PROG Holdings is a fintech holding company focused on serving near-prime and subprime consumers through alternative payment products. Its core business, Progressive Leasing, accounts for ~96% of consolidated revenue and operates a virtual lease-to-own model embedded at the point of sale of ~24,000 third-party retail partners — in-store and online — across furniture, appliances, electronics, smartphones, and jewelry. Progressive Leasing purchases merchandise from retailers and leases it to customers, who make installment payments and can own the item at the end of a 12-month lease or buy it out early. Progressive Leasing earns a spread between what it pays retailers for merchandise and the total lease payments it collects. Key profit drivers are GMV (a leading indicator for future revenue), payment performance, write-off rates (targeted at 6%–8% of lease revenue), and SG&A leverage. PROG Holdings also operates Four Technologies, a BNPL platform (~4% of revenue) where merchants pay a fee on GMV for incremental sales driven through Four's direct-to-consumer mobile app. In January 2026, PROG Holdings acquired Purchasing Power, a voluntary employee benefit platform that lets employees buy goods via payroll deduction. PROG Holdings' broader strategy is to build a multi-product ecosystem targeting the same underserved consumer base, cross-selling customers across Progressive Leasing, Four, and MoneyApp (a small cash advance product) to increase customer lifetime value.