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OPFI on NYSE

OppFi Inc.

Logo: Oppfiseo, CC BY-SA 4.0, via Wikimedia Commons3

Fintech Company based in Chicago, founded in 20121

In its 2026 annual report the company says: “OppFi is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. Through transparency, responsible lending, financial inclusion, and an excellent customer experience, the Company supports consumers, who are turned away by mainstream options, to build better financial health.”7 It was founded by Todd Schwartz.1 Its chief executive is Todd Schwartz (since 2012).1 Its shares trade on NYSE under the symbol OPFI.1

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Last updated Oct 21, 2026.

Overview

$381.2MRevenue, fiscal 20254
$26.3MNet income, fiscal 20254
2012Founded1

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  • TickerOPFI on NYSE1
  • Industryfintech1
  • HeadquartersChicago1
  • Websitewww.oppfi.com
  • Legal formDelaware corporation1
  • Business address130 E. Randolph Street, Suite 3400, Chicago, Il 606015
  • Filer categoryAccelerated filer5

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OppFi is a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. Through transparency, responsible lending, financial inclusion, and an excellent customer experience, the Company supports consumers, who are turned away by mainstream options, to build better financial health. OppFi’s primary mission is to facilitate financial inclusion and credit access to the 48 million everyday Americans who face credit insecurity, through its products and an unwavering commitment to its customers. Unlike payday loans and similar credit products that typically do not provide transparency, fairness, and ability to repay guidelines, OppFi is dedicated to offering the best possible product and service through its platform. The average installment loan for a new borrower facilitated by OppFi with its OppLoans platfor…7 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

43.7%Operating margin4
6.9%Net margin4
18.6%Revenue growth, 20254
45.0%Return on equity4

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Other costs90¢$345.0M
  • Income tax3¢$9.9M
  • Profit7¢$26.3M

Out of $381.2M in revenue.4

Where each dollar of operating cash went, fiscal 2025

  • Dividends paid2¢$6.4M
  • Share buybacks4¢$15.5M
  • Kept or used elsewhere95¢$379.4M

Out of $401.3M of cash from operations.4

Financial statements

Revenue8910114$381.2M in 2025+232% since 2019
0$100.0M$200.0M$300.0M$400.0M2019: $114.9M$114.9M20192020: $200.2M$200.2M2020+74%2021: $263.7M$263.7M2021+32%2022: $217.0M$217.0M2022−18%2023: $273.2M$273.2M2023+26%2024: $321.5M$321.5M2024+18%2025: $381.2M$381.2M2025+19%
Operating income8910114$166.7M in 2025+405% since 2019
-$50.0M0$50.0M$100.0M$150.0M$200.0M2019: $33.0M$33.0M20192020: $77.5M$77.5M2020+135%2021: $57.3M$57.3M2021−26%2022: -$6.3M-$6.3M20222023: $46.4M$46.4M20232024: $94.5M$94.5M2024+104%2025: $166.7M$166.7M2025+76%
Net income8910114$26.3M in 2025−20% since 2019
-$20.0M0$20.0M$40.0M$60.0M$80.0M2019: $33.0M$33.0M20192020: $77.5M$77.5M2020+135%2021: $25.6M$25.6M2021−67%2022: $7.1M$7.1M2022−72%2023: -$1.0M-$1.0M20232024: $7.3M$7.3M20242025: $26.3M$26.3M2025+263%

Every line of the income statement as filed: the last 3 fiscal years, latest first.4

