PROG Holdings, Inc., the fintech holding company for Progressive Leasing, has announced a definitive agreement to acquire Purchasing Power, a leading provider of voluntary employee benefit programs. The $420 million cash acquisition expands PROG's payment solutions ecosystem by adding a scalable, employer-based customer acquisition channel with limited overlap to its existing customer base.
PROG Holdings, parent of Progressive Leasing, will acquire Purchasing Power for $420 million in cash.
Purchasing Power is a voluntary employee benefit program using payroll deductions for purchases.
The acquisition provides a new customer channel through employer partnerships with 48 Fortune 500 companies.
It expands PROG's reach to over 7 million employees with access to flexible payment options.
The deal aims to accelerate growth, create revenue synergies, and develop new products.
The transaction is expected to close in early 2026, pending regulatory approvals.
The acquisition strategically diversifies PROG Holdings' product portfolio and advances its growth strategy. Purchasing Power partners with major employers—including 48 Fortune 500 companies and seven of the top 30 U.S. employers—providing over 7 million employees access to purchase brand-name products and services via payroll deduction. This employer-focused channel is highly complementary to PROG's existing point-of-sale and buy now, pay later (BNPL) solutions, creating a new avenue to reach near- and below-prime consumers. “Acquiring Purchasing Power adds a highly complementary and important new platform to our growing ecosystem,” said Steve Michaels, CEO of PROG Holdings.
The integration is expected to significantly expand PROG Holdings' scale and capabilities. Purchasing Power brings more than 360 employer partnerships and a benefit-broker distribution channel. The combined entity will have an expanded partner ecosystem and a broader consumer base, enabling accelerated development of new financial products. The companies anticipate revenue synergies, cost efficiencies, and improved credit decisioning from the combination. Trey Loughran, CEO of Purchasing Power, stated the move represents "the next logical step" for the company, believing PROG's scale will accelerate growth.
Both companies share a mission-focused on providing transparent and inclusive payment options to consumers. Purchasing Power's platform offers access to over 70,000 products and services through a proprietary payroll-deduction infrastructure. This aligns with PROG Holdings' long-term strategy to serve near- and sub-prime consumers with flexible payment solutions across retail, e-commerce, and now, employee benefits. The acquisition strengthens PROG's position as a diversified provider of financial health services.
The $420 million purchase price will be funded through cash on hand and debt financing. Purchasing Power will retain approximately $330 million of its existing non-recourse funding debt. The transaction is anticipated to close in early 2026, subject to regulatory approvals and customary closing conditions. PROG Holdings will host a conference call on December 2, 2025, to discuss the strategic and financial implications.
The acquisition of Purchasing Power marks a significant expansion for PROG Holdings beyond its core lease-to-own and BNPL offerings. By integrating a payroll-deduction-based benefit platform, PROG gains direct access to a vast, employer-vetted consumer base, creating a powerful cross-selling opportunity for its existing products. This move not only diversifies revenue streams but also deepens PROG's embedding within the consumer financial wellness landscape, positioning it to capture more of the customer's financial journey across multiple touchpoints.
About PROG Holdings, Inc.
PROG Holdings, Inc. is a fintech holding company headquartered in Salt Lake City, UT, that provides transparent and competitive payment options and inclusive consumer financial products. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions, Four Technologies, provider of Buy Now, Pay Later payment options through its platform Four, and Build, provider of personal credit building products.
About Purchasing Power, LLC
Purchasing Power, LLC, is an Atlanta-based voluntary benefit company providing financial wellness solutions to employers, including a leading employee purchase program for consumer products and services using payroll deduction. Helping employees achieve financial flexibility, Purchasing Power is available to millions of people through large companies including Fortune 500s, associations and government agencies.
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