OppFi is focusing on flexible credit, tech upgrades and its banking ambitions amid persistent inflation and cooling consumer sentiment.

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The digital lending platform touted these new offerings Wednesday (Oct. 28) as it released third-quarter earnings results showing a 3.8% drop in revenue. The company’s quarterly numbers also showed originations declining 7% to $229 million due to tighter screening.

“Higher-for-longer inflation and subdued consumer sentiment continue to affect our customer base, which tends to be disproportionately impacted relative to the broader population,” OppFi Chief Financial Officer Pam Johnson told analysts during the company’s earnings call.

Against this backdrop, borrowing habits are evolving, management said, leaving an opening for the company’s new credit product.

“There’s a subset of customers that prefer the flexibility, especially in this environment, over the more stringent nature of the installment product,” OppFi CEO Todd Schwartz said during the call.

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This “provides customers the ability to draw more frequently,” he said. “And we’re very encouraged by the testing, and now it’s fully launched so that we’re going to have that as a growth lever for next year.”

The new credit product lets users draw funds more frequently and comes ahead of the company’s planned rollout of an earned wage access offering for next year.

Management also touted a planned tech overhaul, part of a broader strategic investment of more than $150 million.

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