OppFi Inc. (OPFI): Business Model Canvas [Dec-2025 Updated]

You're looking at a lender that thrives where big banks won't go, serving everyday Americans with FICO scores typically under 650, and the numbers from Q3 2025 tell a clear story of tech-driven efficiency in that tough non-prime space. Honestly, seeing their proprietary AI, Model 6.1, manage a 35% net charge-off rate while guiding for $590 million to $605 million in total revenue for fiscal 2025 is what separates the players from the pretenders in this sector. If you want to see exactly how OppFi Inc. balances that high-risk customer access with $603 million in total funding capacity and a planned migration to the new LOLA loan origination system, dive into the nine building blocks of their business model below.

OppFi Inc. (OPFI) - Canvas Business Model: Key Partnerships

You're looking at the core relationships OppFi Inc. relies on to fund and originate loans, which is critical for understanding its capital structure and growth limits. These partnerships are the engine of the whole operation.

Bank-partner model for loan origination and regulatory compliance.

OppFi Inc. operates as a tech-enabled digital finance platform that partners with banks to offer financial products to everyday Americans. This structure is key to managing regulatory compliance. The effectiveness of the underwriting technology, Model 6, is reflected in the approval rates. For the third quarter ended September 30, 2025, the auto-approval percentage reached 79.1%, up from 76.8% in the year-ago quarter. The assumed cost per funded loan (CPF) for new loans is listed at $220.

35% equity interest in Bitty Holdings, LLC for SMB financing.

OppFi Inc. maintains a 35% equity interest in Bitty Holdings, LLC, which focuses on providing revenue-based financing and working capital solutions to small businesses. For the full year 2025, OppFi anticipates Bitty will contribute over $4M+ in earnings before taxes and amortization, which implies an expected return exceeding 21%. From the time of investment through April 30, 2025, OppFi received cash distributions from Bitty totaling approximately $3.2M.

The performance metrics related to this specific partnership include:

• Equity Stake: 35%
• Expected 2025 Pre-Tax Earnings Contribution: Over $4M
• Cash Distributions Received (Through April 30, 2025): Approximately $3.2M

Warehouse credit facilities for funding capacity, like the Castlelake renewal.

Securing funding capacity through warehouse credit facilities is vital for OppFi Inc.'s growth. On October 2, 2025, the Company closed a new $150 million revolving credit facility with funds managed by Castlelake L.P., which replaced a prior facility. This new facility has a four-year term and improved financing costs by lowering the interest rate from SOFR + 7.5% to SOFR + 6.0%. As of September 30, 2025, the total funding capacity stood at approximately $600.2 million, which comprised $525.0 million in total financing commitments and $75.2 million in cash and restricted cash on the balance sheet.

Here's a quick look at the funding capacity as of the end of Q3 2025:

Marketing affiliates for customer acquisition at scale.

Customer acquisition relies on various channels, including marketing affiliates. In the third quarter of 2025, management noted that acquisition costs were 'probably up $20 to $30 per [customer]'. The company feels strong about the resulting unit economics this spend provides. The average customer lifetime is projected to involve 3.5 loans, with approximately 95% of the lifetime contribution occurring after the first loan, as of June 1, 2025.

Technology vendors for platform maintenance and security.

OppFi Inc. relies on its proprietary technology, specifically the AI and machine learning-based Model 6, to drive operations. This model contributed to an improved auto-approval rate of 79.1% in Q3 2025. The company also plans to introduce the Model 6.1 refit in upcoming quarters to further enhance risk mitigation capabilities.

The key operational metrics tied to the technology platform include:

• Q3 2025 Auto-Approval Rate: 79.1%
• Year-over-Year Decline in Total Expenses as % of Revenue (due to Model 6): 500 basis points (for the nine months ending Sept. 30, 2025)
• Year-over-Year Decline in Net Charge-off as % of Total Revenues (due to Model 6): 430 basis points (for the nine months ending Sept. 30, 2025)

Finance: draft 13-week cash view by Friday.

