Mission Statement, Vision, & Core Values (2024) of OppFi Inc. (OPFI)

An Overview of OppFi Inc. (OPFI)

General Summary of OppFi Inc.

OppFi Inc. (NYSE: OPFI) is a financial technology company based in Chicago, Illinois, focused on providing access to credit for consumers who are often underserved by traditional financial institutions. Founded in 2013, the company has developed a suite of products aimed at improving financial wellness through responsible lending practices. OppFi's primary offerings include installment loans and credit access products, which are designed to help consumers manage their financial needs effectively.

As of 2024, OppFi has expanded its reach significantly, reporting total sales of approximately $390.2 million for the nine months ended September 30, 2024, representing a 3.8% increase from $376.0 million in the same period in 2023. The company's focus on technology-driven solutions has allowed it to streamline the lending process, making it easier for customers to obtain loans and manage repayments.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reports, OppFi has demonstrated impressive growth metrics. For the three months ended September 30, 2024, the company reported:

• Total Revenue: $136.6 million, up 2.6% from $133.2 million in Q3 2023.
• Net Income: $32.1 million, an increase of 106.4% from $15.5 million in Q3 2023.
• Earnings per Share (EPS): Basic EPS of $0.21 and Diluted EPS of $0.21.
• Net Revenue: $91.2 million for Q3 2024, a 20.5% increase from $75.7 million for Q3 2023.
• Income from Operations: $35.1 million, up from $15.6 million in Q3 2023.

For the nine months ended September 30, 2024, key financial highlights include:

• Net Revenue: $240.7 million, a 16.0% increase from $207.4 million in the same period of 2023.
• Income from Operations: $69.9 million, compared to $37.6 million in the prior year.
• Net Income: $69.9 million, up 86.1% from $37.5 million.
• Adjusted Net Income: $62.4 million, a significant rise from $33.0 million.

OppFi's financial performance reflects its ability to adapt to market demands and expand its product offerings, driving increased revenues and operational efficiency.

OppFi as a Leader in the Industry

OppFi Inc. stands out as a leader in the fintech industry, particularly in the segment of providing accessible credit solutions. The company's innovative approach to lending, coupled with its robust technology platform, has positioned it to capture a significant share of the growing market for alternative finance solutions. As of 2024, OppFi's strategic initiatives, including partnerships and product diversification, have solidified its reputation as a reliable provider of financial services to underserved consumers.

With a commitment to financial wellness, OppFi continues to evolve and respond to the changing landscape of consumer finance, making it a noteworthy player for investors and stakeholders interested in the future of fintech.

Mission Statement of OppFi Inc. (OPFI)

Mission Statement Overview

OppFi Inc. (OPFI) is dedicated to providing innovative credit solutions for the underserved consumers in the United States. The company’s mission statement serves as a guiding principle for its operations and strategic initiatives, emphasizing the importance of accessibility, transparency, and customer-centric service. This commitment is reflected in the company's focus on delivering high-quality products and services that meet the evolving needs of its customers.

Core Component 1: Accessibility

Accessibility is a cornerstone of OppFi's mission, ensuring that financial services are available to those often excluded from traditional banking systems. As of September 30, 2024, OppFi reported net originations of $218.8 million, reflecting an 11.8% increase from the previous year . This growth indicates the company's success in expanding its reach and providing financial solutions to a wider audience.

In addition, OppFi's financing solutions cater to consumers with limited credit history, with an average credit score of 577 among its borrowers, showcasing its commitment to inclusivity.

Core Component 2: Transparency

Transparency in operations and pricing is vital for building trust with customers. OppFi maintains a clear fee structure for its products, which is essential in an industry often criticized for hidden costs. The company's total revenue for the nine months ended September 30, 2024, reached $390.2 million, a 3.8% increase from $376.0 million in the same period the previous year . This revenue growth signifies the effectiveness of OppFi's transparent practices in attracting and retaining customers.

Core Component 3: Customer-Centric Service

OppFi prioritizes customer satisfaction through tailored financial solutions and exceptional service. The company's net income for the nine months ended September 30, 2024, was $69.9 million, an 86.1% increase from $37.5 million in the same period of 2023. This substantial rise in net income illustrates the positive impact of its customer-centric approach, as satisfied customers are more likely to engage with and refer the company to others.

The company's commitment to customer service is further demonstrated by a 20.5% increase in net revenue to $91.2 million for the three months ended September 30, 2024, compared to $75.7 million in the same period of 2023 .

