Fintech Bread lands $60m funding
Lendtech start-up Bread has raised a $60 million round of equity financing, led by Kinnevik, with additional investment from existing investors Bessemer Venture Partners, Menlo Ventures, RRE Ventures, Colle Capital Partners, and Cue Ball.
US-based Bread builds customisable financing solutions for brands and retailers. It will use this funding to extend its omnichannel capabilities and expand into new verticals and strategic opportunities.
The firm’s product targets the offline private-label credit card industry through technology, using its white-labelled financing solutions to allow retailers to offer customisable pay-over-time solutions.
“Shoppers’ expectations are higher than ever before,” says co-founder and CEO Josh Abramowitz. With this new investment, Bread will continue “to help brands and retailers connect with their customers in more meaningful ways”, he adds.
The company has managed to increase revenue fivefold so far this year, with firms like Semihandmade and Noémie in the list of brands using its platform.
Loans offered through the Bread platform are made by Cross River Bank, a New Jersey state-chartered bank.