Acquisition adds BNPL to PROG Holdings’ suite of fintech companies
PROG Holdings, Inc., the fintech holding company for Progressive Leasing, a leading provider of e-commerce, app-based, and in-store lease-to-own solutions, and Vive Financial, a provider of omnichannel second-look revolving credit solutions, announced the acquisition of Four Technologies, Inc., the creator of Four, an innovative Buy Now, Pay Later (BNPL) platform that allows shoppers to pay for merchandise through four interest-free installments.
“Acquiring Four adds an established BNPL platform that we believe will accelerate our market reach and further diversify our consumer fintech offerings,” – Steve Michaels, PROG Holdings President and CEO.
Four’s proprietary platform capabilities and its rapidly growing base of customers and retailers expand PROG Holdings’ ecosystem of fintech offerings by introducing a payment solution that is quickly growing in the global marketplace. Shoppers use Four to purchase furniture, clothing, electronics, health and beauty, footwear, jewelry, and other consumer goods from retailers across the United States.
“Acquiring Four adds an established BNPL platform that we believe will accelerate our market reach and further diversify our consumer fintech offerings,” said PROG Holdings President and CEO Steve Michaels. “Combining Four with Progressive Leasing and Vive Financial, our lease-to-own and revolving credit companies, builds upon our direct-to-consumer growth strategy and delivers an exceptional value proposition to retailers looking to offer their customers additional payment options.”
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Terms of the transaction were not disclosed. PROG Holdings expects to discuss the transaction in more detail during its call to discuss its financial results for the second quarter of 2021 on Thursday, July 29, 2021, at 8:30 A.M. ET. The Company does not anticipate updating its 2021 outlook in connection with the acquisition.
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