In conclusion, OppFi Inc.'s mission statement, with its core components of accessibility, transparency, and customer-centric service, is pivotal in driving the company's growth and positioning it as a leader in providing financial solutions to underserved consumers. The latest financial metrics underscore OppFi's commitment to these principles, reflecting its ongoing efforts to improve the financial well-being of its customers.

Vision Statement of OppFi Inc. (OPFI)

Vision Statement of OppFi Inc. (OPFI)

The vision statement of OppFi Inc. focuses on several key components that define its strategic direction and aspirations for the future. Each component reflects the company's commitment to providing accessible financial solutions to underserved consumers.

Accessible Financial Solutions

OppFi aims to be a leader in providing financial solutions that are accessible to a wide range of consumers. As of September 30, 2024, OppFi reported a net revenue of $240.7 million, reflecting a 16% increase from $207.4 million in the same period of the previous year. This growth is indicative of the company's success in expanding its reach and meeting the financial needs of its customers.

Empowering Consumers

Empowerment is a central theme in OppFi's vision. The company seeks to empower consumers by offering products that enhance their financial literacy and decision-making capabilities. For the nine months ended September 30, 2024, net cash provided by operating activities was $229.3 million, an increase of 7.4% compared to $213.6 million for the same period in 2023, suggesting a stronger operational foundation to support consumer empowerment initiatives.

Innovative Technology

Innovation through technology is a cornerstone of OppFi's vision. The company leverages advanced analytics and technology to streamline its lending processes. In the same period, OppFi's total expenses were reported at $170.8 million, which included significant investments in technology and analytics to enhance service delivery.

Financial Inclusion

OppFi's commitment to financial inclusion is reflected in its product offerings aimed at underserved markets. The company reported net originations of $218.8 million for the three months ended September 30, 2024, an 11.8% increase from $195.7 million in the prior year. This growth underscores OppFi's mission to provide credit access to those who may be overlooked by traditional financial institutions.

Long-Term Sustainability

OppFi places a strong emphasis on long-term sustainability in its business model. As of September 30, 2024, the company had approximately $599.2 million in total funding capacity, which includes $44.8 million in unrestricted cash and $199.4 million of unused debt capacity. This financial stability positions OppFi to support its vision while navigating market dynamics effectively.

Core Values of OppFi Inc. (OPFI)

Integrity

The core value of integrity at OppFi Inc. emphasizes the importance of transparency and ethical behavior in all business dealings. This value is reflected in the company's financial reporting practices and compliance with regulatory standards.

For instance, OppFi has consistently provided detailed financial disclosures, ensuring that stakeholders have access to accurate information regarding its performance. In the three months ended September 30, 2024, OppFi reported a net income of $32.1 million, a significant increase from $15.5 million in the same period the previous year.

Customer Commitment

OppFi Inc. prioritizes customer commitment by focusing on providing accessible financial solutions tailored to the needs of its clients. The company’s OppLoans product is designed to offer affordable installment loans to underserved consumers.

In the most recent quarter, net originations increased by 11.8% to $218.8 million compared to $195.7 million from the prior year. This growth indicates a strong demand for its services, demonstrating the company's dedication to meeting customer needs.

Innovation

Innovation is a key value for OppFi, driving the development of new financial products and enhancing existing services. The company has invested in technology to improve customer experience and streamline operations.

For instance, OppFi capitalized software costs associated with application development totaling $3.4 million for the three months ended September 30, 2024. This investment underscores the company's commitment to leveraging technology for better service delivery.

Collaboration

Collaboration is integral to OppFi’s operations, fostering teamwork across departments to achieve common goals. The company encourages cross-functional projects that enhance efficiency and innovation.

As of September 30, 2024, OppFi reported total expenses decreased by $4.0 million, or 6.7%, to $56.1 million from $60.1 million in the previous year. This reduction is attributed to improved collaboration and efficiency within teams.

Accountability

Accountability is fundamental at OppFi, ensuring that employees take responsibility for their actions and decisions. This value is reflected in the company's governance practices and performance metrics.

For the nine months ended September 30, 2024, net income attributable to OppFi Inc. was $12.9 million, up from $4.6 million in the same period the previous year, highlighting the company's accountability in financial performance.

Updated on 16 Nov 2024

Resources:

1. OppFi Inc. (OPFI) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of OppFi Inc. (OPFI)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View OppFi Inc. (OPFI)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.