I recently went one-on-one with Todd Schwartz, founder and CEO of OppFi.

Adam: Thanks again for taking the time to share your advice. First things first, though, I am sure readers would love to learn more about you. ​How did you get here? ​What experiences, failures, setbacks, or challenges have been most instrumental to your growth?

Todd: I founded OppFi with a clear mission: to improve people’s lives through better financial solutions. One of the greatest challenges I faced was right after we launched in 2012. I had done everything necessary to open our doors—securing licenses, raising the right investments—and on our first day, I made four loans. I thought we were off to a strong start! But then, the phone did not ring for 20 days straight, and I had no other customers in sight. It was a tough period that made me doubt myself and wonder if there was even a market for what we were offering.

Despite my initial failure, I pushed forward. By the end of that first month, we had issued a total of eight loans. Thankfully, those initial customers were thrilled with the product, and soon word of mouth spread that we were offering a trustworthy, reliable financial service for those who needed it most: subprime consumers with a lower credit score that are often locked out of traditional options for credit that come to us seeking loans for emergency expenses like car repairs or hospital bills.

The most important lesson learned from this failure, and others I have made along the way, is to never allow them to get you down and stop you from achieving your goals. Setbacks are inevitable, but quitting should never be an option. The things you want to achieve will not always come easily to you, and it is important to overcome all obstacles in your way in order to make it a reality. 

Adam: How did you come up with your business idea? What advice do you have for others on how to come up with great ideas?  

Todd: The concept for OppFi was sparked by a chance encounter at a pawn shop. Several years ago, I walked into a pawn shop with a friend and happened to witness a woman, dressed in scrubs, pawning her wedding ring to meet her financial obligations. This moment opened my eyes to the challenges facing the 60 million Americans who are unable to access credit from banks and other traditional financial institutions when they need it the most and therefore forced to resort to predatory practices and other quick-fix solutions.

This chance moment really fueled my passion to address a significant gap in the financial services market: to provide credit access to consumers who are typically locked out of main street options when they need it most.

For others trying to develop a great business idea, I would suggest opening your eyes to the everyday realities around you. The best solutions often address problems that are frequently overlooked. Be driven by the intent to solve a problem and look for gaps in existing products or services, rather than merely capitalizing on an opportunity.

Adam: How did you know your business idea was worth pursuing? What advice do you have on how to best test a business idea?

Todd: I knew my business was worth pursuing when I realized what a significant gap in the market there was, and how OppFi could help those underserved consumers. Think of it this way: there are 60 million Americans who are underbanked or shut out of the traditional banking system, and OppFi has serviced 1.3 million unique customers to date. Although it is just a small dent in the millions of people with limited credit options in this country, we are facilitating credit access to those individuals to reduce their financial burdens and help them in case of emergency. Knowing that we are capable of helping consumers in a real, tangible way made pursuing this business an easy decision.

My advice on the best way to test out your business idea is to start by identifying a genuine need or problem to solve, then bring it to life. Success is built on execution, not theory, and great ideas rarely stay undiscovered for long. If you have identified a need in the market, seize the opportunity. The faster you take action, the faster you will receive feedback from your customers about what works and what does not, which in turn gives you the proper insight to further improve and refine your product or service. It is oftentimes best to turn a concept into reality and let the results speak for themselves.

Adam: What are the key steps you have taken to grow your business? What advice do you have for others on how to take their businesses to the next level?

Todd: To grow my business, the key steps have included scaling operations and building a strong team of individuals who align with our mission and values to drive new perspectives and growth. After we launched and found success in Chicago and Illinois more broadly, we expanded nationally by securing our first bank partnership, which was a pivotal moment for the business. Since then, we have established additional partnerships with banks and other partners. We’ve also developed new products and services to meet the evolving needs of customers – most recently, we acquired a significant equity interest in Bitty Advance, marking our entry into the small business financing market and the opportunity to further diversify our product offerings in order to meet the growing demand for financial solutions tailored to small businesses.

For anyone looking to take their business to the next level, I would say that building a great team you trust is essential. You cannot do it all on your own, and having the right people in leadership roles and supporting your company’s mission is crucial to long-term success. It’s also important to always stay true to your mission; as you grow, don’t lose sight of your core purpose.

