OppFi Pulls BNC Bank Acquisition Applications

OppFi has ended its effort to acquire BNC Bank, withdrawing the applications tied to the proposed transaction. The digital finance platform said the move followed its inability to secure an adequate chance to work with regulators on concerns raised about the deal.

The company's statement frames the decision as a response to the review process rather than a change in its view of the acquisition's merits. OppFi indicated that it wanted more engagement with supervisory authorities so it could answer questions and address issues before the applications moved forward.

The withdrawal highlights the hurdles fintech firms face when seeking bank charters or bank ownership. Such deals require approval from various regulators, who examine capital, compliance, consumer protection and operational risks. For platforms that began outside traditional banking, those standards can also add complexity and potentially extend timelines.

OppFi did not provide any additional details about its next steps or whether it will pursue another bank transaction. The abandoned purchase leaves BNC Bank's ownership unchanged for now, while OppFi remains focused on its existing digital lending and financial services business.