The equity round was led by Menlo Ventures with participation from Bessemer Venture Partners, RRE Ventures, and others. As part of the round, Mark Siegel, Menlo’s managing partner, will be joining Bread’s board of directors.
The debt facility was provided by Victory Park Capital.
The company intends to use the capital to grow its portfolio of merchant partners, as well as continue to grow its engineering team to build innovative solutions to further improve the product and consumer experience.
Led by co-founder and CEO Josh Abramowitz, Bread provides a technology platform that allows each merchant to offer pay-over-time financing options to their customers. The product gives consumers transparent options and ecommerce merchants tools to integrate financing throughout the e-commerce journey, increasing conversion and average order value.
Bread loans are made by Cross River Bank, a New Jersey state-chartered bank, Member FDIC.
FinSMEs
02/08/2017