Period ending2025-12-312024-12-312023-12-31
Interest on finance receivables$591.8M$521.2M$505.4M
Other revenue$5.3M$4.7M$3.5M
Interest and other income$597.0M$526.0M$508.9M
Change in fair value of finance receivables-$215.9M-$204.4M-$231.4M
Provision for credit losses on finance receivables$0-$42.0K-$4.3M
Net revenue$381.2M$321.5M$273.2M
Salaries and employee benefits$60.7M$60.5M$60.7M
Direct marketing costs$50.9M$49.2M$50.6M
Interest expense and amortized debt issuance costs$39.4M$44.7M$46.8M
Professional fees$20.1M$21.6M$18.0M
Technology costs$12.4M$12.2M$12.5M
Payment processing fees$6.6M$7.1M$10.4M
Depreciation and amortization$5.2M$9.6M$12.7M
Occupancy$4.1M$4.0M$4.4M
Exit costs, net-$1.4M$3.0M$0
Lower of cost or market adjustment on transfer of finance receivables from held for sale to held for investment$0$0-$3.0M
General, administrative and other$16.6M$15.1M$13.6M
Total expenses$214.5M$226.9M$226.8M
Income from operations$166.7M$94.5M$46.4M
Change in fair value of warrant liabilities-$11.3M-$8.2M-$5.0M
Income from equity method investment$5.0M$1.4M$0
Other (expense) income, net-$4.2M$318.0K$431.0K
Income before income taxes$156.1M$88.1M$41.8M
Income tax expense$9.9M$4.2M$2.3M
Net income$146.2M$83.8M$39.5M
Less: net income attributable to noncontrolling interest$119.9M$76.6M$40.5M
Net income (loss) attributable to OppFi Inc.$26.3M$7.3M-$1.0M
Basic (in dollars per share)$0.99$0.36-$0.06
Diluted (in dollars per share)$0.99$0.36-$0.06
Basic (in shares)26.5M shares20.1M shares16.4M shares
Diluted (in shares)26.5M shares20.1M shares16.4M shares

Compare OppFi Inc. with another company

Corporate structure

OppFi Inc. sits at the top of its group. 25 entities, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of OppFi Inc.

  • OppFi Inc. Chicago
    • OppLoans Subsidiary
    • Opportunity Financial BSP Holdings, LLC Subsidiary · Delaware, United States
    • Opportunity Financial Card Company, LLC Subsidiary · Delaware, United States
    • Opportunity Financial SMB Holdings, LLC Subsidiary · Delaware, United States
    • Opportunity Financial SMB, LLC Subsidiary · Delaware, United States
    • Opportunity Financial, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE II, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE III, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE IV, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE IX, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE V, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE VI, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE VII, LLC Subsidiary · Delaware, United States
    • Opportunity Funding SPE VIII, LLC Subsidiary · Delaware, United States
    • Opportunity Manager, LLC Subsidiary · Delaware, United States
    • OppWin BPI FW, LLC Subsidiary · Delaware, United States
    • OppWin BPI, LLC Subsidiary · Delaware, United States
    • OppWin Card, LLC Subsidiary · Delaware, United States
    • OppWin SalaryTap, LLC Subsidiary · Delaware, United States
    • OppWin TRS, LLC Subsidiary · Delaware, United States
    • OppWin, LLC Subsidiary · Delaware, United States
    • SalaryTap Funding SPE, LLC Subsidiary · Delaware, United States
    • SalaryTap, LLC Subsidiary · Delaware, United States
    • SPE IX Holdco, LLC Subsidiary · Delaware, United States

Built from subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; subsidiaries, stakes and holdings from Wikidata (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What OppFi Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$92.0M4 Dec 31, 2025$72.9M4 Dec 31, 2024+26.2%
Accumulated depreciation$64.4M4 Dec 31, 2025$59.2M4 Dec 31, 2024+8.7%
Property and equipment, net$27.6M4 Dec 31, 2025$13.7M4 Dec 31, 2024+102.0%
Operating-lease assets (leased space)$8.8M4 Dec 31, 2025$10.6M4 Dec 31, 2024−16.5%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$49.5M4 Dec 31, 2025$61.3M4 Dec 31, 2024−19.4%
Stakes in other companies (equity method)$19.1M4 Dec 31, 2025$19.2M4 Dec 31, 2024−0.6%
Loans, net of allowance$011 Dec 31, 2024$110.0K11 Dec 31, 2023−100.0%

Properties, in its own words

OppFi’s corporate headquarters is located in Chicago, Illinois and consists of approximately 79,928 square feet under a lease that expires in 2030. We sublease 10,481 square feet to a subtenant under a five-year lease that expires on August 31, 2030. OppFi believes that its facilities are adequate for its current needs and that, if necessary, additional facilities will be available to accommodate the expansion of its business. We do not own any real property.