Adam: What are your best sales and marketing tips?  

Todd: Many people say “word-of-mouth" is the best marketing of all. I am a firm believer of this philosophy and have seen it hold true throughout the growth of OppFi. When customers feel valued and heard, they naturally share their positive experiences with others. OppFi's success in customer satisfaction is evident through its 4.7/5.0 rating across more than 26,000 online customer reviews. This word-of-mouth consistently drives our sales and brings in new consumers. We also have a strong referral program that drives our business.

One of the strongest indicators of our success and drivers of growth is return customers – about 20% of the current book of customers are individuals who paid their loans off in full and then returned to us at a later time. This ensures a strong pipeline of growth.

Additionally, a customer-first mindset is essential to a good marketing team. In any company decision, customers are at the forefront of our minds and we’re always seeking feedback to adapt our offerings.

Adam: In your experience, what are the defining qualities of an effective leader? How can leaders and aspiring leaders take their leadership skills to the next level?

Todd: In my experience, the defining qualities of an effective leader include humility and the ability to recognize where their expertise starts and ends. A strong leader leads by doing but also understands the value of relying on their team's unique skills and perspectives to achieve the best outcomes.

To take leadership skills to the next level, I would recommend focusing on self-awareness and always seeking feedback. Leadership is a journey of constant improvement, with so much opportunity to grow alongside your team.

Adam: What is your best advice on building, leading, and managing teams?  

Todd: At OppFi, I’ve learned that effective leadership is about leveraging the strengths of a talented team while always maintaining clear communication. I always strive to practice active listening and ask probing questions to gain deeper insights. I do not always have the time or expertise to run every aspect of the company, but I’ve built a team of exceptional individuals whom I trust implicitly. Their expertise and advise are invaluable in guiding our strategic decisions. 

Clear communication is key – especially when implementing major decisions. I always do my best to make sure my vision is articulated precisely, and my team and I are very transparent with each other. I believe this has made us successful in meeting our goals as a dynamic organization focused on our mission of expanding credit access.

Adam: What are your three best tips applicable to entrepreneurs, executives, and civic leaders? Anna

Todd: First and foremost, your word is your bond. It is important to follow through on promises and back it up with action. This helps to establish credibility and trust with not only your customers but your employees. It is a vital aspect of any job.

You also have to have grit, passion and determination to make and stick to decisions, even if they are difficult. If you get a reputation of changing your mind at the first sign of pushback, you will constantly have to deal with that. You should always have a passion for your work and mission – it is cliché, but work that you love does not feel like work. Working for a company with a clear vision and set of values that align with your own goes a long way. To me, having passion and putting it into your work will enable you to be successful.

Lastly, accessibility for your employees is key. You cannot be a successful leader if you do not interact with your team. The people you lead want to hear from you and feel that sense of connection, especially in remote and hybrid working environments.

Adam: What is the single best piece of advice you have ever received?

Todd: One of the biggest lessons I’ve learned throughout my career is: “You either win or you learn.” This philosophy has been a guiding principle for decades and has shaped our culture at OppFi. I have prioritized fostering an environment where failure is embraced as a stepping stone, as success is not always guaranteed, and setbacks are inevitable. However, I am a believer that every misstep is an opportunity for growth, which equips us to navigate future challenges more effectively.


Adam Mendler is an entrepreneur, writer, speaker, educator, and nationally recognized authority on leadership. Adam is the creator and host of the business and leadership podcast Thirty Minute Mentors, where he goes one-on-one with America's most successful people - Fortune 500 CEOs, founders of household name companies, Hall of Fame and Olympic gold medal-winning athletes, political and military leaders - for intimate half-hour conversations each week. A top leadership speaker, Adam draws upon his insights building and leading businesses and interviewing hundreds of America's top leaders as a top keynote speaker to businesses, universities, and non-profit organizations. Adam has written extensively on leadership and related topics, having authored over 70 articles published in major media outlets including Forbes, Inc. and HuffPost, and has conducted more than 500 one on one interviews with America’s top leaders through his collective media projects. Adam teaches graduate-level courses on leadership at UCLA and is an advisor to numerous companies and leaders. A Los Angeles native, Adam is a lifelong Angels fan and an avid backgammon player.

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