Acima Wins Utah’s Fastest Growing Company Award
Acima Credit ranks first on the 2019 Utah Business Magazine Fast 50 list of fastest-growing companies in the state.
Each year, Utah Business presents awards to the Fast 50, or 50 fastest growing companies in Utah. Companies from all around the state are nominated. Acima has been on the list of emerging companies to watch in previous years, but took the state by surprise in 2019, when it was awarded the number one spot.
Each company is ranked on the same criteria: total five-year revenue and compound annual growth rate (CAGR).
Acima’s leadership is thrilled about the positive impact of the growth.
“The revenue growth is exciting because of what it means for our people and the local economy. We have increased our headcount by over 100 percent each year we have been in business. Our average compensation per employee has more than doubled in the past five years. These things make a difference in people’s lives, and that is the best story behind our growth,” said Mike Henderson, Chief People Officer.
These accomplishments help Acima stand out in a state that has one of the best economies in the country, according to US News. Utah is home to Silicon Slopes, which is widely known as an emerging tech hub akin to Silicon Valley. The area has attracted leading tech companies such as Adobe, eBay, and even Facebook to expand their operations to Utah, and the state remains home to Qualtrics, Vivint, and others it helped to incubate as startups.
“Despite the fact that the entire population of Utah is smaller than that of the Bay Area, it [the state] has some of the most promising startups that have launched in the country,” said Bryan Schreier, a partner at Sequoia, the company that led the series A funding for Qualtrics. “On a per-capita basis, this is the most entrepreneurial state in the country.”
What does Acima do?
Acima partners with thousands of merchants nationwide, and across various industries, to offer a No Credit Needed lease purchase option for consumers. This enables consumers to get merchandise even if their credit is less than perfect. Consumers can find a store online, or apply while visiting a participating merchant.
Acima is a great solution for businesses to boost sales as well. According to FICO research, 43 percent of consumers have a credit score of less than 700. That often puts them into a category where they don’t qualify for traditional financing.
As a business, imagine four out of 10 purchase-ready customers walking out of your store because you don’t have a payment option that suits them.
“At Acima, we believe the methods that traditional banks and credit unions use to make credit decisions are outdated,” said Allred. “We knew we could do better. So we did.”
Merchants who offer Acima get paid right away. Their customers then make lease payments to Acima over a flexible timeline that fits their needs. It’s a win-win for everyone involved. Merchants get paid, customers take home merchandise that they need, and Acima enables a transaction that wouldn’t have been possible otherwise.
This model fuels the growth that Acima is experiencing and the purpose behind it motivates each employee to bring their best each and every day.