Item 2 of the 10-K filed Mar 12, 2026.7

The story

Founded by Todd Schwartz in 2012.1

Leadership

Who has led OppFi Inc., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Todd Schwartz2012–2020
  2. Larry G. Swets Jr.2020–2021

Chair

  1. Joe Moglia2020

President

  1. Kyle Cerminara2020–2021
  2. Neville Crawley2021

Chief financial officer

  1. Hassan Baqar2020–2021
  2. Shah Shiven2021
  3. Pamela D. Johnson2022–now

Chief operating officer

  1. Salvador Hazday2021
201520202025
Board members and other officers (12)

Subsidiaries and ownership

Subsidiaries

Subsidiaries (Exhibit 21)

  • OppWin BPI FW, LLC Delaware6
  • OppWin BPI, LLC Delaware6
  • OppWin Card, LLC Delaware6
  • OppWin SalaryTap, LLC Delaware6
  • OppWin TRS, LLC Delaware6
  • OppWin, LLC Delaware6
  • Opportunity Financial BSP Holdings, LLC Delaware6
  • Opportunity Financial Card Company, LLC Delaware6
  • Opportunity Financial SMB Holdings, LLC Delaware6
  • Opportunity Financial SMB, LLC Delaware6
  • Opportunity Financial, LLC Delaware6
  • Opportunity Funding SPE II, LLC Delaware6
  • Opportunity Funding SPE III, LLC Delaware6
  • Opportunity Funding SPE IV, LLC Delaware6
  • Opportunity Funding SPE IX, LLC Delaware6
  • Opportunity Funding SPE V, LLC Delaware6
  • Opportunity Funding SPE VI, LLC Delaware6
  • Opportunity Funding SPE VII, LLC Delaware6
  • Opportunity Funding SPE VIII, LLC Delaware6
  • Opportunity Manager, LLC Delaware6
  • SPE IX Holdco, LLC Delaware6
  • SalaryTap Funding SPE, LLC Delaware6
  • SalaryTap, LLC Delaware6

From Wikidata.1 The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.

Former names

  • FG New America Acquisition Corp.Jul 22, 2020 to Jul 20, 20215

Timeline

  1. Sep 21, 20268-K New debt or obligation; Other events35
  2. Aug 10, 20268-K Entered a material agreement; Results of operations; New debt or obligation36
  3. Jun 16, 20268-K Regulation FD disclosure37
  4. Jun 10, 20268-K Shareholder vote38
  5. May 7, 20268-K Results of operations; Regulation FD disclosure; Other events39
  6. Apr 29, 20268-K Entered a material agreement; Ended a material agreement; Unregistered sale of shares40
  7. Apr 16, 20268-K Entered a material agreement; Ended a material agreement; New debt or obligation41
  8. Mar 11, 20268-K Results of operations; Regulation FD disclosure42
  9. Oct 29, 20258-K Results of operations; Regulation FD disclosure43
  10. Oct 2, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation44
  11. Aug 26, 20258-K Regulation FD disclosure; Other events45
  12. Aug 21, 20258-K Regulation FD disclosure46
  13. Jul 21, 2021Went public Listed on NYSE1
  14. Sep 29, 2020New chief executive Larry G. Swets Jr. becomes CEO16
  15. 2012New chief executive Todd Schwartz becomes CEO1
  16. 2012Founded Founded1

Calendar

Coming up

  1. Nov 4, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.46 a share, on Oct 29, 2025.47

When it reported results

  1. Aug 10, 2026Reported quarterly or annual results36
  2. May 7, 2026Reported quarterly or annual results39
  3. Mar 11, 2026Reported quarterly or annual results42
  4. Oct 29, 2025Reported quarterly or annual results43
  5. Aug 6, 2025Reported quarterly or annual results48
  6. May 7, 2025Reported quarterly or annual results49
  7. Mar 5, 2025Reported quarterly or annual results50
  8. Nov 7, 2024Reported quarterly or annual results51

