Katapult is a lease-to-own (LTO) platform targeting nonprime U.S. consumers who lack access to traditional credit. Customers use Katapult to lease everyday durable goods — furniture, electronics, appliances, tires, and computers — from online and omnichannel retailers. Katapult requires no FICO check and makes approval decisions in five seconds, making it accessible to consumers who have been declined by traditional lenders. Katapult reaches customers through two channels: direct merchant integrations (where Katapult is embedded at checkout) and its own app, which lets consumers shop across 250+ merchants or use KPay, a proprietary virtual card, at merchants without a direct integration. KPay represented 42% of gross originations in FY25. Wayfair is Katapult's largest merchant partner at 25% of gross originations. Katapult's business model works by acquiring goods and leasing them to consumers, collecting periodic payments over 12-18 months. Customers who lease through the full term typically pay roughly 2x the retail price. Katapult targets write-offs at 8-10% of revenue and gross margins of 18-20%. Because Katapult holds no inventory, the model carries meaningful operating leverage as originations scale. Katapult funds leases through a revolving asset-backed credit facility. In December 2025, Katapult announced a pending acquisition of Aaron's, a physical LTO chain, which would add brick-and-mortar capabilities to its digital platform.