OppFi, Inc. (NYSE: OPFI) reported steady first-quarter results for 2026, but the more significant development is the company's strategic pivot toward a bank-enabled, deposit-funded model through its pending acquisition of BNCC, according to an update from Stonegate Capital Partners. The acquisition is expected to meaningfully expand OppFi's growth runway by adding approximately $1.0 billion of low-cost deposits, supporting national expansion and driving 25% or more adjusted earnings per share accretion in the first year post-close.
In the first quarter, OppFi's revenue and receivables grew despite lower originations, as tighter credit conditions, inflation, weaker consumer sentiment, and higher average tax refunds temporarily reduced loan demand. Net originations declined 7.0% year-over-year to $176.0 million, but total receivables increased 9.4% to $444.9 million, and revenue rose 8.3% to a record $151.9 million. Higher charge-offs pressured adjusted earnings, but expense discipline held as management continued to invest across key initiatives, including LOLA, Model 7, LOC, SMB lending, and the BNCC integration.
Stonegate Capital Partners noted that OppFi is prioritizing credit discipline and long-term platform expansion over near-term volume growth. The company's product and technology investments are expected to add multiple catalysts in 2026: the LOLA migration begins in May, Model 7 is expected in fall 2026, and LOC launches this summer. Full-year 2026 guidance remains intact, with revenue projected between $650 million and $675 million and adjusted EPS of $1.76 to $1.84.
The pending BNCC acquisition marks a fundamental shift in OppFi's business model, transitioning from a reliance on costly funding sources to a lower-cost, deposit-funded structure. This change could enhance profitability and provide a more stable funding base, which is critical in the current high-interest-rate environment. For industry observers, the move signals a broader trend among fintech lenders seeking to reduce funding costs and improve margins by acquiring or partnering with traditional banks.
For business leaders and technology executives, OppFi's strategy underscores the importance of integrating financial technology with traditional banking infrastructure to achieve sustainable growth. The company's emphasis on credit discipline and platform expansion, even at the expense of short-term volume, reflects a prudent approach that may resonate with investors looking for long-term value creation. The acquisition of BNCC, if completed, could position OppFi to compete more effectively with larger, deposit-rich financial institutions while maintaining its focus on serving underserved consumers.
Stonegate Capital Partners, a capital markets advisory firm providing investor relations and equity research, issued the update. The full announcement is available here.
