Prog sells Vive credit card receivables portfolio to Atlanticus for $150M

Prog Holdings (PRG) announced the sale of its Vive Financial credit card receivables portfolio to Atlanticus Holdings Corporation (ATLC). The transaction is expected to improve Prog Holdings’ capital efficiency and profitability profile while maintaining access to second-look credit solutions for near and below-prime consumers. Under the terms of the agreement, Prog Holdings received approximately $150M in cash and Atlanticus acquired approximately $165M in credit card receivables. Following the closing and completion of the transition services agreement, Vive Financial will cease loan servicing activities and Prog Holdings and Atlanticus will work together to ensure a transition process for customers and retail partners.