Casper integrates lease-to-own solution into payment options

The original mattress disruptor is opening the capability to purchase its products to a wider selection of customers.

Casper is rolling out the lease-to-own (LTO) solution from financial technology company Katapult Holdings Inc. in an effort to enable consumers who don’t have access to traditional financing options to make purchases.

Leveraging the scalable omnichannel Katapult LTO solution, Casper offers consumers who have no or sub-prime credit a path to purchase its goods. There are no surprise fees, compounding interest payments or late fees. Customers can make recurring payments toward owning the purchase outright or return it at any time, and Katapult covers all interchange costs related to the transaction.

This expansion of checkout options follows Casper's March 2023 rollout of the Bolt API-based, modular checkout solution to provide customers on its e-commerce site passwordless login and seamless checkout.

Casper sells sleep products including mattresses, pillows, bedding, and furniture designed in-house. The company, which launched online in 2014 and was acquired by Durational Capital Management in 2022, pioneered the mattress-in-a-box concept and is credited with helping to reenergize the mattress category.

Casper has expanded its offerings beyond mattresses in recent years to include pillows, bedding, furniture and more. In addition to its e-commerce site, the brand operates  brick-and-mortar stores across the U.S. The company sold its Canadian assets, including six stores in Canada, to Sleep Country Canada Holdings in April 2023.

Casper products are also available at a variety of retailers. It 2021, it entered into a partnership to sell its brand in Sleep Country stores and online.

"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 rouTnely overlooked by traditional financing options. 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."

"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, VP 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."