Derek Medlin Appointed President and Chief Growth Officer at Katapult
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Derek Medlin Appointed President and Chief Growth Officer at Katapult
Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), an e-commerce focused financial technology company, has announced the promotion of Derek Medlin to the newly created role of president and chief growth officer (CGO).
Leadership Role and Responsibilities
In this role, Derek will lead the business development, marketing, and operations teams at Katapult, concentrating on accelerating gross originations and revenue growth while continuing to enhance operational efficiencies. Among his core responsibilities will be fostering new and strengthening existing relationships with merchants and strategic partners. This effort aims to showcase the distinct value of Katapult's lease-to-own (LTO) solution and expand access to quality solutions for non-prime consumers.
CEO's Vision
“Derek has been an invaluable partner to me over the past seven years, and I am excited to expand his role at this crucial juncture in our growth cycle,” said Orlando Zayas, CEO of Katapult. “Over the past nearly two years, we have bolstered gross originations and introduced innovative features like Katapult Pay, capitalizing on opportunities to provide incremental sales growth for our merchant partners, while ensuring our customers enjoy a quality product experience. I trust that Derek can help us significantly enhance our progress and deliver substantial benefits to all stakeholders. We have an incredibly talented executive leadership team, and together, we can drive Katapult to achieve significant market share in our $50 to $60 billion addressable market.”
Derek Medlin's Background
Derek transitions to the president and CGO position from his previous role as chief operating officer (COO), which he held since 2018. As COO, he played a vital role in expanding gross originations, which have shown consistent growth for the past seven quarters, and revenue, which surpassed $230 million over the last twelve months as of the second quarter of 2024. His tenure also included spearheading direct-to-consumer initiatives, scaling global operations effectively to support revenue growth, and managing lifecycle planning, product strategy, and integrating with merchants. Notably, he contributed to the launch of the groundbreaking Katapult app and the Katapult Pay feature in late 2022, which accounted for 28% of the company’s gross originations in the second quarter of 2024. Furthermore, customer satisfaction metrics, such as the Net Promoter Score (NPS), significantly improved to scores of 62 and a repeat purchase rate of 59.3% during this period.
Medlin's Vision for Growth
“After two decades of leading cross-functional teams across product, technology, and operations, I am excited to embark on this new challenge,” said Derek Medlin, President and CGO of Katapult. “Throughout my seven years at Katapult, I've been pivotal in leading our merchant go-to-market efforts and our direct-to-consumer strategy, including the launch of our mobile app and Katapult Pay feature. I believe these experiences equip me to capitalize on transformative growth opportunities. Based on our success thus far, Katapult is well positioned to enhance its growth trajectory by broadening brand reach with retailers and consumers. Our intention is to achieve this by enriching our merchant offerings and continuously improving our customer shopping experience. I am thrilled to collaborate closely with our executive team to fulfill our financial and operational goals.”
Derek Medlin's Previous Experience
Before joining Katapult, Derek honed his expertise over nearly 15 years in various roles encompassing strategy, go-to-market initiatives, operations, finance, and advisory functions with leading firms, including J.P. Morgan Chase, Elavon, and Ernst & Young. He holds a Bachelor of Arts in Spanish and a Master of International Business from Georgia State University.
About Katapult
Katapult operates as a technology-driven lease-to-own platform that integrates with omnichannel retailers and e-commerce platforms, empowering the purchase of everyday durable goods for the underserved non-prime consumer segment in the U.S. Through point-of-sale (POS) integrations and an innovative mobile app featuring Katapult Pay, consumers lacking access to traditional financing can shop through a growing network of merchant partners. The Katapult process is designed to be simple, fast, and transparent, reflecting our belief that seeing the good in people translates to good business. We are committed to humanizing the experience for underserved consumers by providing payment solutions rooted in fairness and dignity.
Contact Information
For further information, please contact:
Jennifer Kull
VP of Investor Relations
ir@katapult.com
Frequently Asked Questions
What is Derek Medlin's new role at Katapult?
Derek Medlin has been appointed as the President and Chief Growth Officer of Katapult, overseeing business development and marketing.
What are the main responsibilities of the President and CGO at Katapult?
The President and CGO is tasked with accelerating gross originations, revenue growth, and strengthening relationships with merchants and strategic partners.
How has Katapult performed financially in recent quarters?
Katapult has seen continuous growth in gross originations and reported revenue exceeding $230 million in the last twelve months, demonstrating strong financial performance.
What innovative features has Katapult introduced recently?
Katapult has launched features like Katapult Pay and a mobile app, enhancing customer experience and contributing to significant gross originations.
What is Katapult's mission?
Katapult aims to provide fair and dignified payment solutions for underserved consumers, promoting transparency and accessibility in financing.
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