Casper Chooses Katapult to Expand Consumer Access to Its Market-Leading Bedroom Products
PLANO, Texas, Oct. 03, 2023 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (NASDAQ:KPLT), an e-commerce-focused financial technology company, is entering a dynamic new partnership with Casper, the innovative leader in sleep products. Under the terms of the partnership, Casper has integrated Katapult's innovative lease-to-own (LTO) solution into its payment checkout flow. Casper and Katapult expect this collaboration to unlock purchasing power for many underserved consumers who don't have access to traditional financing options. By integrating Katapult's solution, Casper and Katapult can create a path for these consumers to obtain premium sleep essentials that promote comfort and well-being, which can lead to a better night's rest.
"Casper partnered with Katapult so that customers who may not have been able to shop with us before will have the financial power to obtain our innovative sleep solutions," said Rachel Pedicini, Vice President of E-commerce at Casper. "We are excited about the potential to provide access to our high-quality bedding products to even more consumers across the United States."
Katapult offers a scalable omnichannel LTO solution that provides its merchant partners, like Casper, with access to a new consumer base that previously may not have had the purchasing power to buy their durable goods. Federal Reserve data show that 37% of US adults could not cover a $400 emergency expense without assistance, and there are millions of consumers in the US who do not qualify for traditional credit financing. LTO offers consumers who have no or sub-prime credit a new, more affordable path to purchase durable goods. Katapult's LTO solution provides significant benefits to consumers including:
- Customers understand the full cost of the product ownership up-front. There are no surprise fees or compounding interest payments. In fact, there are no late fees, ever.
- No long-term obligations for the customer – they can either make recurring payments toward owning the purchase outright or return it at any time.
- Financial flexibility that can make an LTO purchase more attractive and accessible than traditional financing.
"We are pleased to join forces with Casper in order to make their durable goods such as mattresses and bedroom furniture more accessible to underserved consumers," said Orlando Zayas, CEO of Katapult. "Our lease-to-own option is an excellent choice for merchants who want to empower the millions of consumers who are routinely overlooked by traditional financing options. We believe that Casper chose Katapult because our track record speaks for itself: we have high net promoter scores and customer repeat purchase rates, demonstrating that consumers who know Katapult – love Katapult. Our mission is to enable consumers to get the durable goods they need and to connect merchant-partners with a growing base of engaged and loyal consumers, and we believe this partnership is another example of how we are bringing our mission to life."
Hundreds of merchants are leveraging Katapult's LTO solution to help expand their businesses. Key merchant benefits of a partnership with Katapult include:
- Merchants have access to new shoppers who can drive incremental sales
- Higher conversion rates and lower cart abandonment
- Opportunities to drive repeat customer purchase rates up
- No merchant recourse from customer defaults
- Katapult covers all interchange costs related to the transaction
- No risks from out-of-window returns
If you are a retailer interested in directly integrating Katapult's LTO solution to boost your business and customer base, please visit Katapult's Business Page for more information. Consumers interested in unlocking financial purchasing power through personalized lease-to-own plans can download our app in the Apple App Store or Google Play. For more information on our LTO offering, consumers can also visit our website.
About Katapult
Katapult Holdings, Inc. (NASDAQ:KPLT) is a technology driven lease-to-own platform that integrates with omni-channel retailers and e-commerce platforms to power the purchasing of everyday durable goods for underserved U.S. non-prime consumers. Through our point-of-sale (POS) integrations and innovative, mobile app featuring Katapult Pay™, consumers who may be unable to access traditional financing can shop a growing network of merchant partners. Our process is simple, fast, and transparent. We believe that seeing the good in people is good for business, humanizing the way underserved consumers get the things they need with payment solutions based on fairness and dignity.
About Casper
Casper believes everyone should sleep better. The Sleep Company has a full portfolio of obsessively engineered sleep products—including mattresses, pillows, bedding, and furniture designed in-house by the Company's award-winning R&D team at Casper Labs. In addition to its e-commerce business, Casper owns and operates Sleep Shops across North America and its products are available at a growing list of retailers.
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