SALT LAKE CITY–(BUSINESS WIRE)–Progressive Leasing, a leading provider of e-commerce, app-based, and in-store lease-to-own solutions owned by fintech holding company PROG Holdings, Inc. (NYSE:PRG), announces an agreement with Samsung Electronics America, a leader in mobile technologies, consumer electronics, home appliances and enterprise solutions, to be the exclusive provider of lease-to-own purchase options for Samsung.com.
With the addition of Progressive Leasing’s flexible and transparent lease-to-own purchase options, customers visiting Samsung.com now have access to instant application decisioning for products like smartphones, tablets, laptops, smartwatches, audio equipment, televisions, and home appliances.
“We are thrilled that Samsung Electronics America selected Progressive Leasing as the exclusive lease-to own provider for their e-commerce site and are excited to offer Samsung.com customers flexible purchase options alongside our top-tier customer care and support,” said Progressive Leasing Chief Commercial Officer Mike Giordano. “The decision by one of the world’s largest direct-to-consumer providers of mobile devices, consumer electronics and home appliances to exclusively partner with Progressive Leasing further cements our position as the leader in the virtual lease-to-own market and I look forward to the value this partnership will bring to our shared customers.”
“Our customers, particularly Millennials and Gen Z, tell us they love our flagship and premium products, but they need flexible payment options,” said Nihar Shah, Senior Director, eCommerce Strategy & Operations, Samsung Electronics America. “We’re pleased to work with Progressive Leasing to make our premium portfolio of products accessible to a broader audience, while offering another way for people to conveniently manage their finances.”
Retailers that want to add convenient and accessible lease-to-own payment options to their e-commerce, app, or in-store checkout processes can learn more about Progressive Leasing’s flexible payment offerings at https://progleasing.com.
About Progressive Leasing
Progressive Leasing is a leading provider of in-store, ecommerce, and app-based point-of-sale lease-to-own solutions that provide transparent and competitive payment options and flexible terms intended to help credit challenged customers achieve merchandise ownership. The company has helped millions of consumers acquire furniture, appliances, jewelry, electronics, mattresses, cell phones, and other products consumers need by utilizing a technology-based proprietary platform that provides instant decisioning results. Progressive Leasing is owned by PROG Holdings, Inc. (NYSE:PRG), a fintech holding company based in Salt Lake City, Utah. More information on Progressive Leasing can be found on the company’s website, https://progleasing.com.
About PROG Holdings, Inc.
PROG Holdings, Inc. (NYSE:PRG) is a fintech holding company headquartered in Salt Lake City, UT, that provides transparent and competitive payment options to consumers. The Company owns Progressive Leasing, a leading provider of e-commerce, app-based, and in-store point-of-sale lease-to-own solutions, Vive Financial, an omnichannel provider of second-look revolving credit products, and Four Technologies, a provider of Buy Now, Pay Later payment options through its platform, Four. More information on PROG Holdings’ companies can be found at https://www.progholdings.com.
Safe Harbor Statement
Statements in this news release regarding our business that are not historical facts are “forward-looking statements” that involve risks and uncertainties which could cause actual results to differ materially from those contained in the forward-looking statements. Such forward-looking statements generally can be identified by the use of forward-looking terminology, such as “believe”, “can” and similar forward-looking terminology. These risks and uncertainties include factors such as (i) Progressive Leasing failing to realize the benefits we expect from its agreement with Samsung Electronics America; (ii) Progressive Leasing failing to maintain its exclusive arrangement with Samsung Electronics America; (iii) continued volatility and challenges in the macro environment and, in particular, the unfavorable effects on our business and the businesses of our point of sale (“POS”) partners of the rapid increase in the rate of inflation currently being experienced in the economy; (iv) the impact of the COVID-19 pandemic on our customers, financial performance, and POS partners; and (v) the other risks and uncertainties discussed under “Risk Factors” in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021, filed with the SEC on February 23, 2022, and in our subsequent SEC filings. Statements in this press release that are “forward-looking” include, without limitation, statements about the impact of Progressive Leasing’s exclusive arrangement with Samsung on our revenues and earnings. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Except as required by law, the Company undertakes no obligation to update these forward-looking statements to reflect subsequent events or circumstances after the date of this press release.
John A. Baugh, CFA
VP, Investor Relations
Director, Corporate Communications