OppFi is pursuing a strategic transformation that could move the digital finance company beyond its existing bank-partnership model and give it the benefits of operating through a national bank.
The company is advancing its pending acquisition of BNCCORP and BNC National Bank while preparing to launch a new line-of-credit product and expanding its broader product roadmap. Management said the combination is intended to create a more diversified technology-enabled financial platform.
OppFi believes ownership of a national bank could support geographic expansion, product diversification and more consistent financial performance across economic cycles. The transaction remains subject to completion conditions and regulatory approvals.
The strategic shift comes as OppFi reported record second-quarter revenue of $145.2 million, up 1.9% year over year. Net income increased 36% to $15.6 million. For the first six months of 2026, revenue increased 5.1% to $297.1 million and net income more than doubled to $69.7 million.
Credit metrics, however, showed pressure during the quarter. Total net originations declined 9.3% to $212 million and retained net originations fell 14.1%. Annualized net charge-offs as a percentage of average receivables increased to 52.3% from 43.5%, while the company’s auto-approval rate increased to 81.2%.
KEY QUOTES:
“As we advance our pending acquisition of BNCCORP, Inc. and BNC National Bank, prepare the launch of our new line of credit product, and further expand our product roadmap, we are building a more diversified, technology-enabled financial platform.”
“We believe a broader product suite, enhanced technology capabilities, and the strategic benefits of operating as a national bank will strengthen our long-term earnings power, drive more consistent performance across economic cycles, and position OppFi to create substantial long-term value.”
Todd Schwartz, CEO and Executive Chairman of OppFi
