US fintech start-up Croissant launches with $24m funding
New US-based fintech start-up Croissant has launched with $24 million in seed funding from a number of investors, including Portage, KKR and Croissant’s co-founders.
Croissant exits stealth with $24m in seed funding
Other investors in Croissant include Third Prime, BoxGroup, 25madison and Twelve Below.
Croissant has been built to cater to the commerce sector, with its platform able to integrate into merchants’ existing shopping experiences to offer customers a guaranteed buyback value at checkout.
The platform utilises data science and AI tools to generate buyback values, with Croissant fulfilling the guarantees.
After a purchase is completed, the goods become liquid assets within customers’ Croissant accounts, which can then be sold later in exchange for new funds which the customers can then use with the merchant for future purchases.
“Over the past decade, we’ve seen immense changes happen at e-commerce point of sale,” says co-founder and CEO, John Howard. “But rapidly evolving consumer behaviour and expectations mean it’s no longer enough for merchants to have a seamless credit card or mobile wallet experience.”
Howard stresses the need to activate consumer psychology around the purchase decision.
“Croissant allows merchants to increase sales, consumers to buy more and better, and both to enjoy the benefits of resale without doing any reselling whatsoever.”
