Progressive Leasing is a FinTech firm that pioneered the virtual lease-to-own purchase option in the United States, allowing consumers with less-than-perfect credit to acquire products through flexible payment arrangements. Founded in 1999, the company is the largest and longest-tenured virtual lease-to-own provider in the country and has served millions of customers. It operates as a subsidiary of PROG Holdings, Inc. (NYSE: PRG).
The company's technical work is concentrated in underwriting and credit risk modelling, data analytics, and the e-commerce and mobile platforms through which its lease-to-own products are delivered. Its underwriting approach draws on multiple data points beyond traditional credit scores, and the firm describes itself as advanced-technology and data-analytics driven. Products are offered through three channels: an in-store platform delivered via partner retailers, an e-commerce platform, and a mobile app.
Verticals served include retail, furniture, appliances, electronics, jewellery, mattresses and cell phones. Operations are United States-based. The stated orientation is financial accessibility and transparency for consumers underserved by conventional credit, alongside a self-described pioneer and innovator mindset.
