Upbound Group, a technology and data-driven leader in accessible and inclusive financial products, has agreed to acquire Brigit, a holistic financial health app, for up to $460 million in cash and stock.
Brigit was launched nationally in 2019 to expand financial inclusion and help consumers build a brighter financial future. Built on proprietary artificial intelligence and machine learning-powered cash flow data insights, Brigit’s core product is its direct-to-consumer Instant Cash advance product which has saved its users $1 billion in overdraft fees since inception.
Using Brigit’s resources, Upbound aims to expand the combined company’s technology-driven financial solutions for underserved consumers.
The S&C team advising Upbound on corporate matters includes Alison Ressler, Sahand Moarefy, Jacob Stanley and Christopher Connelly. Matthew Friestedt, Kristen Klein and Julia Paranyuk are advising on executive compensation matters. Jameson Lloyd and Ellen Kim are advising on tax matters. Nader Mousavi, Julia Caffery and Patrick Ronan are advising on intellectual property matters. Ari Blaut, Courtland Morrice and Trenton Erickson are advising on finance matters. Rita-Anne O'Neill is advising on R&W insurance matters. Renata Hesse, Bradley Smith and Clea McClellan are advising on antitrust matters.