Benzinga | Jun 2, 2021 04:18PM EDT

EXCLUSIVE: OppFi CEO Talks Company Differentiation, Product Timeline, SPAC Deal On 'SPACs Attack'

Opportunity Financial, or OppFi, is set to go public via special purpose acquisition company FG New America Acquisition Corp (NYSE:FGNA) with an implied equity valuation of approximately $800 million.

OppFi CEO Jared Kaplan appeared on Benzinga's YouTube show "SPACs Attack" for an exclusive interview Wednesday.

About OppFi: OppFi is a leading fintech platform powering credit access for the everyday consumer.

The company allows individuals who lack savings and are unable to access credit to gain access and build credit health, Kaplan said.

Historically, a credit score has been the standard for judging creditworthiness, but OppFi looks at ability and willingness to repay through alternative data sources, he said.

OppFi Product Timeline: OppFi is expanding into a product it calls Salary Tap, which helps people repay loans via payroll deductions, Kaplan said.

It is also working on a credit card offering that's is expected to launch in the second half of 2021, as well as mobile banking, he said.

In the long run, the company hopes to venture into mortgages and potentially an investment platform, Kaplan added.

SPAC Deal Notes: OppFi decided to go public via SPAC because of the FG New America Acquisition Corp team and the ability to talk about the vision for OppFi, Kaplan said.

The business combination is expected to close at the end of the second quarter or early third quarter. Upon closing, the combined company is expected to be listed on the New York Stock Exchange and trade under the ticker symbol "OPFI."

Related Link: Fintech OppFi Gets SPAC Deal From Former TD Ameritrade CEO

FGNA Price Action: FG New America Acquisition Corp has traded as high as $11.60 and as low as $9.79 since its IPO in September 2020.

The stock gained 0.39% Wednesday, closing at $10.18.