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

587 filings to the SEC since October 2021: 7 annual reports, 18 quarterly reports, 57 major events, 362 insider forms, 41 large holders, 102 other. The latest 20:

  1. Oct 5, 20264 EDGAR
  2. Oct 5, 20264 EDGAR
  3. Oct 5, 20264 EDGAR
  4. Sep 21, 20268-K EDGAR
  5. Sep 15, 20264 EDGAR
  6. Sep 15, 20264 EDGAR
  7. Sep 11, 2026144 EDGAR
  8. Sep 11, 20264 EDGAR
  9. Sep 10, 20264 EDGAR
  10. Sep 9, 20264 EDGAR
  11. Sep 8, 20264 EDGAR
  12. Sep 4, 20264 EDGAR
  13. Sep 3, 20264 EDGAR
  14. Sep 2, 20264 EDGAR
  15. Sep 1, 20264 EDGAR
  16. Aug 31, 20264 EDGAR
  17. Aug 28, 20264 EDGAR
  18. Aug 28, 20264 EDGAR
  19. Aug 27, 20264 EDGAR
  20. Aug 26, 2026144 EDGAR

The 587 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

296 open-market trades by officers, directors and large owners since October 2021: 210 buys and 86 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 14, 2026Schwartz Todd G.Chief Executive OfficerBuy1,940$7.80$15.1KForm 4
Sep 11, 2026Schwartz Todd G.Chief Executive OfficerBuy3,300$7.96$26.3KForm 4
Sep 11, 2026Johnson Pamela D.CFOSale8,650$8.02$69.4KForm 4
Sep 10, 2026Schwartz Todd G.Chief Executive OfficerBuy3,350$7.56$25.3KForm 4
Sep 9, 2026Schwartz Todd G.Chief Executive OfficerBuy3,450$7.59$26.2KForm 4
Sep 8, 2026Schwartz Todd G.Chief Executive OfficerBuy3,475$7.41$25.8KForm 4
Sep 4, 2026Schwartz Todd G.Chief Executive OfficerBuy3,500$7.35$25.7KForm 4
Sep 3, 2026Schwartz Todd G.Chief Executive OfficerBuy3,450$7.33$25.3KForm 4
Sep 2, 2026Schwartz Todd G.Chief Executive OfficerBuy3,550$7.15$25.4KForm 4
Sep 1, 2026Schwartz Todd G.Chief Executive OfficerBuy3,550$6.91$24.5KForm 4
Aug 31, 2026Schwartz Todd G.Chief Executive OfficerBuy3,550$6.93$24.6KForm 4
Aug 28, 2026Schwartz Todd G.Chief Executive OfficerBuy3,500$7.15$25.0KForm 4
Aug 27, 2026Schwartz Todd G.Chief Executive OfficerBuy3,550$7.13$25.3KForm 4
Aug 26, 2026McKay Christopher J.Chief Risk & Analytics OfficerSale77,850$7.18$559.0KForm 4
Aug 26, 2026Schwartz Todd G.Chief Executive OfficerBuy3,500$7.19$25.2KForm 4
Aug 25, 2026Schwartz Todd G.Chief Executive OfficerBuy3,475$7.25$25.2KForm 4
Aug 24, 2026Schwartz Todd G.Chief Executive OfficerBuy3,475$7.15$24.8KForm 4
Aug 21, 2026Schwartz Todd G.Chief Executive OfficerBuy3,550$7.07$25.1KForm 4
Aug 20, 2026Schwartz Todd G.Chief Executive OfficerBuy3,450$7.13$24.6KForm 4
Aug 19, 2026Vennettilli DavidDirectorSale28,485$7.16$204.0KForm 4

All 296 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Todd SchwartzChief Executive Officer and Executive Chairman of the Board44$461.5K$1.6M67
2025Christopher McKayChief Risk and Analytics Officer49$358.9K$1.5M67
2025Pamela JohnsonChief Financial Officer65$358.0K$1.4M67
2024Christopher McKayChief Risk and Analytics Officer49$345.6K$961.6K67
2024Pamela JohnsonChief Financial Officer65$345.9K$837.0K67
2024Todd SchwartzChief Executive Officer and Executive Chairman of the Board44$297.1K$297.7K67
2023Christopher McKayChief Risk and Analytics Officer49$338.0K$570.1K67
2023Pamela JohnsonChief Financial Officer65$334.2K$506.3K67
2023Todd SchwartzChief Executive Officer and Executive Chairman of the Board44$148.3K$148.9K67

