OppFi Shifts to Deposit-Funded Model with BNCC Acquisition

In a significant strategic pivot, OppFi, Inc. (NYSE: OPFI) is shifting toward a bank-enabled, deposit-funded model via its pending acquisition of BNCC, as highlighted in a recent update from Stonegate Capital Partners. The company's 1Q26 results showed steady performance, with revenue reaching a record $151.9 million and receivables growing 9.4% to $444.9 million, despite a 7.0% decline in net originations. This growth was driven by tighter credit standards and disciplined expense management, even as higher charge-offs pressured adjusted earnings. OppFi is prioritizing long-term platform expansion over short-term volume, investing in products like LOLA, Model 7, LOC, and SMB lending, while integrating BNCC.

The BNCC acquisition is a game-changer, adding approximately $1.0 billion in low-cost deposits and supporting national expansion. It is expected to drive over 25% adjusted EPS accretion in the first year. OppFi's credit discipline has cultivated a higher-quality revenue base, with record revenue despite lower originations. The company has maintained its FY26 guidance of $650 million to $675 million in revenue and adjusted EPS of $1.76 to $1.84, reflecting confidence in its strategic direction. Upcoming product launches, including LOLA migration in May, Model 7 expected in fall 2026, and LOC this summer, provide multiple catalysts for the remainder of the year.

For investors and industry watchers, OppFi's transformation underscores a broader trend in fintech: the move toward stable, deposit-based funding to weather economic volatility. By focusing on credit quality and diversifying its product suite, OppFi aims to reduce reliance on volatile capital markets and build a more resilient business model. The full announcement offers deeper insights into OppFi's strategy and the expected impact of these initiatives.