Salt Lake City-based fintech holding company PROG Holdings, Inc. (NYSE: PRG) is doubling down on employee financial wellness. The company announced a $420 million cash deal to acquire Purchasing Power, a leading provider of voluntary employee benefits that allow staff to buy brand-name products via payroll deductions or allotments.
The acquisition brings PROG into the orbit of more than 360 employer partnerships, including 48 Fortune 500 companies and seven of the top 30 U.S. employers, expanding its reach to over seven million workers nationwide. Purchasing Power’s platform provides access to over 70,000 products and services, all powered by proprietary payments infrastructure that integrates seamlessly with payroll systems—making employee purchases effortless.
“Acquiring Purchasing Power adds a highly complementary and important new platform to our growing ecosystem of payment solutions,” said Steve Michaels, PROG Holdings President and CEO. “Together we expect to expand offerings faster and more effectively, becoming one of the most diversified providers of financial health and payment services to the near- and sub-prime market.”
Strengthening the Fintech Stack
The move significantly diversifies PROG Holdings’ product portfolio, enhancing consumer access to flexible, budget-friendly payment options in categories like electronics, home furnishings, fitness, travel, and services. The deal is also expected to unlock synergies in revenue, operational efficiency, and product development, leveraging the combined strengths of Progressive Leasing, Four Technologies, Build, and now Purchasing Power.
Trey Loughran, CEO of Purchasing Power, said the deal aligns both companies’ missions to improve financial wellness through transparent and competitive payment solutions. “PROG’s scale and resources will accelerate our growth and allow us to better serve our clients and customers,” Loughran noted.
Deal Details and Timeline
PROG will fund the $420 million acquisition via a mix of cash on hand and debt financing. Purchasing Power will continue to carry approximately $330 million in non-recourse debt under its existing securitization and warehouse facilities. The transaction is expected to close in early 2026, pending regulatory approvals and customary closing conditions.
Industry Implications
The deal reflects broader trends in financial wellness and payroll-integrated fintech, where employers increasingly offer programs that extend beyond traditional benefits to improve employee financial stability. Competitors like Salary Finance and Brightside have similarly focused on payroll-linked solutions, making this a hotly contested space. For PROG Holdings, the acquisition positions the company to compete across multiple near- and sub-prime consumer finance verticals, strengthening its ecosystem of lease-to-own, Buy Now Pay Later (BNPL), and credit-building products.
Investor Insight
PROG Holdings will host a conference call and webcast on Tuesday, December 2, 2025, at 8:30 AM ET to discuss strategic and financial implications. Financial advisors for the deal include Stephens Inc. for PROG Holdings and Barclays for Purchasing Power, with legal counsel provided by King & Spalding LLP and Kirkland & Ellis LLP, respectively.
This acquisition underscores a growing trend of fintech firms consolidating diverse financial services under one roof, offering convenience and flexibility while driving long-term engagement and customer lifetime value.
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