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Wellington Management Group Llp3,019,250$30.0M0.0%+389,082
Vanguard Capital Management LLC2,216,792$22.0M0.0%+1,030,639
BlackRock, Inc.2,047,243$20.3M0.0%+111,860
Citadel Advisors LLC1,066,428$10.6M0.0%+555,452
Corsair Capital Management, L.P.1,053,379$10.5M1.3%+1,023,699
Geode Capital Management, LLC742,860$7.4M0.0%+131,676
Two Sigma Investments, LP669,257$6.6M0.0%−427,011
Dimensional Fund Advisors LP646,233$6.4M0.0%+220,144
Nuveen, LLC641,376$6.4M0.0%−11,220
LB Partners LLC632,500$6.3M4.3%+132,500
State Street Corp564,617$5.6M0.0%+28,399
Renaissance Technologies LLC533,008$5.3M0.0%−97,300
Goldman Sachs Group Inc454,143$4.5M0.0%+125,619
Ameriprise Financial Inc448,142$4.5M0.0%+323,314
Morgan Stanley415,829$4.1M0.0%−294,479
UBS Group AG355,108$3.5M0.0%+25,892
Millennium Management LLC333,114$3.3M0.0%−108,673
Globeflex Capital L P326,313$3.2M0.4%−8,128
Northern Trust Corp300,944$3.0M0.0%+105,234
PL Capital Advisors, LLC300,000$3.0M0.8%New
Jpmorgan Chase & Co285,021$2.7M0.0%−380,035
Vanguard Fiduciary Trust Co253,483$2.5M0.0%+64,330
LPL Financial LLC206,417$2.0M0.0%−4,951
Kestra Advisory Services, LLC189,253$1.9M0.0%+13,206
Bank Of America Corp /de/185,995$1.8M0.0%+5,512

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How OppFi Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGAROppFi Inc.2
  • CIK0001818502
  • Employer ID (EIN)85-16481227
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company7
  • Incorporated inDelaware7
  • Fiscal year endsDecember 312
  • Industry code (SIC)6199 Finance Services2
  • SEC reviewing officeOffice of Finance, Division of Corporation Finance2
  • Business address130 E. Randolph Street, Suite 3400, Chicago, IL 606012
  • Phone(312) 212-80792
  • Shares outstanding26,436,610 Common Class A shares; 0 Common Class B shares; 58,688,241 Class V Voting Stock shares as of Mar 10, 20267
  • Public float$366.5M as of Jun 30, 20257
  • AuditorRSM US LLP, Chicago, Illinois PCAOB ID 49; it also attests to the company’s internal control over financial reporting7
  • On EDGAR sinceJul 22, 20202
  • Filings754 in all: 4 (377), 8-K (72), DEFA14A (59), 144 (49), 3 (20), CORRESP (20), 10-Q (18), UPLOAD (14)2
    All 42 form types

    SC 13G (13), SC 13G/A (12), SCHEDULE 13G/A (12), 424B3 (8), 10-K (6), SCHEDULE 13D/A (6), DEF 14A (5), EFFECT (5), S-8 (5), SCHEDULE 13G (5), ARS (4), POS AM (4), S-1/A (4), 10-K/A (3), 10-Q/A (3), 4/A (3), 5 (3), PRER14A (3), SC 13D (3), 25-NSE (2), 8-K/A (2), S-1 (2), 424B4 (1), 425 (1), 8-A12B (1), 8-A12B/A (1), ARS/A (1), CERT (1), DEFM14A (1), DRS (1), PREM14A (1), S-4 (1), S-4/A (1), SC 13D/A (1)

  • Latest filingsAnnual report (10-K) Mar 12, 2026
    Quarterly report (10-Q) Aug 10, 2026
    Proxy statement (DEF 14A) Apr 28, 2026
    Latest 8-K (8-K) Sep 21, 2026

