Upbound Group, Inc. Announces Agreement with Genesis Financial Solutions, Inc. to Provide Consumer Credit Solutions to Upbound Customers and Retailers
May 16, 2023 at 07:00 am EDT
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Upbound Group, Inc. and Genesis Financial Solutions, Inc. 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. 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.
Upbound Group, Inc. is a lease-to-own provider with operations in the United States, Puerto Rico, and Mexico. The Company operates through four segments: Acima, Rent-A-Center, Mexico, and Franchising. Acima segment generally offers lease-to-own transactions to consumers who do not qualify for traditional financing. Rent-A-Center Business segment consists of the Company-owned lease-to-own stores in the United States and Puerto Rico. The segment operates 1,839 company owned stores in the United States and Puerto Rico, including 52 retail installment sales stores under the names Get It Now and Home Choice. The segment operates approximately 131 stores in Mexico. The stores in its Franchising segment use its Rent-A-Center, ColorTyme or RimTyme trade names, service marks, trademarks, and logos. The segment franchises approximately 440 stores in 30 states operating under the Rent-A-Center (392 stores), ColorTyme (18 stores) and RimTyme (37 stores) trade names.
UPBOUND GROUP, INC. 
