Upbound Group, Inc. Announces Agreement with Genesis Financial Solutions, Inc. to Provide Consumer Credit Solutions to Upbound Customers and Retailers
16 Mayo 2023 - 6:00AM
Business Wire
Upbound Group, Inc. (the "Company" or "Upbound") (NASDAQ: UPBD),
a leading provider of technology driven, flexible leasing solutions
for consumers, and Genesis Financial Solutions, Inc., a leader in
near-prime consumer financial services, today announced an
agreement to provide credit solutions to qualified customers from
Upbound’s platform of consumer leasing brands Rent-A-Center® and
Acima®. The agreement will include general purpose and private
label credit cards serviced by Genesis and an integrated near-prime
credit and lease-to-own solution to retail partners.
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“We are excited to partner with Genesis, a company that shares a
similar mission and commitment to providing consumers with
innovative and flexible financial solutions that meet their needs,”
said Mitch Fadel, CEO of Upbound. “This collaboration is another
step in Upbound’s growth strategy to provide a broader range of
inclusive financial solutions for our customers and merchants
across our business.”
The general purpose credit card for qualified Rent-A-Center and
Acima customers will be serviced by Genesis. The second-look
point-of-sale private label credit card will be managed by Genesis
through Acima’s network of thousands of retail merchant partners,
ultimately as part of an integrated credit and lease-to-own
solution. The products will be tested and phased in over the coming
months, with a fully white-labeled product launch expected in late
2023 or early 2024. Genesis will serve as the program manager on
behalf of the issuing bank for both credit card programs.
“We are excited about the opportunity to work with Upbound.
Upbound and Genesis will continue their shared history of providing
financial solutions to underserved consumers through these
programs,” said Bruce Weinstein, President and CEO of Genesis
Financial Solutions.
Upbound will provide more information at its previously
announced Investor Day on Wednesday, May 24, 2023, in New York
City. A live webcast will be available through the investor
relations website at https://investor.upbound.com.
Retailers that want to inquire about this near-prime credit and
lease-to-own solution or add lease-to-own to their e-commerce or
in-store checkout can learn more at: www.acima.com/partner.
About Upbound Group, Inc.
Upbound Group, Inc. (NASDAQ: UPBD) is an omni-channel platform
company committed to elevating financial opportunity for all
through innovative, inclusive, and technology-driven financial
solutions that address the evolving needs and aspirations of
consumers. The Company’s customer-facing operating units include
industry-leading brands such as Rent-A-Center® and Acima® that
facilitate consumer transactions across a wide range of store-based
and digital retail channels, including over 2,400 company branded
retail units across the United States, Mexico and Puerto Rico.
Upbound Group, Inc. is headquartered in Plano, Texas. For
additional information about the Company, please visit our website
Upbound.com.
About Genesis Financial Solutions, Inc.
Genesis Financial Solutions, Inc. is a national leader in
non-prime financing, serving over 5 million consumers through the
Private Label and General Purpose credit card programs it services
for issuing banks and working with over 500 merchant partners
across 15,000 locations. The credit cards provide essential
financing solutions to the underserved consumer, whether they are
looking to buy from one of our retail partners or fund everyday
purchases. The credit products are fair and transparent and come
with the tools and services designed to help customers succeed.
Upbound Group, Inc. Forward-Looking Statements
This release contains forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, among others, statements regarding the announced
transaction with Genesis Financial Solutions, anticipated benefits
of the transaction, anticipated timing of future product
development and other statements that are not historical facts.
Such forward-looking statements generally can be identified by the
use of forward-looking terminology such as "may," "will," "expect,"
"intend," "could," "estimate," "predict," "continue," “maintain,”
"should," "anticipate," "believe," or “confident,” or the negative
thereof or variations thereon or similar terminology. Such
forward-looking statements are based on particular assumptions that
our management has made in light of its experience and its
perception of expected future developments and other factors that
it believes are appropriate under the circumstances, and are
subject to various risks and uncertainties. Factors that could
cause or contribute to material and adverse differences between
actual and anticipated results include, but are not limited to,
future developments and results from our announced transaction with
Genesis Financial Solutions, the level of consumer and retailer
demand for the new programs, technology, commercial and other risks
inherent in developing and implementing new programs of the type
contemplated, competition from other similar programs that are
available to consumers and retailers and other risks detailed from
time to time in the reports filed by us with the SEC, including our
most recently filed Annual Report on Form 10-K, as may be updated
by reports on Form 10-Q or Form 8-K filed thereafter. You are
cautioned not to place undue reliance on forward-looking
statements, which speak only as of the date of this release. Except
as required by law, we are not obligated to and do not undertake
to, publicly release any revisions to these forward-looking
statements to reflect any events or circumstances after the date
hereof or to reflect the occurrence of unanticipated events.
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version on businesswire.com: https://www.businesswire.com/news/home/20230515005923/en/
Investor Contact: Upbound Group, Inc. Brendan Metrano VP,
Investor Relations 972-801-1280 brendan.metrano@upbound.com
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