OppFi Inc. (OPFI) - Canvas Business Model: Key Activities

You're looking at the core engine of OppFi Inc. (OPFI) right now, the day-to-day work that keeps the platform running and growing, especially as they push these big tech upgrades.

Developing and refining the proprietary underwriting AI, Model 6.1

The continuous work on the proprietary underwriting AI is central. You know they've been using Model 6, which helped drive a 14% increase in total net originations in Q2 2025, and the auto-approval rate hit 80% in that quarter. Now, the focus is on the refit to Model 6.1, which is designed to better segment and price borrowers by risk, aiming to incrementally improve volume. Management signaled that the rollout of the Model 6.1 refit with lending partners is planned for Q4, with full implementation scheduled for Q1 2026. This model refinement is key to managing the high-yield nature of the business; for instance, the net charge-off rate as a percentage of revenue was 35% in Q3 2025, up slightly from 34% in Q3 2024, but the nine-month figure for the period ending September 30, 2025, shows a plummet of 430 bps in net charge-offs as a percentage of total revenues. That's the kind of detail that shows the long-term view on credit quality.

Loan origination and servicing via the digital platform

Origination volume is definitely picking up steam. In Q3 2025, total net originations increased 12.5% year-over-year to $246.1 million, and retained net originations grew 8% year-over-year to $215.2 million. Ending receivables finished that quarter 16% higher year-over-year at $481.0 million. The platform is also seeing loan sizes increase; the average loan size has gone up by about $100 year-over-year, and they are incrementally able to increase that up to closer to $5,000. Customer trust is a metric they actively manage, evidenced by the 4.4/5.0 star rating on Trustpilot based on over 5,200 reviews as of October 2025. You'd expect that level of customer interaction to be high-volume, defintely.

Implementing the new LOLA loan origination system (Q1 2026 full migration)

The build-out of the next-generation origination system, LOLA, is a major activity. This new system is being built to integrate AI for faster processing and higher auto approvals. As of the third quarter of 2025, LOLA has entered testing, with the full migration planned for Q1 2026. This technology push is expected to further reduce costs and allow continued growth without significant increases in fixed overhead.

Managing credit risk and collections for high-yield loans

Managing the risk inherent in serving the non-prime segment is a constant activity, often balanced with maximizing yield. The annualized average yield hit a company record of 136.1% in Q2 2025, a 130 basis point improvement year-over-year. This is supported by operational discipline where total expenses before interest declined to 30% of revenue in Q3 2025, down from 33% in Q3 2024. Interest expense also improved, falling to 6% of total revenue in Q3 2025 from 8% the prior year. The company raised its full-year 2025 revenue guidance to a range of $590 million to $605 million and adjusted net income guidance to $137 million to $142 million.

You can see the financial impact of these activities in the quarterly performance:

Securing and managing debt financing and credit facilities

Financing the receivables growth requires active management of credit facilities. OppFi announced a new $150 million revolving credit facility in October 2025 with funds managed by Castlelake L.P., replacing a prior facility. This new facility has a four-year term and significantly improved financing costs, reducing the interest rate from SOFR + 7.5% to SOFR + 6.0%, a 150 bps reduction. As of the end of 3Q25, the total funding capacity stood at $600.2 million, which included $204.2 million in undrawn debt. Total debt on the balance sheet for the TTM ending September 30, 2025, was $332,756 thousand.

Key financing and liquidity metrics as of late 2025 include:

• New Revolving Credit Facility Size: $150 million.
• Interest Rate Reduction: 150 basis points.
• Total Funding Capacity (End of 3Q25): $600.2 million.
• Undrawn Debt Capacity (End of 3Q25): $204.2 million.
• Total Debt (TTM Sept 30, 2025): $332.8 million (rounded).

