Upbound Group, Inc. (NASDAQ: UPBD), a Plano, TX-based technology and data-driven company which specializes in accessible and inclusive financial products, acquired Brigit, a financial health technology company, for total consideration of up to $460M.
With this acquisition, Upbound will accelerate its strategy to provide technology-driven financial solutions to customers underserved by the traditional financial system, will add a scalable platform with nearly two million monthly active customers, expand customer insights and add cashflow-based underwriting capabilities with Brigit’s proprietary AI/ML models. The transaction is expected to be accretive to Adjusted EBITDA by approximately $25m to $30m in 2025 and approximately $70m to $80m in 2026.
Brigit will continue to operate under its existing branding and will retain its headquarters in New York City, which is expected to serve as one of Upbound’s innovation hubs.
Founded by Zuben Mathews and Hamel Kothari, Brigit is a provider of a financial health app for Americans to budget, get their earned wages, build their credit through savings, protect themselves from identity theft, and find ways to earn and save money. The company was backed by Lightspeed, DCM, Nyca, Flourish Ventures, Hummingbird VC, DN Capital, Will Smith, Kevin Durant, and other investors.
Led by Mitch Fadel, CEO, Unbound is a technology and data-driven company that specializes in accessible and inclusive financial products that address the evolving needs and aspirations of underserved consumers. Its customer-facing operating units include brands such as Rent-A-Center® and Acima® that facilitate consumer transactions across a wide range of store-based and digital retail channels, including over 2,300 company branded retail units across the United States, Mexico and Puerto Rico.
FinSMEs
13/12/2024