Croissant, a novel fintech platform with an audacious mission to reshape commerce and amplify financial empowerment, is making waves with a $24 million seed funding windfall from industry-leading investors. Among these high-profile investors are the likes of Portage, and KKR co-founders George Roberts and Henry Kravis.
A High-Powered Founding Team
The generous seed funding has primarily been leveraged to expedite the development and launch of Croissant’s MVP, helmed by a seasoned founding team. The team includes Co-Founder and CEO John Howard, previously at KKR, Co-Founder and CTO John Klose, formerly with Amazon and PayPal, and Head of Product Vrishti Mongia who has had stints at Meta and Moda Operandi.
“Over the past decade, we’ve seen immense changes happen at e-commerce point of sale,” said John Howard. “But rapidly evolving consumer behavior and expectations mean it’s no longer enough for merchants to have a seamless credit card or mobile wallet experience; they need to activate consumer psychology around the purchase decision in empowering, impactful, and effortless ways to truly stand out. 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. Bottom line – Croissant contributes to a richer, more vibrant commerce experience for everybody.”
Innovative Integration with Merchants
Offering a seamless integration into the existing shopping frameworks of merchants, Croissant provides customers with a guaranteed buyback value at the point of checkout. This innovative feature enhances conversion and boosts the average order value. Croissant’s advanced data science and AI technology are underpinning these guaranteed buyback values, ensuring customers receive their due fulfillment.
Callout: Turning Purchases into Liquid Assets
The platform ensures that purchases transform into liquid assets within a customer’s Croissant account, available to sell with just a click. This process subsequently directs customers back to the original merchants, equipped with new funds to power further purchases and enhance customer retention and lifetime value.
A Response to Debt-Focused Consumer Offerings
Partially birthed as a counter-proposal to debt-heavy consumer offerings, Croissant revolutionizes the shopping paradigm, moving from a credit-centric approach to one that emphasizes asset ownership. This shift bolsters purchasing power and promotes real financial empowerment, boosting conversion rates, average order values, and customer retention.
Moreover, when users choose to sell, Croissant leverages its unique multiple listing technology to manage the often complex resale process within the existing secondhand ecosystem, freeing both merchants and customers from any involvement.
Croissant, a fintech platform aiming to reimagine commerce, recently launched with a robust seed funding of $24 million from top-tier investors, including Portage and KKR co-founders. Led by a veteran founding team, the platform offers seamless integration into merchants’ systems, guaranteeing buyback values at checkout. Croissant enhances customer retention and lifetime value by transforming purchases into liquid assets. It shifts the shopping paradigm from debt-driven consumption to asset ownership, and handles the resale process in the secondhand market, providing a truly empowering experience for consumers.
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