OppFi acquires 35% equity interest in Bitty Advance

OppFi announced its strategic acquisition of a 35% equity interest in Bitty Advance, including its servicing business. The transaction includes options for OppFi to obtain majority and total ownership over time. Bitty is majority controlled by Craig Hecker, who will continue to operate the business as CEO. Bitty is a credit access company that offers revenue-based financing and other working capital solutions. Since 2020, Bitty has facilitated funding to more than 29,000 small businesses across the United States, with products ranging from $2,000 to $250,000. On an annualized basis, OppFi anticipates that Bitty would contribute approximately 3c in adjusted earnings per share to the consolidated results of OppFi. OppFi has the option to acquire an additional 30% equity interest for majority ownership of Bitty in 2027 and the option to acquire the remaining equity for total ownership of Bitty in 2030.