A SPAC from former TD Ameritrade CEO Joe Moglia announced a planned merger with Opportunity Financial on Wednesday.

The SPAC Deal: OppFi will go public with FG New America Acquisition Corp (NYSE: FGNA) in a deal valuing the company at $800 million.

The company will trade as ticker OPFI on the NYSE after the merger is completed. Current FG New America shareholders will own 30% of the new company.

Related Link: 10 SPACs Under For Investors To Consider In 2021

About OppFI: Using artificial intelligence and proprietary fintech solutions, OppFi targets the everyday consumer that's neglected by mainstream financial services.

The company said it's at the forefront of high growth digital financial services for 60 million consumers in the U.S. The target customers are people who are employed, have a bank account and make over $50,000 a year. The company said these customers are locked out of many financial products.

OppFi said it is positioned to gain share and expand its product and service offerings. The company launched payroll deduction services in 2020. Future launches include credit cards, near prime lending, mobile banking, point of sale lending and mortgage lending.

Financials: The company estimates it had revenue of $323 million in fiscal 2020. Adjusted net income for fiscal 2020 is estimated at $53 million and adjusted EBITDA of $99 million.

OppFi has completed over 1.5 million loans totaling $2.3 billion over the last nine years.

Estimates call for revenue to grow 30% to $418 million in fiscal 2021 and 57% to $656 million in fiscal 2022.

Price Action: Shares of FG New America are up 4% to $11.09 at time of writing. 

Disclosure: The author has a long position in shares of FGNA.

See more from Benzinga

• Click here for options trades from Benzinga
• Colin Kaepernick Launches 0M ESG SPAC
• Urban Air Mobility Archer Lands SPAC Merger, B United Airlines Purchase Order: What Investors Should Know

© 2021 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.