OppFi Inc. (OPFI) - Canvas Business Model: Key Resources

You're looking at the core assets OppFi Inc. (OPFI) relies on to operate its tech-enabled digital finance platform. These aren't just abstract concepts; they are concrete numbers and systems driving their Q3 2025 performance.

Proprietary AI-powered underwriting platform (Model 6.1).

The engine here is the machine learning model. While Credit Model 6 is currently fully deployed, the next iteration, Model 6.1, is scheduled for rollout in Q4 2025, with full implementation targeted for Q1 2026. This refit aims to better identify riskier borrower populations while incrementally improving volume. Previously, the model showed superior risk-adjusted losses compared to Vantage 4.0, recommending approval for 29% additional loans at the same default rate in internal testing. The platform uses over 500 attributes per repayment to make decisions. In Q3 2025, auto approval rates reached 79% year-over-year.

Here's a quick look at the platform's decisioning power:

Also, the new origination system, LOLA, is in testing now, with a full migration planned for Q1 2026.

Strong balance sheet with $75 million in cash (Q3 2025).

Liquidity is solid. As of September 30, 2025, the balance sheet held $75 million in cash, or $75.2 million when including restricted cash. This cash position supports ongoing operations and growth initiatives.

Total funding capacity of approximately $603 million.

OppFi Inc. maintains significant capacity to fund its loan originations through its credit agreements. As of the end of Q3 2025, total funding capacity stood at approximately $600 million. This capacity includes $204 million in unused debt capacity, giving you a clear view of their immediate lending headroom. To be fair, this number fluctuates based on credit agreement renewals and utilization.

Customer data for continuous model refinement and risk-based pricing.

The AI models feed on proprietary information. This resource includes next-gen credit reports and proprietary banking transaction attributes. This continuous data input allows OppFi Inc. to employ true risk-based pricing, which management believes drives higher originations without increasing losses.

Key data utilization points include:

• Data from credit bureaus.
• Bank transaction data.
• Loan application data.
• Proprietary scores generated from these inputs.

Tech-enabled digital finance platform and intellectual property.

The platform itself, which partners with banks to offer credit, represents significant intellectual property. This includes the proprietary algorithms validated by bank partners. The platform facilitates a streamlined application experience, often resulting in instant decisions. The company also holds a 35% equity interest in Bitty Holdings, LLC, an SMB investment that generated $1.4 million in equity income for OppFi Inc. in Q3 2025.

Finance: draft 13-week cash view by Friday.

OppFi Inc. (OPFI) - Canvas Business Model: Value Propositions

You're looking at how OppFi Inc. delivers unique value to its customers, focusing on those overlooked by traditional lenders. It's about using technology to bridge a significant credit gap in the American financial landscape.

Credit access for the underserved, sub-650 FICO score market.

OppFi Inc. specifically targets the credit-insecure consumer, focusing on individuals with a FICO score below 650, where traditional lending options are scarce. The platform has facilitated more than $7.8 billion in gross loans to this segment. This commitment to financial inclusion means providing a necessary service where others won't.

Fast, automated loan decisions with a 79.1% auto-approval rate.

The speed of decisioning is a core value, driven by the proprietary AI and machine learning-based Model 6. In the third quarter of 2025, the auto-approval rate reached 79.1%. This automation significantly improves operating efficiency year over year. For comparison, the auto-approval rate in the second quarter of 2025 was 80%.

The efficiency and risk management metrics underpinning this automation are concrete:

Transparent, simplified installment loans for financial inclusion.

The loans offered are installment loans designed to be straightforward. A key part of this value is the reporting of repayment progress to the credit bureaus. This action directly helps customers expand their credit profiles, which is essential for long-term financial mobility. The average loan size has also been increasing, with management noting they are able to incrementally increase that up to closer to $5,000 as of Q2 2025.

Exceptional customer experience (NPS of 79 in Q2 2025).

