Prog Holdings

What Prog Holdings does

Prog Holdings, Inc. (NYSE: PRG) is a Salt Lake City-based fintech holding company that operates a multi-product consumer access platform serving near- and below-prime consumers (credit scores under 670) with limited access to traditional credit. The company was originally founded as Progressive Leasing in 1999 and rebranded from Aaron's to PROG Holdings around 2020, and now operates through four wholly-owned subsidiaries: Progressive Leasing (lease-to-own merchandise such as furniture, appliances, jewelry, electronics, mattresses, and cell phones), Four Technologies (a 2018-founded Miami-based Buy Now, Pay Later platform enabling retailers to offer four interest-free installments), MoneyApp (a digital cash-advance app for short-term liquidity between paychecks), and Purchasing Power (an Atlanta-based employee benefit platform acquired in January 2026 for $420 million that distributes payroll-deduction purchase programs through 360+ employer partnerships covering 7+ million employees at Fortune 500s, government agencies, and associations).

The company's technology backbone is a proprietary instant-decisioning platform supporting lease-to-own transactions across e-commerce, app-based, and in-store channels, supplemented by Four Technologies' BNPL integration infrastructure and Purchasing Power's payroll-integrated enrollment platform. Management has articulated a three-year strategic plan to evolve from a leasing-centric business into a multi-product consumer access platform, including company-wide AI integration and a data-driven operating model. Proprietary consumer research on 770+ near- and below-prime respondents informs product and risk decisions.

PROG Holdings generates revenue through multiple streams: recurring lease payments and early-purchase fees (Progressive Leasing), transaction and convenience fees (Four Technologies and Purchasing Power), and small usage-based fees or interest on cash advances (MoneyApp). Distribution is diversified across B2B2C retail point-of-sale integration (Progressive Leasing, Four Technologies), employer benefit program enrollment (Purchasing Power), and direct-to-consumer mobile app downloads (MoneyApp, Four). Q1 2026 revenue was $742.7 million (up 11.1% year-over-year) on consolidated GMV of $806 million (up 54%), with full-year 2026 revenue guidance of $3.0-$3.1 billion and AEBITDA guidance of $343-$370 million, up from the 2025 base of approximately $2.41 billion in revenue and $400 million in EBITDA.

Name

Prog Holdings

Legal name

PROG Holdings, Inc.

Website

https://progholdings.com

Company type

Public

Founded year

1999

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Prog Holdings is a fintech holding company (NYSE: PRG) that provides transparent payment options including lease-to-own, BNPL, cash advances, and payroll-deduction purchase programs to near- and below-prime consumers through its Progressive Leasing, Four Technologies, MoneyApp, and Purchasing Power subsidiaries.

Ownership category

akta.pro rank

Product category

Alternative Consumer Lending

NAICS

Sales Financing (52222)

SIC

Personal Credit Institutions (6141)

akta.pro primary industry

Embedded Lending & Credit (POS, Working Capital, Credit Lines) (FSAGALAD)

Keywords

• Lease-to-own financing
• Buy now pay later
• Consumer fintech services
• Cash advance apps
• Employee benefit programs

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices5 records

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Personnel, Technology or R&D, Marketing or Sales, Operations, Supply Chain

Revenue model

1. Lease-to-Own (Progressive Leasing): Progressive Leasing provides lease-to-own solutions where consumers make periodic lease payments to acquire merchandise including furniture, appliances, jewelry, electronics, mattresses, and cell phones. Revenue is generated through lease payments, early purchase options, and related fees over the lease term.
2. Buy Now, Pay Later (Four Technologies): Four Technologies enables retailers to offer consumers the option to pay in four interest-free installments. Revenue is generated through transaction fees charged to retailers and/or convenience fees from consumers.
3. Employee Purchase Programs (Purchasing Power): Purchasing Power provides payroll-deduction purchase programs for employee benefits, allowing workers to purchase consumer products and services with payments deducted from their paychecks. Revenue is generated through the sale of products and services via the employer-integrated platform.
4. Cash Advance (MoneyApp): MoneyApp provides short-term cash advances to consumers, generating revenue through small fees or interest on advances made between paychecks.

Go-to-market motion1 record

Distribution channels5 records

Marketing channels5 records

Core offering

PROG Holdings is a fintech holding company that operates multiple consumer finance subsidiaries providing transparent and competitive payment options to credit-challenged consumers. Through Progressive Leasing, Four Technologies, MoneyApp, and Purchasing Power, the company offers lease-to-own merchandise financing, buy-now-pay-later installments, short-term cash advances, and payroll-deduction purchase programs targeted at near- and below-prime consumers across retail, e-commerce, mobile, and employer channels.

Product overview

Prog Holdings is a fintech holding company operating a multi-product consumer access platform. The company provides inclusive consumer financial products through four main subsidiaries: Progressive Leasing (lease-to-own solutions founded 1999), Four Technologies (Buy Now, Pay Later solutions founded 2018), MoneyApp (digital cash-advance app), and Purchasing Power (employee benefit programs acquired in January 2026). These products serve consumers with different credit backgrounds through various flexible payment solutions including lease-to-own, BNPL installments, cash advances, and payroll-deduction purchase programs.