Securities registered for trading

ClassSymbolExchange
Class A common stock, par value $0.0001 per shareOPFINew York Stock Exchange
Warrants, each whole warrant exercisable for one share of Class A common stock, each at an exercise price of $11.50 per shareOPFI WSNew York Stock Exchange

From the cover page of the 10-K filed Mar 12, 2026 (Section 12(b) of the Exchange Act).7

Risk factors and legal proceedings

The risks OppFi Inc. names in Item 1A of its 10-K filed Mar 12, 2026: 73 risks under these headings, as written.7

  • Risks Related to Our Business and Industry
  • We are a growing company with a relatively limited history operating at our current scale, which may result in increased risks, uncertainties, expenses and difficulties, and makes it difficult to evaluate our future prospects.
  • Our revenue growth rate may fluctuate or decline, and our financial performance in recent periods may not be indicative of future performance.
  • We may be unable to maintain or increase our profitability, operating leverage, or unit economics, even if revenues remain stable.
  • We may experience fluctuations in our quarterly operating results.
  • If we are unable to continue to improve our machine learning models or if our machine learning models contain errors or are otherwise ineffective, our growth prospects, business, financial condition and results of operations would be adversely affected.
  • Our business is highly dependent on our existing bank partners, and any disruption to these or new bank partner relationships could adversely affect our business, financial condition and results of operations.
  • The sales and onboarding process of new bank partners could take longer than expected, leading to fluctuations or variability in expected revenues and results of operations.
  • Our business has been, and may continue to be, adversely affected by economic conditions and other factors that we cannot control.
  • Decreased demand for loans, including as a result of increased savings or income, could result in a loss of revenues or decline in profitability if we are unable to successfully adapt to such changes.
  • Our models have not yet been extensively tested during a full and prolonged down-cycle economic environment. If our models do not accurately reflect a borrower’s credit risk in such conditions, the performance of loans facilitated on our platform may be worse than anticipated.
  • Substantially all of our revenue is derived from a single loan product, and we are thus particularly susceptible to fluctuations in the unsecured personal loan market. We also do not currently offer a broad suite of products that bank partners and consumers may find desirable.
The other 62 risks
  • We have developed and may develop in the future new loan products and services offerings, and if we are unable to manage the related risks, our growth prospects, business, financial condition and results of operations could be adversely affected.
  • Our reputation and brand are important to our success, and if we are unable to continue developing our reputation and brand, our ability to retain existing and attract new bank partners, our ability to attract borrowers to our platform and our ability to maintain and improve our relationship with regulators of our industry could be adversely affected.
  • If we do not compete effectively in our target markets, our business, results of operations and financial condition could be harmed.
  • If we are unable to manage the risks associated with fraudulent activity, our brand and reputation, business, financial condition and results of operations could be adversely affected.
  • We depend on our key personnel and other highly skilled personnel, and if we fail to attract, retain and motivate our personnel, our business, financial condition and results of operations could be adversely affected.
  • Cybersecurity attacks or technology failures could disrupt business operations, result in breaches of borrowers’ confidential information that we store and expose us to significant liabilities, reputational damage, loss of customers and regulatory action.
  • We have entered into, and may in the future enter into, joint venture or other minority investments that could be adversely affected by our lack of sole decision-making authority, our reliance on the financial condition of our joint venture partners, and other uncertainties outside of our control.
  • We face increased competition within our industry and risks concerning innovation and emerging technologies, including artificial intelligence and increasing customer demand for machine learning technologies.
  • If we are unable to manage the risks related to our loan servicing and collections obligations, our business, financial condition and results of operations could be adversely affected.
  • The soundness of other financial institutions or the financial services industry generally, such as actual concerns or events involving liquidity, defaults or non-performance, may adversely affect us.
  • Borrowers may prepay a loan at any time without penalty, which could reduce our servicing fees and deter our bank partners and investors from investing in loans facilitated by our platform.
  • Our marketing efforts and brand promotion activities may not be effective, which could adversely affect our ability to grow our business.
  • We may face disruptions with the development and implementation of our new loan management software system which could adversely affect our business operations and financial performance.