Customer satisfaction remains a high priority, evidenced by strong feedback scores. The Net Promoter Score (NPS) was 79 in the second quarter of 2025. Furthermore, the company maintained strong external ratings, including 4.80 stars from 11,971 reviews on Google and 4.5 stars from 5,145 reviews on Trustpilot as of Q2 2025.

The commitment to service quality is reflected in these figures:

• NPS of 79 in Q2 2025.
• Google rating of 4.80 stars (Q2 2025).
• Trustpilot rating of 4.5 stars (Q2 2025).

Path to better financial health for everyday Americans.

OppFi Inc. positions its product as a step toward better financial health, especially considering that 67% of the American population lives paycheck to paycheck. By providing access to credit and reporting positive payment history, the company helps customers break the cycle where they need credit to build credit but can't get it. The platform's success is also reflected in its financial performance, with full-year 2025 revenue guidance raised to between $590 million and $605 million, showing the model is scaling profitably.

OppFi Inc. (OPFI) - Canvas Business Model: Customer Relationships

You're dealing with a segment of the market that traditional banks often overlook, so your customer relationships have to be rock solid, blending high-touch support with efficient digital processes. OppFi Inc. focuses on this delicate balance for consumers typically below a 650 Fair Isaac Corporation score.

High-touch, empathetic customer service for a vulnerable segment.

The commitment to service is evident in external validation. OppFi Inc. maintains an A+ rating from the Better Business Bureau (BBB). When customers do reach out, reviewers consistently note that representatives treat them with respect and are willing to work with them. This empathetic approach is crucial when serving those in emergency financial situations.

Automated, digital self-service tools for loan management.

Efficiency in the application process is a key relationship builder, reducing friction for users needing funds quickly. OppFi Inc.'s technology, particularly its AI and machine learning models, has driven significant operational improvements. In the first quarter of 2025, the auto-approval rate rose to 79%, up from 73% in the same quarter last year. This speed helps customers receive funds fast, with some noting same-day funding. The digital platform and mobile app are generally found to be user-friendly and efficient.

High customer loyalty reflected by ratings.

Loyalty metrics show a highly engaged base. As of the first quarter of 2025, OppLoans by OppFi Inc. held a 4.7/5.0-star rating on Trustpilot, based on more than 4,900 reviews. Furthermore, the company reported a Net Promoter Score (NPS) of 78 in the second quarter of 2025, which signifies a highly loyal consumer base willing to advocate for the brand. Still, it's worth noting that some customers find the interest rates expensive, even while acknowledging the necessity for their situation.

Here's a quick look at the relationship metrics as of mid-2025:

Direct communication via the digital platform and mobile app.

Communication is embedded in the digital experience. The platform allows for direct interaction, which is supported by the quick response times noted by users. The company's technology enables features like same-day funding and the possibility for customers to refinance. You see this directness in the operational goal to maintain strong customer satisfaction alongside rising auto-approval rates.

Focus on building long-term financial health.

The core mission involves more than just a transaction; OppFi Inc. aims to help consumers build improved financial health. A key mechanism for this is reporting repayment progress to the credit bureaus. This action directly supports the customer segment's goal of expanding their credit profiles over time. The Spring 2025 Financial Health Survey, using the FinHealth Score framework, tracks this progress, though it also shows persistent challenges for this group regarding savings and rising costs.

• Target FICO Score Range: Below 650
• Reported to Credit Bureaus: Yes, to expand customer credit profiles
• Surveyed Financial Anxiety: Up to 70% worried about increased prices impacting bills (Spring 2025)
• Limited Emergency Savings: 24.3% reported less than one week's savings (Spring 2025)

Finance: review the Q4 2025 customer service ticket resolution time against the Q3 2025 average by Monday.

OppFi Inc. (OPFI) - Canvas Business Model: Channels

You're looking at how OppFi Inc. gets its products, primarily through OppLoans, into the hands of its customers as of late 2025. The core is definitely the direct-to-consumer digital platform, OppLoans.