Differentiator

Problem solved

Functional benefit

Brands

• Progressive Leasing: Leading provider of e-commerce, app-based, and in-store lease-to-own solutions providing transparent and competitive payment options with flexible terms to help consumers achieve merchandise ownership
• Four Technologies
• MoneyApp
• Purchasing Power

Products and services

• Progressive Leasing Leading provider of e-commerce, app-based, and in-store lease-to-own solutions offering transparent and competitive payment options with flexible terms to help consumers of all financial backgrounds achieve merchandise ownership of furniture, appliances, jewelry, electronics, mattresses, cell phones, and other products.
• Four Technologies (Four) Buy Now, Pay Later (BNPL) platform that allows retailers to provide greater payment flexibility to shoppers through four interest-free installments while enhancing retailer revenues through increased transaction volume and ticket size.
• MoneyApp Digital cash-advance mobile app that helps people cover everyday expenses when they need extra flexibility between paychecks, providing quick access to funds and short-term financial flexibility.
• Purchasing Power Voluntary employee benefit program providing financial wellness solutions to employers, including a leading employee purchase program for consumer products and services using payroll deduction. Available to millions of employees through Fortune 500s, associations, and government agencies.

Quantifiable outcome

• Q1 2026 consolidated GMV of $806 million, up 54% year-over-year
• +4 more outcomes

Named customers3 records

Segments3 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Four partnerships are on record, tiered core and minor.

• Ray RobinsoncoreOthers · 7 May 2026Ray Robinson transitioned from Chairman of the Board to Lead Independent Director, with Steve Michaels (President and CEO) succeeding him as Chairman. Robinson endorsed Michaels' strategic vision and financial performance leadership.
• Kroll Bond Rating AgencyminorOthers · 3 March 2026Kroll Bond Rating Agency provided ratings for Purchasing Power's $225 million asset-backed securities transaction. The multi-tranche ABS was rated across five tiers from AAA to BB-, marking the first time a PROG Holdings subsidiary accessed the ABS market.
• Purchasing PowercoreStrategic or Co-development Partner · 1 December 2025PROG Holdings announced the acquisition of Purchasing Power, a voluntary employee benefit program provider, for $420 million in cash. The deal closed on January 2, 2026, and expands PROG Holdings into employee benefit programs, reaching 7+ million employees through 360+ employer partnerships including Fortune 500s, associations, and government agencies.
• Atlanticus HoldingscoreStrategic or Co-development Partner · 22 October 2025PROG Holdings sold its Vive Financial credit card receivables portfolio to Atlanticus Holdings for approximately $150 million in cash. The transaction included approximately $165 million in credit card receivables and was completed in October 2025. This divestiture was part of PROG Holdings' strategic focus on its core lease-to-own and BNPL businesses.

Scale indicators19 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Klarna: Global BNPL provider offering pay-in-installments products at major U.S. and international retailers. Competes directly with Four Technologies across merchant partnerships and competes with Progressive Leasing's POS lease-to-own offering in adjacent use cases.
• Earnin: Tip-based earned-wage access app offering early access to earned wages before payday. Competes directly with MoneyApp's cash-advance product for underbanked consumers seeking between-paycheck liquidity.
• Dave Inc. Mobile banking and earned-wage-access (cash advance) app targeting paycheck-to-paycheck consumers. Directly competes with MoneyApp in the short-term cash advance category and adjacent to PROG's broader near-prime consumer platform.
• Snap Finance: Provider of lease-to-own and financing solutions for credit-challenged consumers at point of sale. Directly competes with Progressive Leasing in furniture, electronics, tires, and home improvement retail verticals.
• Rent-A-Center: Lease-to-own retailer and owner of Acima Leasing, offering POS lease-to-own for furniture, appliances, and electronics. Most direct competitor to Progressive Leasing across both product category and target credit-challenged consumer.
• Sezzle: U.S.-focused BNPL provider offering pay-in-four installment products to consumers and merchants. Directly competes with Four Technologies, particularly in mid-market and online retail partnerships.
• Affirm: Leading publicly traded BNPL provider offering point-of-sale installment lending at online and in-store retailers. Directly competes with Four Technologies for merchant integrations and consumer mindshare in the U.S. installment-credit category.
• Block (Afterpay): Acquired Afterpay to offer BNPL solutions integrated with Square's merchant ecosystem. Directly competes with Four Technologies for retailer integrations and competes with PROG's broader consumer fintech ambitions through Cash App.

Emerging players

• MoneyLion: Consumer fintech platform offering cash advances, Instacash, credit-building, and banking products. Competes with several PROG subsidiaries (MoneyApp, Four) and serves a similar underbanked demographic with a multi-product platform.

Broad incumbents

• SoFi Technologies: Large consumer fintech offering personal loans, BNPL-adjacent products, banking, and investing. Overlaps with PROG's mission of inclusive consumer finance at scale, though PROG targets a more credit-challenged cohort than SoFi's prime-leaning base.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries4 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Prog Holdings