Fintech platform Opportunity Financial (OppFi) has announced plans to launch a mobile-first credit card to expand credit access. The move is particularly aimed to provide easy credit access to underserved customers.
The company is now working with Mastercard, First Electronic Bank and Deserve to launch the OppFi Card.
OppFi CEO Jared Kaplan said: “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 US adults lack access to credit of choice. OppFi Card is the next product phase to fulfil 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.”
The OppFi Card will be issued by First Electronic Bank, Member FDIC.
Once approved, the customers can access their OppFi Card by adding it to their OppFi app e-wallet. The virtual card can be used for making online, in-app and POS transactions.
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They will also receive a physical card that will support EMV chip and contactless payments.
Mastercard Digital Partnerships executive vice-president Sherri Haymond said: “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.”
The OppFi Card is expected to be launched in the second half of this year.