PROG Holdings, the fintech holding company for Progressive Leasing, has acquired Buy Now, Pay Later (BNPL) payments firm Four Technologies for an unknown sum.
Florida-based Four Technologies was founded in 2018.
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Its BNPL platform, known as Four, enables users to pay for their purchase, such as electronics, furniture, clothing, health and beauty among other consumer goods, in four interest-free instalments.
With the acquisition, PROG Holdings expects to expand its ecosystem of fintech offerings with the addition of BNPL solution.
PROG Holdings president and CEO Steve Michaels said that the addition of Four will further accelerate the company’s market reach and diversify its consumer fintech offerings.
Utah-headquartered PROG Holdings provides payment options to credit challenged consumers.
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By GlobalDataIt owns Progressive Leasing, which specialises in e-commerce, app-based, and in-store point-of-sale lease-to-own solutions and Vive Financial, which offer a second-look revolving credit products.
Michaels said: “Combining Four with Progressive Leasing and Vive Financial, our lease-to-own and revolving credit companies, builds upon our direct-to-consumer growth strategy and delivers an exceptional value proposition to retailers looking to offer their customers additional payment options.”
Recent development in BNPL space
Last week, Pine Labs partnered with BNPL platform Atome to support instalment payment options across its merchant network in Malaysia.
Last month, Australia-based consumer finance fintech Zip announced its plans to invest over $160m to assume complete ownership of two BNPL companies Twisto Payments and Spotti.
The same month, UK-based BNPL platform Divido raised $30m in a Series B funding round to propel its international expansion.
In May this year, EML Payments extended its partnership with Australian BNPL player Fupay to roll out a white-label BNPLaaS solution for businesses in Europe.
