Benzinga | Feb 10, 2021 07:30AM EST

Opportunity Financial Enters into Definitive Business Combination Agreement with FG New America Acquisition Corp

OppFi's proprietary next generation financial technology platform drives strong and consistent growth, with over 66% revenue CAGR since 2017

- Expects to Reach 2020 Revenue of $323 Million

- Expects to Reach 2020 Adjusted EBITDA* of $99 Million

- Implied equity value of the combined company at closing is approximately $800 million; Business Combination expected to be fully funded through cash in trust

- Chief Executive Officer Jared Kaplan to continue to lead OppFi following the close of the transaction, expected by the end of the second quarter of 2021

- Investor call scheduled for February 10, 2021 at 8:00 am E.T.

CHICAGO, Feb. 10, 2021 /PRNewswire/ -- Opportunity Financial, LLC ("OppFi"), a leading financial technology platform that serves the everyday consumer, and FG New America Acquisition Corp. (NYSE:FGNA), a special purpose acquisition corporation ("SPAC"), today announced they have entered into a definitive business combination agreement for a business combination that would result in OppFi becoming a public company. Upon closing, the combined company's common stock is expected to trade on the New York Stock Exchange under the ticker "OPFI." The business combination is expected to close by the end of the second quarter of 2021, subject to customary closing conditions.



FGNA Chairman Joe Moglia stated, "My team at FG New America and I are thrilled to announce this transaction with OppFi, as serving the financial needs of the everyday consumer is very much in our DNA. We have been highly impressed by the significant growth the OppFi team has achieved through their innovative platform and the proven ability to scale, all while faithfully serving their customers."

OppFi CEO Jared Kaplan stated, "OppFi is at the forefront of a high growth digital financial services revolution. We are a leading financial technology platform that powers banks through a multitude of products and our unwavering commitment to customer service. We're tremendously proud of the team that has made our progress possible through a commitment to serving consumers excluded from the traditional system through fair, transparent products and an extraordinary customer experience. We see a solid opportunity ahead for OppFi to be the financial champion for the nearly 60 million everyday consumers in the U.S. as we continue to innovate our array of products, technology and capabilities in the years ahead. We are excited to be joining with the FGNA team to help make this a reality."

Non-GAAP Financial Measures: Adjusted EBITDA, Adjusted Net Income and Adjusted Net Income Margin are financial measures that have not been&# prepared in accordance with Regulation S-X. See the "Note Regardingx2A; Non-GAAP Financial Measures" below for a detailed description and reconciliation of such Non-GAAP financial measures to their most directly comparable GAAP financial measures, as required by Regulation G.

OppFi has facilitated more than 1.5 million loans over the past nine years and believes that the company's approach and strategy have positioned OppFi to continue to gain share of market and outperform.

"I am extremely proud of the success and growth OppFi has experienced since its inception. More importantly, we help customers access a better financial path with the superior experience they deserve. This is an exciting stage in the company's evolution, which we believe will enable us to further expand our mission and be the financial destination for the tens of millions of everyday consumers that need access more than ever," said Todd Schwartz, Founder and Executive Chairman, OppFi.