Opportunity Financial, LLC (“OppFi”), a leading financial technology platform that powers banks to help the everyday consumer gain access to credit, announced today that it has entered into an agreement with financial care platform Brightside to provide small dollar loans to non-prime borrowers at prime rates via OppFi’s new loan product, SalaryTap.
SalaryTap is a multiyear small dollar installment loan product offered through employers that ranges from $2,000 to $6,000, extending prime pricing to non-prime consumers, and is repaid via payroll deduction. The product is fully transparent with no additional fees or charges levied on borrowers, and loan amounts are based on each borrower’s income as a means of assessing loan affordability.
The agreement with Brightside is the first publicly announced arrangement for SalaryTap as OppFi expands this offering to a growing number of employers and distribution channels. Through this arrangement, OppFi believes SalaryTap will directly reach thousands of consumers working in industries ranging from healthcare and telecom to retail and manufacturing.
“We are excited to work with Brightside to expand access to credit for the everyday consumer with products that support our mission to build financial inclusion,” said Jared Kaplan, chief executive officer of OppFi. “As we expand our offering for the 60 million consumers locked out of traditional options, we believe working with companies like Brightside will create a win-win proposition with more credit options for more consumers who need them.”
“We focus on improving outcomes for working families and their employers by reducing financial stress, using a holistic and innovative Financial Care approach and a suite of partners that provide real solutions for working families.” said Tom Spann, CEO of Brightside. “OppFi is creatively solving the credit access issue for those who need it most and we are proud to deliver its innovative and transparent solutions to employees via our platform.”
Other early-stage SalaryTap pilots performed directly with employers have been underway since November 2020. The most common uses of funds for SalaryTap have been car repair, family needs, housing costs, and medical bills. A national roll-out for SalaryTap is planned for the second quarter of 2021.
On February 9, 2021, OppFi and FG New America Acquisition Corp., a special purpose acquisition corporation, entered into a definitive agreement for a business combination that would result in OppFi becoming a public company.
OppFi 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 4.9/5 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.
FG New America Acquisition Corp., , 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.
Founded in 2017, Brightside is the first employer-based financial care platform to drive meaningful ROI for employers by making paychecks go farther for the 72% of Americans who are not financially healthy.1 With a combination of expert Financial Assistants, a proprietary rules engine, and innovative financial products, Brightside delivers an average of $1,200 savings annually to each of the thousands of families it serves. In addition, employers experience improved productivity, retention, diversity, and lower healthcare costs. Brightside is backed by Andreessen Horowitz (a16z), Trinity Ventures, and Comcast Ventures. For more information, please visit: https://www.gobrightside.com.