This platform is where the bulk of the action happens, supported by heavy online marketing and direct response programs. For the third quarter ended September 30, 2025, OppFi Inc. reported total revenue of $155.1 million. Net revenue, which is the sum of interest and loan related income and other revenue, hit $105 million in that same quarter. The engine driving this is loan origination; net originations saw a 12.5% growth compared to the third quarter of 2024. To be fair, acquiring these customers isn't getting cheaper; management noted acquisition costs are 'probably up $20 to $30 per [customer]'. Still, the platform's technology is working, with auto approval rates climbing to 79.1% year over year in Q3 2025, a testament to the Model 6 and LOLA system advancements. Plus, almost 50% of those originations in Q3 2025 were to new customers.

Here's a quick look at the financial results that these channels delivered in Q3 2025:

The company is actively exploring new digital avenues. OppFi Inc. started early trials for Connected TV (CTV) advertising around the fourth quarter of 2025, viewing this as a potential new growth lever for customer acquisition heading into 2026.

The employer-sponsored loan program (SalaryTap) remains a distinct channel, though its specific 2025 volume data isn't broken out separately from the main OppLoans metrics. This product facilitates multi-year small dollar installment loans, ranging from $2,000 to $5,000, linked to an employee's payroll. The product was expanded to 33 states as of mid-2021.

Finally, OppFi Inc. relies on third-party marketing partners and aggregators to supplement its direct efforts. For instance, direct mail is a channel that currently accounts for 4.2% of originations, though management sees potential for that to increase.

Finance: draft the 2026 channel budget allocation based on Q4 2025 CTV trial results by next Wednesday.

OppFi Inc. (OPFI) - Canvas Business Model: Customer Segments

You're looking at the core audience OppFi Inc. (OPFI) serves, which is a segment often overlooked by large, traditional financial institutions. This focus on the financially underserved dictates much of the platform's technology and risk approach.

The primary customer segment is Everyday Americans underserved by traditional banks. OppFi positions itself as a tech-enabled digital finance platform that broadens the reach of community banks to offer financial products to this group, emphasizing financial inclusion and an exceptional customer experience, evidenced by a 4.4 out of 5.0 star rating on TrustPilot based on over 5,200 reviews as of Q3 2025.

Regarding credit profile, the segment is characterized by consumers who do not qualify for prime lending. While specific FICO score cutoffs aren't provided for the entire portfolio, the reliance on technology to assess risk is clear: OppFi facilitates credit decisions using over 500 data points outside of traditional FICO scores. This technological approach allows them to serve the non-prime borrowers effectively.

The need driving this segment is often immediate, relating to short-term financial gaps. Data from OppFi's Spring 2025 Financial Health Survey shows significant vulnerability: nearly one in four customers, specifically 24.3%, reported having less than one week's worth of savings available, underscoring the need for emergency credit access and short-term financing. Furthermore, macroeconomic pressures mean nearly 70% of customers reported saving less since the start of the year.

A key secondary goal for many in this segment is financial improvement. OppFi's mission includes assisting these consumers in building improved financial health. The company's underwriting models, like the evolving Model 6.1, are designed to better identify risk while supporting growth, with auto approval rates reaching 79.1% in Q3 2025.

The final, indirect segment involves Small businesses (indirectly via Bitty investment). OppFi holds a 35% equity stake in Bitty, which provides revenue-based financing to small businesses. This segment is large, with the total market for non-bank small business lenders estimated at about $550 billion annually. Bitty contributed $1.4 million in equity income to OppFi in Q3 2025 and has funded over 29,000 small businesses since 2020.

Here's a quick look at the scale and performance metrics relevant to these customer segments as of Q3 2025:

The platform's ability to manage risk across this spectrum is critical. For instance, total net originations grew 12.5% year-over-year in Q3 2025, reaching $246.1 million.

