OppFi partners with Mastercard, First Electronic Bank and Deserve to launch OppFi Card
By Pavithra R
OppFi, a leading financial technology platform that powers banks to help the everyday consumer gain access to credit has announced partnering with Mastercard, First Electronic Bank and Deserve to launch OppFi Card, a mobile-first credit card designed to expand credit to consumers who are locked out of mainstream financial products.
“OppFi’s mission is to expand financial access to millions of everyday consumers who are locked out of traditional financial products, of which about 60 million U.S. adults lack access to credit of choice. OppFi Card is the next product phase to fulfill this need. OppFi Card can bridge the gap and help graduate consumers closer to mainstream credit options with simple, revolving credit that can improve their financial health,” said Jared Kaplan, chief executive officer, OppFi.
OppFi Card will be powered by First Electronic Bank and Deserve and will feature Mastercard as its exclusive card network. The card will be issued by First Electronic Bank, Member FDIC, and will serve to help graduate current customers to mainstream credit options. Upon approval, cardholders will instantly be able to access their new card adding it directly to their mobile wallets from the OppFi mobile app. This will enable cardholders to access their card information immediately to begin making purchases online, in-app, and at the point of sale.
“We look forward to working closely with OppFi to deliver best-in-class payments experiences to cardholders looking for meaningful solutions to build their access to the digital economy,” said Sherri Haymond, executive vice president, Digital Partnerships at Mastercard.
Cardholders can also receive a physical card that supports all payment types, including EMV chip and contactless payments. The company is planning to launch OppFi Card in the second half of 2021.
“Through our partnership with OppFi, First Electronic Bank is committed to building innovative and dynamic financial products for underserved and emerging communities. OppFi Card is the critical next step in this mission to expand new credit products and build expanded financial access for customers,” said Derek Higginbotham, chief executive officer and president, First Electronic Bank.
“There is complete mission-alignment between Deserve and OppFi Card. Together, we are able to provide the mobile-first technology that is designed to expand credit access and create a better and more streamlined experience for the customer,” said Kalpesh Kapadia, chief executive officer and co-founder, Deserve.
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