Upbound Group Acquires Brigit in $460M Strategic Move
Slice of Finance Team
12/13/2024
Key Highlights:
- Upbound acquires Brigit for up to $460 million, combining cash and stock.
- Brigit, a leading financial health app, serves nearly 2M active customers with subscription-based products like Instant Cash, credit building, and financial literacy tools.
- Transaction enhances Upbound’s tech-driven platform, diversifies revenue streams, and accelerates growth in digital and virtual markets.
- Integration strengthens risk management, customer loyalty, and personalized financial solutions across Upbound’s brands, including Acima and Rent-A-Center.
- Acquisition expected to close in Q1 2025, pending regulatory approvals.
Source: Business Wire
Quotes
“ “Creating a financial solutions platform with Brigit as the backbone expands our addressable market and enables Upbound to innovate across even more product categories to improve the financial health of our customers.” ”
Mitch Fadel, CEO at Upbound Group
Our Take:
This acquisition underscores Upbound’s commitment to leveraging technology to address gaps in the financial services market for underserved communities. Brigit’s advanced AI and machine learning capabilities offer Upbound a robust platform to innovate and scale, while its proven customer engagement metrics and revenue growth potential make it a valuable addition. By diversifying its offerings beyond durable goods, Upbound positions itself as a leader in holistic financial solutions, which could further drive shareholder value and set a new standard in financial inclusion.
