PROG Holdings, the parent company behind Progressive Leasing, Four Technologies, and Build, has announced plans to acquire Purchasing Power, a major provider of voluntary employee purchasing programs. The $420 million cash deal is designed to broaden PROG Holdings’ reach into a large, employer-based consumer market and further advance its mission to deliver transparent, inclusive payment options for near- and below-prime consumers.
Purchasing Power partners with employers across more than 25 industries, including 48 Fortune 500 companies and several major public-sector organizations. Through these partnerships, over seven million workers have access to its catalog of more than 70,000 products and services—from electronics and home goods to travel and wellness offerings. Central to its model is a proprietary payment system that integrates directly with payroll providers, enabling employees to make purchases through automated deductions or allotments.
“Acquiring Purchasing Power adds a highly complementary and important new platform to our growing ecosystem of payment solutions, further diversifying our product portfolio and advancing our three-pillared strategy to Grow, Enhance and Expand,” said Steve Michaels, PROG Holdings President and Chief Executive Officer. “Together we expect to expand our offerings more quickly and effectively and reach more customers, becoming one of the most diversified providers of financial health and payment services to the near- and sub-prime market.”
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By bringing Purchasing Power into its portfolio, PROG Holdings gains a scalable new customer acquisition channel with minimal overlap across its existing user base. The acquisition will create new employer partnerships and boost cross-selling opportunities. It will also offer more flexible purchasing options in popular categories. This integration helps PROG speed up product development and enhance customer lifetime value. It benefits from improved data capabilities and better operational efficiencies.
Purchasing Power CEO Trey Loughran emphasized the alignment between the two organizations. “Purchasing Power is excited to become part of the PROG Holdings family of companies. Both of our companies share a similar mission to improve the financial wellbeing of our customers by providing them with transparent and competitive payment options,” he said. “We believe PROG’s scale and resources will accelerate our growth and allow us to better serve our clients and customers.”
The acquisition, funded through cash on hand and debt financing, is expected to close in early 2026 pending regulatory approvals.
