OppFi, a Chicago, IL-based provider of a tech-enabled, mission-driven specialty finance platform, announced its strategic acquisition of a 35% equity interest in Bitty Advance, a credit access company, including its servicing business.
The transaction includes options for OppFi to obtain majority and total ownership over time.
The amount of the deal was not disclosed.
With the acquisition, OppFi will expand its offerings.
Led by Craig Hecker, CEO, Bitty is a credit access company that offers revenue-based financing and other working capital solutions. Since 2020, the company has facilitated funding to more than 29,000 small businesses across the United States, with products ranging from $2,000 to $250,000.
Led by CEO Todd Schwartz, OppFi (NYSE: OPFI) provides a tech-enabled, mission-driven specialty finance platform that broadens the reach of community banks to extend credit access to everyday Americans. Through its platform, which includes financial inclusion and a customer experience, the company supports consumers, who are turned away by mainstream options, to build better financial health.
FinSMEs
05/08/2024