02:32 PM EDT, 08/01/2024 (MT Newswires) -- OppFi ( OPFI ) said Thursday it has purchased a 35% stake in Bitty Advance, including its servicing business, with options to acquire an additional 30% stake to become a majority owner in 2027 and buy the remaining equity to gain full ownership in 2030.

Craig Hecker will continue to serve as chief executive officer of Bitty, OppFi ( OPFI ) said.

Bitty is expected to contribute about $0.03 to OppFi's ( OPFI ) adjusted earnings per share on an annualized basis, OppFi ( OPFI ) said.

OppFi ( OPFI ) shares fell 6.2% in recent Thursday trading.

Price: 3.62, Change: -0.24, Percent Change: -6.22