  • Unfavorable outcomes in legal proceedings may harm our business and results of operations.
  • We may evaluate and consummate acquisitions, or strategic investments, including minority investments, which could require significant management attention, consume our financial resources, disrupt our business and adversely affect our financial results.
  • Risks Related to Our Financial Reporting and Risk Management
  • If our estimates or judgments relating to our critical accounting policies prove to be incorrect or financial reporting standards or interpretations change, our results of operations could be adversely affected.
  • The determination of the fair values of our finance receivables portfolio involves unobservable inputs that can be highly subjective and may prove to be materially different than the actual economic outcome.
  • If we are unable to maintain proper and effective internal control over financial reporting as a public company, our ability to produce accurate and timely financial statements could be impaired, investors may lose confidence in our financial reporting and the trading price of our securities may decline.
  • We may face litigation and other risks as a result of the material weakness in our internal control over financial reporting.
  • If our risk management framework does not effectively identify and control our risks, we could suffer unexpected losses or be adversely affected, which could have a material adverse effect on our business.
  • Our projections are subject to significant risks, assumptions, estimates and uncertainties. As a result, our projected revenues, market share, expenses and profitability may differ materially from our expectations.
  • Risks Related to Our Intellectual Property and Platform Development
  • It may be difficult and costly to protect our intellectual property rights, and we may not be able to ensure their protection.
  • Any significant disruption in our platform could prevent us from processing loan applicants and servicing loans, reduce the effectiveness of our machine learning models and result in a loss of bank partners or borrowers.
  • Our platform and internal systems rely on software that is highly technical, and if our software contains undetected errors, our business could be adversely affected.
  • Some aspects of our business processes include open source software, and any failure to comply with the terms of one or more of these open source licenses could negatively affect our business.
  • Risks Related to Our Dependence on Third Parties
  • We rely on strategic relationships with loan aggregators to attract applicants to our platform, and if we cannot maintain effective relationships with loan aggregators or successfully replace their services, or if loan aggregators begin offering competing products, our business could be adversely affected.
  • Our proprietary machine learning models rely in part on the use of loan applicant and borrower data and other third-party data, and if we lose the ability to use such data, or if such data contain inaccuracies, our business could be adversely affected.
  • We rely on third-party vendors and if such third parties do not perform adequately or terminate their relationships with us, our costs may increase and our business, financial condition and results of operations could be adversely affected.
  • Failure by our third-party vendors or our failure to comply with legal or regulatory requirements or other contractual requirements could have an adverse effect on our business.
  • If loans originated by our bank partners were found to violate the laws of one or more states, whether at origination or after sale of participation interests by the originating bank partner, loans facilitated through our platform may be unenforceable or otherwise impaired, we or other program participants may be subject to, among other things, fines, judgments and penalties, and/or our commercial relationships may suffer, each of which would adversely affect our business and results of operations.
  • If loans facilitated through our platform for one or more bank partners were subject to successful challenge that the bank partner was not the “true lender,” such loans may be unenforceable, subject to rescission, modification or otherwise impaired, we or other program participants may be subject to fines, judgments and penalties, and/or our commercial relationships may suffer, each of which would adversely affect our business and results of operations.
  • If the DFPI is successful on appeal or otherwise prevails in future proceedings in asserting that we are subject to the CFL, our bank partners’ ability to originate loans in California could suffer, which could have a material adverse effect on our business, results of operations and financial condition.
  • Regulators and payment processors are scrutinizing certain online lenders’ access to the ACH system to disburse and collect loan proceeds and repayments, and any interruption or limitation on our ability to access this critical system would materially adversely affect our business.
  • Our offshore service providers involve inherent risks which could result in harm to our business.
  • Risks Related to Our Regulatory Environment
  • Litigation, regulatory actions and compliance issues could subject us to significant fines, penalties, judgments, remediation costs and/or requirements resulting in increased expenses.
  • We are subject to or facilitate compliance with a variety of federal, state, and local laws, including those related to consumer protection, privacy and loan financings, and if we fail to comply with such laws, our business could be adversely affected.
