Bread, a point-of-sale financing service provider, has secured $60m in a new equity financing round.
The round was led by Kinnevik, and received participation from existing backers Bessemer Venture Partners, Menlo Ventures, RRE Ventures, Colle Capital Partners, and Cue Ball.
Bread provides merchants with technology to offer their customers accessibility to pay-over-time financing options. Its solution can integrate with e-commerce companies and not only access financing support but actionable data to improve customer loyalty, marketing tools, and loyalty programs.
Consumers can use Bread for purchases between $100 and $10,000, with repayment terms of 6, 12 or 24 months.
Loans offered through Bread are made by Cross River Bank.
This equity injection will be used to support the enhancement of its omni-channel capabilities and the expansion into new verticals and strategic opportunities.
Bread has seen a strong year for growth and is expected to grow its revenue by more than five-times this year.
Kinnevik senior investment director Chris Bischoff said, “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.”
Last year, Bread received $126m of equity and debt financing to support the growth of its merchant partners. The equity funding was led by Menlo Ventures and also saw support from firms including Bessemer Venture Partners, RRE Ventures, while the debt was supplied by Victory Part Capital.
Earlier in the week, fellow POS financing platform Divido raised $15m in its Series A round which was led by Dawn Capital and DN Capital.
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