Opportunity Financial is the latest US fintech to go public via a merger with a special acquisition company.
The transaction with FG New America Acquisition implies an equity valuation at closing for the combined company of approximately $800 million and is expected to be fully funded through cash in trust.
Upon closing, the combined company's common stock will trade on the New York Stock Exchange under the ticker 'OPFI'.
OppFi offers loans and other financial propducts to consumers typically shunned by big banks. The core customer is the median US consumer, earning approximately $50,000 annually, employed and has a bank account, but is often locked out of traditional mainstream financial products
The company has facilitated more than 1.5 million loans over the past nine years and is expected to turn in $323 million in revenue for 2020.