  • Internet-based loan origination processes may give rise to greater risks than paper-based processes and may not always be allowed under state law.
  • If we are found to be operating without having obtained necessary state or local licenses, our business, financial condition and results of operations could be adversely affected.
  • The CFPB has sometimes taken expansive views of its authority to regulate consumer financial services, creating uncertainty as to how the agency’s actions or the actions of any other new agency could impact our business.
  • Uncertainty regarding the authority, priorities and operations of the CFPB, as well as shifting federal and state enforcement priorities, could adversely affect our business.
  • We have been in the past and may in the future be subject to federal and state regulatory inquiries regarding our business, which may cause significant harm to our reputation, lead to investigations and enforcement actions from regulatory agencies or litigants, and divert management attention and resources from the operation of our business.
  • The collection, processing, storage, use and disclosure of personal data could give rise to liabilities as a result of existing or new governmental regulation, conflicting legal requirements or differing views of personal privacy rights.
  • As the regulatory framework for machine learning technology evolves, our business, financial condition and results of operations may be adversely affected.
  • If we are required to register under the Investment Company Act, our ability to conduct business could be materially adversely affected.
  • Anti-money laundering, anti-terrorism financing, anti-corruption and economic sanctions laws could have adverse consequences for us.
  • Risks Related to Loan Funding and Indebtedness
  • Our warehouse facilities expose us to certain risks, and we may not be able to access the whole loan sales markets, or secured warehouse credit facilities, in the future, which may require us to seek more costly financing.
  • If we are unable to maintain diverse and robust sources of capital, our growth prospects, business, financial condition and results of operations could be adversely affected.
  • In connection with our credit facilities, we make representations and warranties concerning the loans or participation rights sold, and if such representations and warranties are not accurate when made, we could be required to repurchase such loans or participation rights.
  • We rely on borrowings under our warehouse credit facilities to fund certain aspects of our operations, and any inability to meet our obligations as they come due or to comply with various covenants could harm our business.
  • Changes in interest rates could adversely affect our performance.
  • We may need to raise additional funds in the future, including through equity, debt or convertible debt financings, to support business growth and those funds may not be available on acceptable terms, or at all.
  • Risks Related to Ownership of our Securities
  • Having a minority share position may reduce the influence of stockholders on the management of the Company.
  • We may not be able to comply with the continued listing standards of the NYSE.
  • Future resales of Class A Common Stock may cause the market price of our securities to drop significantly, even if our business is doing well.
  • The amount and frequency of our share repurchases may fluctuate, and we cannot guarantee that we will continue to repurchase shares of our Class A Common Stock , or that it will enhance long-term stockholder value. Share repurchases could also increase the volatility of the trading price of our stock and will diminish our cash reserves.
  • Our only significant asset is our ownership interest in OppFi-LLC and the ownership may not be sufficient to pay dividends or make distributions or loans to enable us to pay any dividends on our Class A Common Stock or satisfy our other financial obligations.
  • We may be required to take write-downs or write-offs, restructuring and impairment or other charges that could negatively affect our financial condition, results of operations and our stock price.
  • Our Certificate of Incorporation (“Charter”) includes a forum selection clause, which could discourage claims or limit stockholders’ ability to make a claim against us, our directors, officers, other employees or stockholders.
  • Unanticipated changes in effective tax rates or adverse outcomes resulting from examination of our income or other tax returns could adversely affect our financial condition and results of operations.
  • A market for our securities may not continue, which would adversely affect the liquidity and price of our securities.
  • Our quarterly operating results may fluctuate significantly and could fall below the expectations of securities analysts and investors due to seasonality and other factors, some of which are beyond our control, resulting in a decline in our stock price.
  • If securities or industry analysts do not publish or cease publishing research or reports about us our business, or our market, or if they change their recommendations regarding our Class A Common Stock adversely, then the price and trading volume of our securities could decline.

Legal proceedings

See “Legal contingencies” of Note 13 to the Consolidated Financial Statements in Part II, Item 8 of this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.7

Sources

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