PROG Holdings acquires Purchasing Power

PROG Holdings, a fintech entity headquartered in Salt Lake City, has completed its acquisition of Purchasing Power for $420 million. The deal, initially announced in December 2025, sees Purchasing Power, an Atlanta-based provider of voluntary employee benefits, become a wholly owned subsidiary of PROG Holdings. The transaction was financed through a combination of cash reserves and debt.

The acquisition aligns with PROG Holdings' strategy to enhance its consumer outreach via employer-based channels. Purchasing Power's platform, which offers over 7 million employees access to purchasing brand-name products and services through payroll deductions, complements PROG Holdings' existing portfolio. This addition bolsters PROG's commitment to financial inclusion and expands its footprint in the payment solutions market.

Purchasing Power, with partnerships across more than 360 employers, enhances PROG's ecosystem relationships. The acquisition is expected to leverage synergies in technology and operations to broaden product offerings and elevate customer engagement. According to Steve Michaels, CEO of PROG Holdings, this move strategically positions the company to achieve sustainable long-term growth and deeper client connections.

In a competitive fintech sector, this acquisition allows PROG Holdings to fortify its market position against other providers of flexible consumer finance options. By broadening its reach through payroll-linked purchasing, PROG could see increased adoption of its diverse payment solutions. As the demand for financial wellness tools grows, integrating Purchasing Power's capabilities is a key step in addressing this market trend.

Looking ahead, there are no significant regulatory hurdles anticipated in the closing of this acquisition, given that it has already been finalized. However, the focus will be on successfully integrating the operations and technology of Purchasing Power into PROG Holdings. The coming months will test the company's execution of promised synergies and growth strategies as it navigates a rapidly evolving fintech landscape.