Katapult Adds iBUYPOWER to Its Growing List of Merchant Partners

Rhea-AI Summary

Katapult Holdings (NASDAQ: KPLT) has partnered with iBUYPOWER, a leading custom gaming PC manufacturer, to enhance access to gaming equipment for consumers with limited credit options. This collaboration aims to offer flexible payment solutions for gaming PCs and accessories amid rising costs affecting consumers this holiday season. A study reveals that 78% of consumers with nonprime credit scores are open to using such options for holiday purchases. The deal underscores Katapult's commitment to integrating lease-purchase solutions across various retail sectors.

Positive

• Partnership with iBUYPOWER enhances consumer access to gaming PCs and accessories.
• 78% of consumers with nonprime credit are likely to use flexible payment options.
• Expands Katapult's merchant roster with additional partners.

Negative

• None.

Partnership to help qualified consumers with little or no access to credit obtain gaming PCs, laptops, chairs, headphones, monitors, and more

PLANO, Texas, Dec. 20, 2022 (GLOBE NEWSWIRE) -- Katapult Holdings, Inc. (NASDAQ: KPLT), a provider of lease-purchase solutions for omnichannel retailers and their customers, has partnered with iBUYPOWER, a leading manufacturer of high-performance custom gaming PCs, to provide consumers with a path to purchase high-quality gaming equipment.

With interest rates and the cost of goods continuing to rise, American consumers are feeling the pinch this holiday season. Those living paycheck to paycheck, without credit, or with nonprime credit are especially vulnerable. Throughout this period of economic uncertainty, many consumers are turning to flexible payment options that work with their lifestyle and budget and that allow them to split payments over time. With more retailers offering alternative payment solutions, such as lease-to-own, more consumers will be able to obtain the items they need, including gaming equipment, furniture, tires, and more.

“iBUYPOWER has been providing quality, reliable, and affordable custom-built PCs for gamers, content creators, and everyday consumers for over twenty-three years,” said Jeffrey Cheng, Senior Director of Marketing and Sales for iBUYPOWER. “We are excited to partner with Katapult to further enable our customers to more readily attain the technology that comes with purchasing a new PC.”

This holiday season, flexible payment options could be one of the only ways for nonprime credit consumers to obtain gifts for their loved ones. According to a study conducted by Katapult, more than three-quarters of consumers with nonprime credit scores or lower (78%) said they would use a flexible payment option to buy presents this holiday season, if offered by the online or physical stores where they shop. Katapult’s lease-to-own solution gives consumers the ability to shop from merchants they trust and spread out their payments over time.

“Quality gaming equipment makes a fun-filled gift, but can run from $1,000-$3,000, placing it out of reach for a segment of consumers,” said Orlando Zayas, CEO at Katapult. “For those looking to purchase these products for themselves or others over the holidays, lease-to-own can help make their dollars go further. Creating this partnership at a stressful time of year for consumers can provide more people with the ability to obtain the gaming items they want to make their holiday season special.”

Katapult offers consumers transparent, flexible, and convenient lease-purchase options that enable them to obtain goods they might not be able to acquire otherwise, providing them with more choice and purchasing power. The company’s lease-purchase solution also integrates seamlessly with online platforms from merchants across several durable goods sectors. Funding is quick and easy and there is little work to be done on the merchant’s part to implement the payment option. Additionally, retailers that offer Katapult can attract and convert more shoppers, increase transaction volume, and build customer loyalty.

The partnership illustrates the strength of the gaming industry and the expansion of lease-to-own into new and varied consumer categories. In addition to iBUYPOWER, Katapult added 23 new merchant partners to its roster in Q3 2022 and plans to continue signing on additional brands across industries in the new year.

To keep up with recent announcements, visit Katapult’s News page. To learn more about Katapult, click here.

About Katapult
Katapult is transforming the world of lease-to-own with transparent lease-purchase plans that flex to meet the needs of millions of shoppers who are overlooked by traditional financing. With proprietary artificial intelligence (AI) and machine learning (ML) risk-modeling technology, Katapult predicts consumer behavior more accurately than traditional credit scores—providing new paths to ownership for people and new customers for omnichannel retailers. Katapult ensures exceptional experiences with seamless integration, both directly with merchants and through ecommerce platforms, and award-winning customer service. Visit www.katapult.com to learn more.

About iBUYPOWER
Since 1999, iBUYPOWER has embodied its core beliefs of Perseverance, Unity, Strength, and Ambition, to deliver on its promise to build the best gaming systems for the most discerning gamers. Even in a time when PCs were not as ubiquitous as they are today, we fueled the passion for gaming by giving our customers the highest quality in custom built computers. Our systems have since become the backbone for professional gamers, game developers, LAN centers, major esports tournaments, collegiate esports, and everyday consumers. iBUYPOWER has worked intimately with brands such as Intel, NVIDIA, AMD, Microsoft, WD, ASUS, Bethesda, MLG and many more. Superior performance, reliability, cutting edge technology and timely production make iBUYPOWER the authority in PC gaming. 

Investor Inquiries:
Katapult Vice President of Investor Relations
Bill Wright
917-750-0346
bill.wright@katapult.com

Press Inquiries:
Allison + Partners
908-930-0835
katapult@allisonpr.com

FAQ

What is the significance of the partnership between Katapult and iBUYPOWER?

The partnership aims to provide consumers with better access to gaming equipment through flexible payment options amid rising costs.

What percentage of consumers with nonprime credit are likely to use flexible payment options during the holiday season?

According to a study by Katapult, 78% of consumers with nonprime credit scores indicated they would consider flexible payment options for holiday purchases.

What products are available through the Katapult and iBUYPOWER partnership?

The partnership offers high-quality gaming PCs, laptops, chairs, headphones, monitors, and more through flexible payment solutions.

How does Katapult's lease-to-own solution benefit consumers?

Katapult's lease-to-own solution allows consumers to spread payments over time, making it easier for those with limited credit to purchase necessary items.

What impact does the partnership have on the gaming industry?

The partnership illustrates growth in the gaming industry and the expansion of lease-to-own options into new consumer categories.