Croissant integrates into merchants existing shopping experiences to offer customers a guaranteed buyback value at checkout
Fintech platform Croissant is launching with $24m in seed funding to “change the future of commerce”.
Croissant’s tech integrates into merchants’ existing shopping experiences and offers customers a guaranteed buyback value at checkout, boosting conversion and average order value, the fintech said in a statement.
Funding came from fintech investment platform Portage, and the co-founders of KKR. Other investors include Third Prime, BoxGroup, 25madison, and Twelve Below.
The US-based fintech was co-founded in 2022 by John Howard, formerly of KKR, and John Klose, who was previously at Amazon and PayPal.
The fintech was developed partially in response to consumer debt-focused offerings. Croissant wants to transform the shopping mindset from one of “credit-fuelled consumption to one of asset ownership”.
Croissant uses data science and AI to generate the guaranteed buyback values offered to customers, which it then fulfils.
Howard commented: “Over the past decade, we’ve seen immense changes happen at ecommerce point of sale.
“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; 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.”
Stephanie Choo, Partner at Portage, added: “Only a small percentage of resellable fashion is transacted globally each year, but it’s still a $130 billion market that is rapidly growing.
“To date, retailers are seeing little to no benefit from this ongoing boom. Croissant enables them to harness the interest in and growth of resale to drive new full-price sales with minimal integration and no need to transact within the second hand ecosystem themselves.”