Business
Rent-A-Center Unveils New Digital Platform to Accelerate Growth as the Lease-to-Own Landscape Evolves
Preferred Dynamix launches innovation partner program to pilot digital platform with seven national retailers Preferred Digital and Preferred Marketplace
About this update from Upbound Group, Inc.
[{"type":"text","content":"\nPreferred Dynamix launches innovation partner program to pilot digital platform with seven national retailers\n\nPreferred Digital and Preferred Marketplace will enable over 60 Million Americans to shop a wider array of retailers and brands, where and how they want\n\n PLANO, Texas--(BUSINESS WIRE)--\nRent-A-Center, Inc. (the \"Company\" or \"Rent-A-Center\") (NASDAQ/NGS: RCII) has begun an exciting new chapter for its virtual business with the launch of a new platform to unlock shopping power and choice for underserved consumers. The new platform is from Preferred Dynamix™, a leading lease-to-own (LTO) fintech company and business of Rent-A-Center, Inc. It will include a mobile application and marketplace to empower unbanked and underbanked consumers with more financial freedom. At the same time, the platform will enable retailers and consumer brands to access an extensive customer base for LTO to drive incremental sales in this unprecedented business environment.\n\nPreferred Dynamix and its set of solutions, including the Preferred Lease arm, unlock the shopping power and choice for underserved consumers. Today, according to The Federal Reserve, more than 60 million Americans are considered unbanked or underbanked. These consumers do not have access to traditional financing or a trusted digital ecosystem to shop for the items they want when they want them. Preferred Dynamix’s proprietary digital platform leverages new decisioning technology and a portfolio of new lease-to-own solutions to expand the ways that consumers and retailers transact.\n\n“Throughout 2020, we have seen dramatic increases in consumer demand for frictionless, virtual retail shopping experiences,” said Mitch Fadel, Chief Executive Officer, Rent-A-Center. “The new Preferred Dynamix business is uniquely positioned to connect a significant market of potential shoppers to the retail opportunities they desire through our proprietary mobile and online LTO solutions.”\n\n\nPreferred Digital™ is the mobile application, released first in a stream of features and functions to hit the market, facilitating LTO transactions on a broad scale across participating retailers. Consumers can download the application today in Apple’s App Store or Google Play and, if eligible, get approved in as few as 30 seconds to receive access to up to $4,000 in shopping power that Pref...