Croissant, a fintech platform aiming to revolutionize the future of commerce, has officially launched with $24 million in seed funding from prominent investors like Portage and KKR co-founders George Roberts and Henry Kravis. The funding has fueled Croissant’s MVP (Minimum Viable Product) launch, which features an exceptional founding team led by CEO John Howard (formerly of KKR), CTO John Klose (formerly of Amazon and PayPal), and Head of Product Vrishti Mongia (formerly of Meta and Moda Operandi).
The platform seamlessly integrates into merchants’ existing shopping experiences, providing customers with a guaranteed buyback value at checkout. This unique feature enhances conversion rates and average order value for merchants. Using data science and AI tooling, Croissant generates the guaranteed buyback values and ensures their fulfillment. After purchase, the items become liquid assets within customers’ Croissant accounts, which they can later sell with a single click. The proceeds from these sales direct back to the merchants, powering future purchases and resulting in increased retention rates and lifetime value.
According to John Howard, the founder of Croissant, the e-commerce point of sale has undergone significant changes in the past decade. However, with evolving consumer behavior and expectations, merely providing a seamless credit card or mobile wallet experience is no longer sufficient. Croissant’s mission is to activate consumer psychology around the purchase decision, creating a more empowering, impactful, and effortless shopping experience. The platform aims to contribute to a richer and more vibrant commerce experience for all stakeholders involved.
One of the main motivations behind Croissant’s development was to counter consumer debt-focused offerings prevalent in the market. The platform shifts the shopping mindset from credit-fueled consumption to asset ownership, empowering users with real financial benefits and increased purchasing power. As a result, Croissant boosts conversion, average order value, and customer retention.
When users decide to sell their items later, Croissant employs its exclusive multiple listing technology to handle the resale process within the existing secondhand ecosystem, with no merchant or customer involvement required. This approach enables retailers to harness the booming $130 billion resale market, driving new full-price sales with minimal integration effort.
Major investors in Croissant include Third Prime, BoxGroup, 25madison, and Twelve Below. The company’s advisory board consists of industry leaders like Jennifer Fleiss, Co-Founder, and Board Member of Rent the Runway; Divya Mathur, former Chief Merchandising Officer of Intermix; Lara Meiland-Shaw, a luxury fashion veteran with extensive experience at Louis Vuitton, Moncler, and Saks Fifth Avenue; and Andrew Parietti, Founding Partner of Homer and Outdoor Voices.
Croissant is set to empower intentional commerce in today’s fragmented retail landscape by delivering innovative solutions that enhance both customer and merchant experiences. With its seamless integration and guaranteed buyback values, Croissant aims to reshape the future of commerce and make it more vibrant and dynamic for all parties involved.