HIGHOutside partyCustomer
76%
top ten merchants
“10-K Item 1: 'Our top ten merchants in the aggregate represented approximately 76% and 78% of our total gross originations for the years ended December 31, 2025 and 2024, respectively.'”
KPLT · Concentration risk · 10-K extracted
Katapult Holdings (KPLT) concentration risks
Updated
The most significant concentration Katapult Holdings discloses is top ten merchants at 76%, classified HIGH by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
Model-generated analysis — not investment advice. Not a registered investment advisor. Past performance does not guarantee future results.
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Source: Katapult Holdings’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 3 disclosed concentrations
HIGH2
MEDIUM1
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
HIGHOutside partyCounterparty
Marqeta
“10-K Item 1: 'consumers are issued a virtual card from our issuing partner Marqeta, backed by their issuing bank Sutton Bank'”
MEDIUMOutside partyCustomer
25%
Wayfair
“10-K Item 1: 'Our largest merchant partner is Wayfair, Inc. ("Wayfair") ... represented 25% and 36% of our gross originations for the years ended December 31, 2025 and 2024, respectively'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-08-30Katapult Holdings' concentration risk is heavily customer- and counterparty-driven. Its top ten merchants in the aggregate represented approximately 76% of total gross originations for the year ended December 31, 2025, down from 78% in 2024 — a high-share dependency on a narrow group of retail partners. Within that group, its largest merchant partner, Wayfair, alone represented 25% of gross originations in 2025, down from 36% in 2024 — a medium-share dependency that, while declining, still makes Wayfair the single most important merchant relationship. On the infrastructure side, consumers are issued a virtual card from Katapult's issuing partner Marqeta, backed by issuing bank Sutton Bank, a high-share dependency on a specific payments-processing counterparty for the mechanics of every transaction. Together, these three exposures compound: the top-ten merchant concentration and the Wayfair-specific share within it mean originations volume is tied to a handful of retail relationships, while the Marqeta dependency means the transaction infrastructure itself runs through a single processing partner. The declining trend in both the top-ten and Wayfair shares is a modest positive, but the absolute concentration remains high enough that losing any one key merchant or the Marqeta relationship would have an immediate, direct effect on volume.
For the engine’s reasoning on KPLT’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| KPLT● | Katapult Holdings, Inc. | 2 | 1 | 0 | 3 |
| AI | C3.ai, Inc. | 1 | 2 | 0 | 3 |
| AEVA | Aeva Technologies, Inc. | 1 | 0 | 0 | 1 |
| AIOT | PowerFleet, Inc. | 0 | 2 | 0 | 2 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.