• Katapult

  Led · Equity · May 2017

  Zibby offers a lease-to-own payment option that lets nonprime and near-prime customers acquire furniture, appliances, electronics and other consumer durables through online and brick-and-mortar retailers. Customers can apply in 30 seconds in-store or via a Zibby button on a retailer’s website and be approved for $300 to $3,500. The company is available at more than 330 retailers across 46 states. Zibby says it increases retailer sales by providing a fast lease payment option for nonprime consumers. Launched in 2014 at Cornell University by CEO Brandon Wright, the company is based in New York City. It has raised more than $150m in total capital to date and plans to use the new funds to further expand its presence among retailers. Zibby is a New York City-based provider of a point-of-sale lease payment solution for online and in-store shopping. It offers retailers an integrated option that lets consumers obtain flexible monthly payments for durable goods anytime and in any channel. The company targets consumers who desire flexible payments but don’t qualify for traditional financing. Zibby secured $150M in debt financing provided by Victory Park Capital. It has recently partnered with Sears Outlet, Ghostbed, Curacao and Vyze to expand retailer distribution. Zibby is led by CEO Brandon Wright and recently hired Tony Lauro, formerly CFO of JPMorgan Chase Commerce Solutions, as its CFO. Zibby operates an omnichannel lease-to-own payment platform for online and brick-and-mortar retailers, enabling customers to apply in 30 seconds and be approved for $300 to $3,500. The company serves underbanked and nonprime consumers seeking affordable alternatives to traditional credit for durable household goods. Zibby’s solution is available in-store and via a retailer button across 46 states and aims to increase retailer sales by expanding lease options. The business was founded at Cornell University and is based in New York City. Management says the company will use new capital to grow and scale its lease portfolio and expand its retailer footprint. The platform focuses on underwriting and risk analytics tailored to an underserved lease-to-own niche within non-bank financial services. Cognical built Zibby, a fully-integrated lease-to-own payment option for online shopping that offers real-time approvals through a two-minute application and does not consider FICO scores. The company uses a proprietary machine-learning underwriting platform and nontraditional data to assess creditworthiness and expand access for nonprime consumers. Zibby targets e-retailers of durable goods such as electronics, furniture, and appliances and offers approved customers monthly payments or 90-day same‑as‑cash, with the ability to return products if they cannot make payments. Launch merchants noted in the article include Goedekers, Focus Camera, and Ritz Camera. Cognical was founded at Cornell University in 2012 and emphasizes growing access while reducing the cost of credit for underserved consumers. The business positions returning Zibby members for faster checkout and incremental credit-limit expansion as they make payments.

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