Upbound Group, Inc. (“Upbound” or the “Company”) (NASDAQ: UPBD), a technology and data-driven leader in accessible and inclusive financial products that address the evolving needs and aspirations of underserved consumers, announced the completion of its previously announced acquisition of Brigit, a leading financial health technology company. The combined company has significantly greater scale, currently serving approximately four million active customers, including Brigit’s over one million active paying subscribers and almost one million free subscribers.
The acquisition of Brigit expands Upbound’s platform of innovative technology-driven financial solutions to meet a broader range of complementary consumer needs, now also including earned wage access and credit building products, as well as financial wellness solutions and educational resources to help consumers better manage, save and earn money. In addition, Brigit’s proprietary cash flow underwriting data and tech stack are expected to enhance Upbound’s existing brands, including Acima and Rent-A-Center, by improving risk management and fraud prevention, enabling more customer approvals while also mitigating net losses and enhancing account management. Brigit co-founders Zuben Mathews and Hamel Kothari will continue to lead the Brigit team as a business segment of Upbound.
“Today’s acquisition of Brigit marks a significant step forward in Upbound’s execution of its growth strategies and mission to empower even more underserved consumers with a complementary set of leading financial solutions that meet their needs. By combining Brigit’s innovative technology, customer-centric approach and talented team with our company, we are enhancing our ability to create a more personalized customer experience and to deliver, at the right time and through the right channels, a wider range of targeted solutions for consumers. We are thrilled to welcome the Brigit team to Upbound,” said Upbound’s Chief Executive Officer Mitch Fadel.
“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,” said Brigit co-founder & CEO Zuben Mathews.
