Bread, a NYC-based marketing technology company that builds customizable financing solutions for brands and retailers, completed a $60m round of equity financing.
The round was led by Kinnevik with participation from existing investors Bessemer Venture Partners, Menlo Ventures, RRE Ventures, Colle Capital Partners, and Cue Ball.
The company intends to use the capital to extend its omnichannel capabilities and expand into new verticals and strategic opportunities.
Led by co-founder and CEO Josh Abramowitz, Bread builds technology solutions that allow merchants to offer pay-over-time financing options to their customers.
Its white-labeled experience and flexible financing solutions allow retailers to offer customizable pay-over-time solutions and reach more shoppers. Its integration, marketing data, and insights enable retailers to understand their customers, meet them where they are and elevate their sales potential in average order value (AOV), translating to an average increase of 15% in top-line sales.
Loans offered through the platform are made by Cross River Bank, a New Jersey state-chartered bank, Member FDIC.