Lease-to-Own Firm Katapult Adds Jane Thompson to Board

Lease-to-own platform Katapult has named two new members on its board of directors.

As the company said in a news release Friday (Feb. 11), Joyce Phillips and Jane J. Thompson are the board’s newest members, part of the class of directors set to stand for election at this year’s stockholders’ meeting.

“Both executives are accomplished business leaders and seasoned board members with an impressive record of achievement at the intersection of technology, finance, retail and banking,” said Orlando Zayas, CEO of Katapult. “Their fresh perspective will be an invaluable addition to our board to help us succeed in today’s competitive landscape.”

Read more: Katapult: 2021 Was the Year of Inclusion

Phillips is a 25-year veteran of the retail banking, payments solutions, insurance and wealth management industries, and the founder and CEO of finance platform startup EqualFuture Corp.

She is also on the boards of Western Union Company, First Interstate BancSystem and the not-for-profit Girls Inc. NYC.

“I am passionate about finding ways to make financial inclusion a reality for all, something that I have championed in most of my professional roles and continue to actively engage in,” she said.

Thompson has led “large and small customer-focused organizations in a variety of industries, including retail, financial services, consumer service, and digital businesses,” the release said, and has served on the executive committees of Walmart and Sears.

Thompson now serves as an independent board member and advisor to a range of technology and payment companies, including Navient Corporation and CompoSecure.

“It is a pleasure to join Katapult’s board to help achieve its mission of providing non-prime customers with payment options and promote financial inclusion,” she said. “I look forward to helping Katapult transform the FinTech ecosystem for individuals, families and communities.”

See also: Financial Inclusion Policies Move the Underserved Consumer Mainstream

Lease-to-own lets customers obtain products that may not be attainable through other means, Zayas told PYMTS in a recent interview, noting it’s different from buy now, pay later, which has certain credit requirements and the inability to return products without further obligation.

“Looking at those types of products to, again, get the products that these customers need — and being able to stretch it and be flexible on their repayment without charging them fees and trying to create a cycle of debt — I think is where the next wave is going to happen from a financial inclusion perspective,” Zayas said.