rely on these
forward-looking statements as predictions of future events. Words
such as "expect," "estimate," "project," "budget," "forecast,"
"anticipate," "intend," "plan," "may," "will," "could," "should,"
"believes," "predicts," "potential," "continue," and similar
expressions are intended to identify such forward-looking
statements. These forward-looking statements include, without
limitation, OppFi's beliefs regarding the impact of the proposed
business combination on its business. These forward-looking
statements involve significant risks and uncertainties that could
cause the actual results to differ materially from the expected
results. Most of these factors are outside FGNA's and OppFi's
control and are difficult to predict. Factors that may cause such
differences include, but are not limited to: (1) the occurrence of
any event, change or other circumstances that could give rise to
the termination of the definitive business combination agreement
(the "Agreement"); (2) the outcome of any legal proceedings that
may be instituted against FGNA and OppFi following the announcement
of the Agreement and the transactions contemplated therein; (3) the
inability to complete the proposed business combination, including
due to failure to obtain approval of the stockholders of FGNA,
certain regulatory approvals or satisfy other conditions to closing
in the Agreement, including with respect to the levels of FGNA
stockholder redemptions; (4) the occurrence of any event, change or
other circumstance that could give rise to the termination of the
Agreement or could otherwise cause the transaction to fail to
close; (5) the impact of COVID-19 on OppFi's business and/or the
ability of the parties to complete the proposed business
combination; (6) the inability to obtain or maintain the listing of
the combined company's shares of common stock on the New York Stock
Exchange following the proposed business combination; (7) the risk
that the proposed business combination disrupts current plans and
operations as a result of the announcement and consummation of the
proposed business combination; (8) the ability to recognize the
anticipated benefits of the proposed business combination, which
may be affected by, among other things, competition, the ability of
OppFi to grow and manage growth profitably and retain its key
employees; (9) costs related to the proposed business combination;
(10) changes in applicable laws or regulations; (11) the
possibility that OppFi or FGNA may be adversely affected by other
economic, business, and/or competitive factors; (12) whether OppFi
will be successful in expanding SalaryTap, including whether there
will be consumer or market acceptance of SalaryTap; and (13) other
risks and uncertainties indicated from time to time in FGNA's proxy
statement relating to the proposed business combination, including
those under "Risk Factors" therein, and in FGNA's other filings
with the SEC. FGNA and OppFi caution that the foregoing list of
factors is not exclusive. FGNA and OppFi caution readers not to
place undue reliance upon any forward-looking statements, which
speak only as of the date made. FGNA and OppFi do not undertake or
accept any obligation or undertaking to release publicly any
updates or revisions to any forward-looking statements to reflect
any change in its expectations or any change in events, conditions
or circumstances on which any such statement is based.
Important Information and Where to Find It
In connection with the proposed business combination, FGNA filed
a preliminary proxy statement and will file a definitive proxy
statement with the SEC. FGNA's stockholders and other interested
persons are advised to read the preliminary proxy statement and the
amendments thereto and, when available, the definitive proxy
statement and documents incorporated by reference therein filed in
connection with the proposed business combination, as these
materials contain important information about OppFi, FGNA and the
proposed business combination. When available, the definitive proxy
statement and other relevant materials for the proposed business
combination will be mailed to stockholders of FGNA as of a record
date to be established for voting on the proposed business
combination. Stockholders will also be able to obtain copies of the
preliminary proxy statement, the definitive proxy statement and
other documents filed with the SEC that will be incorporated by
reference therein, without charge, once available, at the SEC's web
site at www.sec.gov, or by directing a request to: FG New America
Acquisition Corp., Attention: Hassan
Baqar, Chief Financial Officer, 105 S. Maple Street, Itasca,
Illinois 60143.
Participants in the Solicitation
FGNA and its directors and executive officers may be deemed
participants in the solicitation of proxies from FGNA's
stockholders with respect to the business combination. A list of
the names of those directors and executive officers and a
description of their interests in FGNA was filed in the preliminary
proxy statement for the proposed business combination and be
available at www.sec.gov. Additional information regarding the
interests of such participants will be contained in the definitive
proxy statement for the proposed business combination when
available.
OppFi and its directors and executive officers may also be
deemed to be participants in the solicitation of proxies from the
stockholders of FGNA in connection with the business combination. A
list of the names of such directors and executive officers and
information regarding their interests in the proposed business
combination was included in the preliminary proxy statement for the
proposed business combination. Additional information regarding the
interests of such participants will be contained in the definitive
proxy statement for the proposed business combination when
available.
Non-Solicitation
This press release shall not constitute a solicitation of a
proxy, consent or authorization with respect to any securities or
in respect of the proposed business combination. This press release
shall also not constitute an offer to sell or the solicitation of
an offer to buy any securities, nor shall there be any sale of
securities in any states or jurisdictions in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such jurisdiction.
No offering of securities shall be made except by means of a
prospectus meeting the requirements of Section 10 of the Securities
Act of 1933, as amended.
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SOURCE OppFi