Kyle Cerminara on deSPACing OppFi with $FGNA
Kyle Cerminara, President of FGNA, discusses his thesis for deSPACing with OppFi. Key topics include comparing OppFi to its closest competitors, how FNGA and OppFi arrived at their valuation, and addressing different regulatory risks for OppFi.Kyle's twitter: https://twitter.com/kcerminaraOppFi / FGNA's SEC filings: https://www.sec.gov/edgar/browse/?CIK=1818502&owner=excludeChapters0:00 Intro1:30 OppFi overview9:40 Comping OppFi to Upstart16:35 Why are Katapult and Affirm part of OppFi's comp set?19:00 OppFi's valuation22:10 Why did OppFi agree to a deSpac at this valuation?27:45 How going public gives OppFi a bigger microphone29:35 Discussing negative headlines around FGF35:25 Why did FGNA send out so many LOIs?40:00 How did FGNA and OppFi handle the wait between the LOI in December and the definitive deal in February45:20 Will banning "rent-a-bank" impact OppFi?49:00 Discussing OppFi's ~30% charge off rate50:50 Interest rate caps and pending litigation55:20 Why didn't FGNA get a PIPE for the OppFi deal?58:10 Discussing OppFi's management and Joe Moglia1:06:45 Kyle's closing thoughts1:09:15 Bonus question: how will reopening impact OppFi?