Upbound Group has completed the previously announced acquisition of Brigit, a financial health technology company, in a cash and stock deal worth up to $460m.
Through the acquisition, the enlarged Upbound will expand its reach to approximately four million active customers. Upbound also adds Brigit’s over one million paying subscribers and nearly one million free users to its platform.
Moreover, the merger enhances Upbound’s suite of technology-driven financial solutions, incorporating earned wage access, credit-building products, and financial wellness tools.
Brigit’s proprietary cash flow underwriting technology is expected to strengthen Upbound’s existing brands, including Acima and Rent-A-Center, by improving risk management, fraud prevention, and customer approval processes.
The financial health technology company’s co-founders, Zuben Mathews and Hamel Kothari, will continue to lead the company as a business segment of Upbound.
Under the definitive agreement, which was announced in December 2024, Brigit is to be paid $325m at closing in cash, issued 25% in Upbound shares, along with deferred cash consideration and potential earnout of up to $135m.
Mathews said: “Joining forces with Upbound accelerates our opportunity to serve millions of Americans left behind by traditional financial institutions.
“By adding Brigit’s proprietary, machine learning-powered cash-flow technology and suite of innovative financial products to Upbound’s platform, we can empower those underserved individuals to build brighter financial futures.”
Brigit offers financial management tools such as early wage access, credit-building, and identity theft protection.
The firm is backed by investors including Lightspeed, DCM, Nyca, and Flourish, DN Capital, Hummingbird, CRV, Canaan, Kevin Durant, Abstract, Sound, Will Smith, and other investors.
Based in Texas, Upbound operates financial services brands such as Rent-A-Center and Acima, facilitating consumer transactions across store-based and digital retail channels.
It has more than 2,300 branded retail units across the US, Mexico, and Puerto Rico.
Upbound CEO Mitch Fadel said: “By combining Brigit’s innovative technology, customer-centric approach and talented team with our company, we are enhancing our ability to create a more personalised customer experience and to deliver, at the right time and through the right channels, a wider range of targeted solutions for consumers.”
