PLANO, Texas, Upbound Group, Inc. (NASDAQ: UPBD), a technology-driven provider of inclusive financial solutions, has officially completed its previously announced acquisition of Brigit, a top financial health technology company. This acquisition significantly expands the company’s reach, now serving approximately four million active customers. Brigit alone brings over one million paying subscribers and nearly one million free users to the combined entity.
A Strategic Move to Strengthen Financial Offerings.
Mitch Fadel, CEO of Upbound, emphasized the significance of the acquisition, stating, “Brigit’s integration into Upbound represents a pivotal step in advancing our growth initiatives and mission. By merging Brigit’s advanced technology, customer-focused approach, and talented workforce with our platform, we are better positioned to provide tailored financial solutions to underserved consumers. This combination allows us to deliver a wider range of personalized services at the right time and through the most effective channels. We are excited to welcome the Brigit team into the Upbound family.”
Brigit’s co-founder and CEO, Zuben Mathews, highlighted the potential impact of the collaboration, noting, “Partnering with Upbound accelerates our mission to support millions of Americans who have been overlooked by traditional financial institutions. By integrating Brigit’s AI-powered cash-flow technology and suite of innovative financial tools with Upbound’s platform, we can empower underserved individuals to achieve greater financial stability.”
About Upbound Group, Inc.
Upbound Group, Inc. (NASDAQ: UPBD) is a leading provider of accessible financial products tailored to meet the evolving needs of underserved consumers. The company’s portfolio includes well-known brands like Rent-A-Center® and Acima®, which facilitate consumer transactions across a variety of digital and in-store retail channels. Operating over 2,300 branded retail locations in the U.S., Mexico, and Puerto Rico, Upbound is headquartered in Plano, Texas. More details can be found at Upbound.com.
About Brigit.
Brigit is a comprehensive financial health platform that has supported millions of users in managing their budgets, accessing earned wages ahead of payday, building credit through savings, protecting against identity theft, and finding ways to earn and save money. With a mission to help everyday Americans improve their financial well-being, Brigit was previously backed by notable investors, including Lightspeed, DCM, Nyca, Flourish, Hummingbird, and several high-profile individuals such as Will Smith and Kevin Durant.
Forward-Looking Statements Disclaimer.
This press release contains forward-looking statements that are subject to risks and uncertainties. These statements, made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995, can be identified by phrases such as “expects,” “intends,” “believes,” “may,” and similar terminology. Forward-looking statements include expectations regarding the benefits and synergies of the acquisition, the impact on Upbound’s future financial performance, and strategic objectives.
However, actual results may differ due to several factors, including:
- Challenges in integrating Brigit’s operations into Upbound’s business.
- Unexpected costs or liabilities associated with the acquisition.
- The impact of the transaction on customer retention and key business relationships.
- Economic conditions influencing consumer behavior and spending patterns.
- Competitive pressures affecting the appeal of Upbound and Brigit’s offerings.
- Compliance with evolving legal and regulatory requirements.
- Cybersecurity risks and data protection concerns.
Additional details on these risks can be found in Upbound’s filings with the Securities and Exchange Commission (SEC), including its most recent Annual Report on Form 10-K and subsequent quarterly filings. Readers are advised not to place undue reliance on forward-looking statements, as Upbound has no obligation to update them unless required by law.
