Bread, a U.S.-based marketing technology company that builds customizable financing solutions for brands and retailers, recently announced secured $60 million through its latest equity financing round, which was led by Kinnevik with participation from the company’s existing investors Bessemer Venture Partners, Menlo Ventures, RRE Ventures, Colle Capital Partners, and Cue Ball. The funds from the round will be used to extend Bread’s omnichannel capabilities and expand into new verticals and strategic opportunities.
Founded in 2014, Bread stated it is transforming retail by building powerful financing tools that help retailers increase sales. Bread gives retailers the ability to let their customers pay over time for the things they need, on their terms.
“Effectively reimagining the offline private-label credit card industry through technology, Bread’s fully white-labeled experience and flexible financing solutions allow retailers to offer customizable pay-over-time solutions that help retailers reach more shoppers and improve conversions without harming brand equity or lowering the value of their products.”
Speaking about the investment, Chris Bischoff, Senior Investment Director of Kinnevik, stated:
“What sets Bread apart in a crowded market is its distinctive functionality and digitally focused product. Bread goes beyond the one-size-fits-all experience and tailors different payment plans and integrations to a specific retailer’s product set and site. We’re excited to see more and more retailers use Bread to transform their approach to lending in order to improve results and drive bottom-line growth.”
Loans offered through the Bread platform are made by Cross River Bank, a New Jersey state-chartered bank, Member FDIC.