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Upbound Group has finalized a $460 million acquisition of Brigit, a subscription-based cash advance service that has achieved significant growth since its inception. Founded in 2018, Brigit has grown from a four-person startup to a company with over 1 million monthly subscribers and has saved users approximately $1 billion in overdraft fees. The acquisition, which values Brigit at three times its revenue and 20 times its earnings, is considered a solid outcome for the company, especially given its relatively modest fundraising of $45 million. The deal has been praised by industry insiders for its unique liquidity and buyer paths, marking a successful exit for Brigit's investors and team members, including Zuben Mathews and Hamel Kothari.
Huge congratulations to the @hellobrigitapp team! From 4 people and a powerpoint in 2018 to 1M monthly subscribers, $1B in overdraft fees saved, and now a $460M acquisition (while surviving the rollercoaster of COVID). Grateful to have been a part of the journey since day 1. https://t.co/Mrv355Hhzk
Way to go Team @hellobrigitapp! Such a fantastic way to close out 2024. Congrats to @ZubenMathews, Hamel Kothari and the whole team on their big news which you can read more about via @Reuters’ @davidj_french. https://t.co/yGIbO5iiLo
Congrats @ZubenMathews, Hamel, and the Brigit team! Grateful for you allowing @crv to be a small part of your journey! We have always been so inspired by your mission to have an impact in this market! https://t.co/86wyGO7ibY