OppFi Inc. (OPFI) shares are experiencing an uptick as the company benefits from the surge in Buy Now, Pay Later (BNPL) transactions during the Black Friday shopping spree. The increased popularity of BNPL services, particularly among Black and Hispanic Americans, has driven a significant rise in online spending, with projections indicating an 11.4% increase from the previous year. This trend is expected to set new records for BNPL companies, which could positively impact OppFi, a company known for providing financial solutions to subprime consumers.
The BNPL market's growth is further highlighted by a 23% increase in usage compared to last year, as reported by LexisNexis Risk Solutions. This expansion underscores the role of BNPL options in promoting financial inclusion, especially for credit-invisible or subprime consumers, a demographic that OppFi targets. As the holiday season progresses, the continued reliance on BNPL services could bolster OppFi's market position and financial performance.
OppFi's stock closed at $8.16, marking a 2.26% increase from the previous day's close of $7.98. However, in after-hours trading, the stock saw a slight decline of 0.25%, bringing the current price to $8.14.