Bread Raises $60 Million to Challenge Store Brand Credit Cards [Fortune]
Macy's Inc (M)
Last macy's inc earnings: 2/25 06:55 am
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Source: Fortune
Many people are more eager to buy something if they can pay for it later. This insight has led many retailers to offer financing through branded credit cards, but fin-tech startup Bread thinks it has a better way. New York-based Bread builds financing offers into the websites of retailers, ensuring customers can view a range of pay-over-time options without leaving the site. The company claims its service has boosted retailers top-line sales by an average of 15 percent. On Tuesday, Bread announced it has raised a $60 million Series C funding round, led by Kinnevik, to build out its existing business serving online retailers. The company also wants to use the investment to push into what CEO Josh Abramowitz describes as “omnichannel experiences”—meaning Bread could offer its service in store as well. Abramowitz started Bread because he regards the current model of retail financing, which involves stores like West Elm or Macy’s partnering with a credit card company to
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