US financial health fintech Brigit acquired by Upbound Group in deal worth up to $460m
Texas, US-based financial services group Upbound has signed a definitive agreement to acquire financial health fintech Brigit in a deal valued at up to $460 million.
Brigit adds to Upbound’s growing portfolio. Image source: Upbound
The deal’s payment structure includes $325 million due at closing (comprising 75% cash and 25% shares), anticipated to finalise in Q1 2025, with $75 million in deferred payments over two years and an additional $60 million contingent on Brigit’s financial performance in 2026.
Founded in 2017 and headquartered in New York, Brigit offers a financial health app providing instant cash advances, credit building tools, and personal financial insights. The platform, used by over two million people, says it aims to help Americans “budget better” and “find ways to earn and save money”.
Upbound projects Brigit will generate revenues between $215 million and $230 million in 2025, increasing to $350 million to $400 million by 2026.
In addition, Upbound says that the integration of Brigit’s technology will also help enhance its existing brands, including Acima Leasing, which enables retailers to offer lease-to-own options at the point of sale, and Rent-A-Center, which specialises in renting furniture, appliances, electronics, and computers to customers with lease-to-own payment options.
Upon completion, Brigit’s founders, Zuben Mathews and Hamel Kothari, will remain at the helm, leading the company as a “business segment” of Upbound. The fintech will also maintain its existing branding.
Speaking on the deal, Upbound’s CEO Mitch Fadel says: “The ability to add new products for our customers beyond lease-to-own is an important part of our strategy and now we can offer liquidity solutions, budgeting, credit building, financial literacy and savings.”
