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/kcerminara
OppFi / FGNA's SEC filings: https://www.sec.gov/edgar/browse/?CIK=1818502&owner=exclude

Chapters
0:00 Intro
1:30 OppFi overview
9:40 Comping OppFi to Upstart
16:35 Why are Katapult and Affirm part of OppFi's comp set?
19:00 OppFi's valuation
22:10 Why did OppFi agree to a deSpac at this valuation?
27:45 How going public gives OppFi a bigger microphone
29:35 Discussing negative headlines around FGF
35:25 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 February
45:20 Will banning "rent-a-bank" impact OppFi?
49:00 Discussing OppFi's ~30% charge off rate
50:50 Interest rate caps and pending litigation
55:20 Why didn't FGNA get a PIPE for the OppFi deal?
58:10 Discussing OppFi's management and Joe Moglia
1:06:45 Kyle's closing thoughts
1:09:15 Bonus question: how will reopening impact OppFi?