Derek Medlin Named President and Chief Growth Officer at Katapult
Katapult Holdings, Inc. (“Katapult” or the “Company”) (NASDAQ: KPLT), a financial technology company focused on e-commerce, has announced the promotion of Derek Medlin to the newly established position of president and chief growth officer (CGO).
New Leadership Role and Responsibilities
In his new role, Derek will oversee the business development, marketing, and operations teams at Katapult. His focus will be on driving gross originations and revenue growth while enhancing operational efficiencies. A key part of his responsibilities will include building new relationships and strengthening existing ones with merchants and strategic partners. This initiative aims to highlight the unique value of Katapult's lease-to-own (LTO) solution and broaden access to quality options for non-prime consumers.
CEO's Perspective
“Derek has been an essential partner to me over the last seven years, and I am thrilled to see him take on this expanded role during such a pivotal time in our growth,” stated Orlando Zayas, CEO of Katapult. “In the past nearly two years, we have increased gross originations and introduced innovative features like Katapult Pay, taking advantage of opportunities to drive incremental sales growth for our merchant partners while ensuring our customers have a quality product experience. I am confident that Derek will 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 propel Katapult to capture a significant share of our $50 to $60 billion addressable market.”
Derek Medlin's Professional Background
Derek steps into the president and CGO role after serving as chief operating officer (COO) since 2018. In this capacity, he was instrumental in driving gross originations, which have consistently grown over the past seven quarters, and in revenue, which exceeded $230 million in the last twelve months as of the second quarter of 2024. His accomplishments also include leading direct-to-consumer initiatives, effectively scaling global operations to support revenue growth, and managing lifecycle planning and product strategy while integrating with merchants. Notably, he played a key role in launching the innovative Katapult app and the Katapult Pay feature in late 2022, which contributed to 28% of the company’s gross originations in the second quarter of 2024. Additionally, customer satisfaction metrics, such as the Net Promoter Score (NPS), saw significant improvements, reaching scores of 62 and a repeat purchase rate of 59.3% during this time.
Medlin's Vision for Future Growth
“After two decades of leading cross-functional teams in product, technology, and operations, I am eager to take on this new challenge,” remarked Derek Medlin, President and CGO of Katapult. “During my seven years at Katapult, I have been key in driving our merchant go-to-market strategies and our direct-to-consumer approach, including the launch of our mobile app and Katapult Pay feature. I believe these experiences position me well to seize transformative growth opportunities. Given our success so far, Katapult is well-equipped to enhance its growth trajectory by expanding brand reach with retailers and consumers. Our goal is to achieve this by enriching our merchant offerings and continuously improving the customer shopping experience. I am excited to work closely with our executive team to meet our financial and operational objectives.”
Derek Medlin's Previous Experience
Prior to joining Katapult, Derek developed his expertise over nearly 15 years in various roles related to strategy, go-to-market initiatives, operations, finance, and advisory services with prominent firms, including J.P. Morgan Chase, Elavon, and Ernst & Young. He earned 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 collaborates with omnichannel retailers and e-commerce platforms, enabling 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 without 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 recognizing the good in people translates to good business. We are dedicated to humanizing the experience for underserved consumers by offering payment solutions rooted in fairness and dignity.
Contact Information
For more information, please reach out to:
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.
