Data Snacks, Member Exclusive

On the road, OppFi attempts to differentiate itself from the lending models of Affirm, Katapult, and Upstart

  • Consumer lending apps may blend together but when you look at them, there are marked differences.
  • Affirm, Katapult, OppFi, and Upstart weren't all created equal.
close

Email a Friend

On the road, OppFi attempts to differentiate itself from the lending models of Affirm, Katapult, and Upstart

Top consumer lenders aren't all created equal. Firms like OppFi, Upstart, Katapult and Affirm have different strengths and focuses. They also have different delivery models and target audiences. OppFi has been speaking a lot about its plans, as it spent the past few months going public via SPAC. There are similarities in the model to Upstart in its bank-sponsored go-to-market strategy, but OppFi's target of non-prime customers with a diverse marketing strategy marks a distinction between the two.

OppFi CEO Jared Kaplan said in a recent interview with Tearsheet that his firm's 4 prong product strategy was a decade-long vision to target the underserved non-prime market. OppFi talks about 1.7 million homes that it's now facilitated lending products to and that it has over 14 million repayment events with over 7 billion data points.

Overall, OppFi wants to be a diversified lender serving its customers' needs -- from installment loans to credit cards to payroll deduction loans.

"We are really trying to build the SoFi for everyday consumers," he said. "SoFi has done a great job for the HENRYs — the high earners, not yet rich yet — but no one’s really done the end-to-end vision for the everyday consumer. I always joke with my CFO: SoFi put their name on that beautiful building in Los Angeles — I’m trying to put our name on Wrigley Field."

0 comments on “On the road, OppFi attempts to differentiate itself from the lending models of Affirm, Katapult, and Upstart”

Outlier OpinionsMakers

10-Q, Member Exclusive

The debt ceiling deal may have saved the US from defaulting on its debt, but where does this leave the stock market?

  • The passing of the bill may have saved the immediate trouble of defaulting but it could be months before investors and the stock market regain their stability.
  • SoFi stock rose nearly 31% in the past week because of the new debt ceiling deal.
Sara Khairi | June 05, 2023
10-Q, Member Exclusive

Who will succeed James Gorman at Morgan Stanley?

  • Morgan Stanley's James Gorman is calling it a day. “No plans to go out like Logan Roy,” the fictional CEO from HBO’s Succession, he says.
  • Wise shares dropped nearly 7% Thursday after the firm announced this week that its CFO, Matt Briers will be stepping down in March 2024.
Sara Khairi | May 30, 2023
10-Q, Member Exclusive

Guilty or not guilty: Deutsche Bank is ready to pay $75 million in Epstein settlement

  • Deutsche Bank hasn’t come clean about its involvement with the Epstein crime. However, the bank addressed the situation by saying that it has strengthened and invested in its anti-financial crime controls.
  • Upstart is up almost 80% in 2023 so far. The news of multiple funding agreements being worked on by the company rebounded the stock nearly 47% in a week.
Sara Khairi | May 22, 2023
Banking, Lending, Member Exclusive

Unlicensed lending, misleading practices, and legal actions: Is SoLo Funds in trouble?

  • Attorney General for the District of Columbia and the California DFPI have penalized SoLo Funds for breaching a number of consumer protection laws.
  • The DFPI also issued a consent order for the Black-owned firm, which is raising eyebrows and more questions.
Sara Khairi | May 17, 2023
10-Q, Member Exclusive

Robinhood’s losses override revenue, PayPal’s stock dips, while Dave delivers more than expected in Q1

  • Everything investors need to know about Robinhood, PayPal, and Dave’s Q1 2023 earnings.
  • Some important fintech stocks are on the path to recovery, while others crashed on Q1 earnings.
Sara Khairi | May 15, 2023
More Articles