Purchasing Power®, the leading employee purchase program offering consumer products and services through the convenience of payroll deduction, today reported robust revenue growth for 2017, a 13.8% percent increase over 2016. Additionally, adjusted EBITDA in 2017 improved by 20.5 percent compared to the previous year’s performance.
“Our 2017 results build upon a multi-year streak of annual double-digit growth,” said Richard Carrano, Purchasing Power CEO. “Last year, we celebrated 10 consecutive years ranked among the Inc. 5000 annual listing of the fastest-growing private companies in America. This makes us very proud as less than 50 U.S. companies have equaled this achievement. Our success is based on providing workers a very viable and effective option for acquiring needed goods and services without having to incur more expensive and time-demanding lines of credit.”
Further highlights of 2017 for Purchasing Power include reaching a new milestone of $2.5 billion in total earned revenue; a 15 percent increase in existing client usage of the company’s employee purchase program; and in early 2018 executed a successful AA-rated securitization transaction. Site traffic to www.PurchasingPower.com in 2017 also increased by 22.7 percent over 2016, and first-time buyers grew by 13.8 percent vs. the previous year.
“We are very pleased with our continued business growth in 2017 and the fact that we were able to extend our program to more than 600,000 additional people,” said Scott Rosenberg, Purchasing Power President. “We remain laser-focused on advancing our industry-leading financial wellness platform to address the mounting challenges facing the American worker. 2018 is off to a great start in doing so.”
Purchasing Power is the leading specialty e-retailer serving U.S. employers and membership associations with a financially-responsible buying method for consumer products and services available as a voluntary benefit. Automatic payroll deductions and 12-month payment terms empower customers to budget their purchases without any concerns about interest, fees and penalties associated with other payment alternatives, providing users a more flexible way to buy. Available to more than seven million employees to companies with 1,000+ employees, Purchasing Power is offered in over 20 different industry sectors and has a client list that includes Fortune 500 and public sector agencies.