Upbound Expands Financial Reach with Brigit Acquisition

Upbound Group has agreed to a $460 million cash-and-stock acquisition of the financial technology company Brigit. This move, backed by investors Ashton Kutcher and Kevin Durant, aims to enhance Upbound's offerings for credit-poor consumers using Brigit's data modeling and technology platform, alongside future cross-selling opportunities.

Upbound Group announced on Thursday its acquisition of financial technology company Brigit in a $460 million cash-and-stock agreement. This strategic move is supported by high-profile investors such as actor Ashton Kutcher and basketball star Kevin Durant, aligning with Upbound's goal to boost services for credit-poor consumers.

The acquisition provides Upbound access to Brigit's data modeling and technology platform, facilitating the creation of more precise customer financial profiles. Brigit offers financial services, including cash advances and credit building, to nearly 2 million active monthly users through a digital app.

The financial transaction includes a $325 million payment set for early 2025, predominantly in cash, with subsequent payments tied to performance targets. According to Upbound CEO Mitch Fadel, Brigit's profitable app promises immediate contribution to business and cross-selling opportunities, given the minimal customer overlap between the two firms.

(With inputs from agencies.)