← Embedded Finance Index 2026

Macy's

“Can a legacy department store chain use co-branded financial products, embedded BNPL, and supplier financing to defend customer loyalty and supply chain resilience while executing an omnichannel transformation?”

Founded1858
HQ151 West 34th Street, New York, NY 10001
IndustryE-commerce / Retail
The story

Founded in 1858 as a New York City department store, Macy's grew into one of America's largest omnichannel retailers operating approximately 450 Macy's stores, ~60 Bloomingdale's locations, and 170+ Bluemercury beauty boutiques. The company, formerly known as Federated Department Stores, rebranded entirely under the Macy's banner. Its embedded finance story centers primarily on a long-standing co-branded credit card partnership with Citibank, N.A. and the adoption of BNPL (Klarna) and supplier financing (C2FO) to drive loyalty and supply chain health rather than building proprietary financial infrastructure.

Last 12 months
2025-04
2026-03
Product timeline
1858
R.H. Macy founded the original dry goods store in New York City.· pivot
1994
Federated Department Stores acquired Macy's out of bankruptcy, later rebranding itself as Macy's, Inc.· acquisition
2015
Macy's began using C2FO's early payment platform to strengthen supplier relationships and improve working capital dynamics.· lending
2022
Macy's partnered with Momentus Capital to launch S.P.U.R. Pathways, a $200M multiyear program to advance entrepreneurial growth among suppliers.· lending
2025
Macy's amended its $3B asset-based credit facility, reducing it to $2.1B and extending maturity to April 2030.· banking
The stack
2 layers disclosed in Macy's’s embedded-finance stack
Lending
Citibank N.A. (co-brand card); C2FO (supplier early payment); Momentus Capital (supplier lending program)Co-branded credit card (Citibank N.A.)Supplier early payment via C2FOABL credit facility ($2.1B, Macy's corporate)S.P.U.R. Pathways supplier financing (Momentus Capital)
Sponsor bank
in the full report
Accounting gap: none
1 more provider across 1 layer, with confidence-scored evidence and source URLs, are in the Embedded Finance Index report.