You can see the focus on serving this specific market through the following operational highlights:

• Platform utilizes over 500 non-FICO data points for underwriting.
• Customer satisfaction rating on TrustPilot is 4.4/5.0 based on over 5,200 reviews.
• Full year 2025 revenue guidance was raised to a range of $590 million to $605 million.
• OppFi owns a 35% stake in Bitty, with options for majority ownership in 2027.
• Total funding capacity stood at a strong $600.2 million as of Q3 2025.

The customer base is actively engaged, but financially stressed; if onboarding takes 14+ days, churn risk rises.

OppFi Inc. (OPFI) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fund OppFi Inc.'s operations, which is crucial when underwriting subprime loans. The cost structure is heavily influenced by credit risk management and technology investment, though operational leverage is improving.

The most immediate cost concern tied to the subprime segment is credit loss. For the third quarter of 2025, OppFi Inc. reported that net charge-offs as a percentage of revenue ticked up to 35.1%, compared to 34.3% year-over-year for the same period. Management noted this risk was appropriately priced into the loans.

Financing costs are a significant component. While OppFi Inc. ended Q3 2025 with $321 million in total debt, the actual cost for the quarter was lower due to proactive debt management. Interest expense and amortized debt issuance costs for Q3 2025 were reported at $10,079 thousand. This expense line item represented only 6% of total revenue for the quarter, down from 8% in the prior year, thanks to upsized credit facilities at more attractive rates.

Technology is a major, yet increasingly efficient, cost center. Investments here directly support the underwriting models, Model 6.1 and the new LOLA origination system, which are designed to improve risk segmentation and automation.

Customer acquisition is funded through direct marketing. For Q3 2025, Direct marketing costs totaled $14,514 thousand. Management is focusing on scaling channels like Connected TV while direct mail accounted for about 4.2% of originations in the quarter.

Overall operational efficiency is a key theme. Total expenses before interest expense declined to 30% of revenue in Q3 2025, a substantial improvement from 33% in Q3 2024. This 500 basis point year-over-year decline in total expenses as a percentage of revenues highlights the operational leverage gained from technology like Model 6.

Here is a breakdown of key Q3 2025 expense line items in thousands of US Dollars, alongside the total debt figure:

The structure of these costs shows a clear trade-off you need to watch:

• Net charge-offs as a percentage of revenue: 35.1% (Q3 2025).
• Total expenses before interest as a percentage of revenue: 30% (Q3 2025).
• Technology costs as a percentage of Q3 2025 Total Revenue ($155.1 million): Approximately 2.02% ($3,131k / $155,089k).
• Direct marketing costs as a percentage of Q3 2025 Total Revenue: Approximately 9.36% ($14,514k / $155,089k).

Finance: draft 13-week cash view by Friday.

OppFi Inc. (OPFI) - Canvas Business Model: Revenue Streams

You're looking at the core income drivers for OppFi Inc. as of late 2025. The platform's total revenue is calculated as the sum of interest and loan related income and other revenue. This is the top-line number that reflects the success of their partnership lending model.

Here's a quick look at the key financial metrics and guidance impacting the Revenue Streams block:

The revenue generated from finance charges and interest income from installment loans forms the bulk of the total revenue. While the specific dollar amount for this component isn't broken out separately from the total, the platform's average yield, annualized, was reported at 136.1% in Q2 2025, though it slightly reduced to 133% in Q3 2025 due to seasonal and mix factors.

You should note the following specific data points related to revenue generation:

• Equity income from the Bitty investment was $1.4 million in Q3 2025.
• OppFi Inc. owns a 35% stake in Bitty.
• Net originations showed 12.5% growth compared to Q3 2024.
• Almost 50% of Q3 2025 originations came from new customers.

Regarding revenue from the SalaryTap employer-sponsored loan product, specific standalone financial figures for OppFi Inc.'s revenue contribution from SalaryTap as of late 2025 were not explicitly detailed in the latest public guidance updates. Fees and other revenue related to financial products are aggregated within the Total Revenue figure, which is the sum of interest and loan related income and other revenue.