PROG Holdings, a fintech holding company headquartered in Salt Lake City, has made a $420 million all cash acquisition of Purchasing Power, strategically deepening its reach into employer-distributed financial wellness and payroll-deduction payments, a channel that offers sticky demand and lower acquisition costs. By integrating Purchasing Power’s 7 million employees and 360 employer partnerships with its existing lease-to-own, BNPL, and credit-building brands, PROG is building a diversified ecosystem aimed squarely at near and subprime consumers. The deal reflects a broader consolidation trend in fintech toward vertically integrated payment platforms that combine distribution, flexible financing, and financial health tools under one operating umbrella.

PROG Holdings Completes $420m Acquisition of Purchasing Power