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Today: Jun 13, 2024

Sunbit, the FinTech pioneer, secures $310m to boost BNPL growth.

1 min read

TLDR:

Fintech company Sunbit has raised $310m in a debt warehouse facility to fuel the growth of its buy now, pay later (BNPL) solutions. The funding round was led by Citi and Ares Management Credit Funds. Sunbit, which was founded in 2016, has made a name for itself in the BNPL sector with its flexible financial solutions and commitment to inclusivity. The company’s financing options boast a 90% approval rate and zero additional fees. Sunbit plans to use the funding to expand its operations and meet the growing demand for its services, particularly in the automotive and dental markets.

Key points:

  • Sunbit has secured $310m in funding from Citi and Ares Management Credit Funds to further develop its BNPL solutions.
  • The company aims to transform the credit landscape by providing flexible, inclusive financial products.
  • Its financing options have an average approval rate of 90% and no additional fees.
  • Sunbit dominates the BNPL financing sector in the automotive services industry and is rapidly growing in the dental market.
  • The funding will be used to scale up operations and meet the increasing demand for Sunbit’s services.

California-based fintech company Sunbit has raised $310m in a debt warehouse facility to support the expansion of its buy now, pay later (BNPL) solutions. The funding round was led by heavyweight investors Citi and Ares Management Credit Funds, and will be used to further develop Sunbit’s operations and meet the growing demand for its market-leading products.

Sunbit was founded in 2016 with the goal of transforming the credit landscape and providing flexible, inclusive financial products. The company’s financing options, including its BNPL service and no-fee Sunbit Card, have gained widespread acclaim and boast an average approval rate of 90%. Sunbit’s influence can be seen in various sectors, with the company dominating BNPL financing in the automotive services industry and rapidly growing in the dental market. Its technologies have also been integrated into over 15 software-as-a-service platforms to enhance accessibility and user adoption.

The new $310m funding injection will enable Sunbit to further scale up its operations and meet the increasing demand for its services. The company is dedicated to delivering transparent and fair alternative financial solutions to its customers, ensuring that virtually everyone has access to credit. Sunbit’s commitment to inclusivity is demonstrated by its high approval rate and policy of zero additional fees.

Arad Levertov, CEO of Sunbit, expressed his gratitude to Citi and Ares for their support and emphasized the company’s focus on strategic growth and customer satisfaction. Sunbit aims to reach more customers and provide them with exceptional experiences through its innovative BNPL solutions and other financial services.

Sunbit has positioned itself as a leader in the BNPL industry, offering a unique and customer-centric approach to credit. With its newly acquired funding, the company is well-positioned to continue its rapid growth and shape the future of the financial services landscape.