Acima, the virtual lease-to-own (LTO) fintech arm of Plano-based Rent-A-Center, has released a “game changing” digital platform to help remove transaction barriers between underserved customers and retailers.
The new Acima mobile app puts Acima’s entire LTO network in a consumer’s hands via their handheld device.
The Acima Marketplace is an online shopping platform that connects shoppers to a long list of retailers.
And Acima says its new browser extension is the first to allow LTO transactions to select retailers with no need for tech integration.
Consumers will be able to connect the Acima app to the Acima LeasePay Card being released this summer. All together, this allows cash- and credit-constrained consumers to have easy access to a broad selection of goods at flexible LTO terms.
Rent-A-Center acquired Acima for $1.6B
The recent releases follow Rent-A-Center’s acquisition of Acima last December for more than $1.6 billion in cash and stock.
“Consumers want more shopping flexibility and online platforms that don’t shut them out because of their financial history,” said Acima EVP Jason Hogg in a statement. “We’re creating a shopping experience much more inclusive of all consumer demographics. We’ve identified a total addressable market that we believe could approach $100 billion in potential demand,”
“Our platform, combined with our recently announced Acima Mobile App and Acima LeasePay Card, represent the future of frictionless shopping for durable goods through the power of lease-to-own technology,” Hogg added.
Acima says fintech solutions are playing a big role in addressing pent up shopping demand in the bounce back from the pandemic, especially for the unbanked and under-banked. It noted one big number: The National Retail Federation’s recently revised annual U.S. retail sales forecast of more than $4.4 trillion for 2021.
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