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	Podcast:		Yet Another Value Podcast
	Episode:		Kyle Cerminara on deSPACing OppFi with $FGNA
	Category:		Business
	Duration:		01:11:39
	Publish Date:		2021-07-08 12:00:00
	Description:		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?
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