Sunbit grows merchant network by 73% and reflects on key milestones in 2022.
Sunbit continues to expand its merchant network, already reaching over 17,000 locations.
Sunbit, the company building financial technology for real life, today released its 2022 performance update. The company showed strong performance in growing and servicing its merchant partner network.
In 2022, Sunbit increased its merchant network by 73%, totaling over 17,000 active merchants across dentistry, auto parts & service, and other service categories.
- As of year-end dental was the fastest growing market for the company. The company’s financing technology can be found in more than 6,500 dental locations across the U.S. increasing at a pace of 500 practices a month. More than 550 DSOs (Dental Service Organizations) have brought Sunbit into their practices as a preferred dental financing solution.
- In 2022 Sunbit continued to establish its leadership position in automotive services. As the preferred partner of 14 Automotive OEMs, Sunbit is offered in more than 6,000 auto dealership service centers and 1,500 independent automotive service and repair shops, and has partnered with 22 of the top 25 largest auto groups in the nation. Sunbit has driven over $1B in sales in the automotive sector by servicing more than 930K customers.
- As of late 2022, more than 100,000 in-store service professionals have been certified to offer Sunbit’s point-of-sale lending technology to customers. Sunbit’s “Sunbeast” enablement program was purpose-built for Sunbit-certified in-store service professionals (Sunbeasts).
- Since early 2022, Sunbit’s point of sale lending technology has been integrated with software platforms such as Xtime, Quik, and Update Promise, making financing an integral part of the customer journey.
- The company also closed a $250 million revolving debt facility with Sector Financial, a Credit Suisse AG affiliate, and Waterfall Asset Management. The debt facility enables Sunbit to continue scaling its nationwide merchant distribution network while serving millions of Americans with access to fair financing options for everyday needs like automotive repairs and dental treatments.
“Since day one we’ve focused on helping people make the most out of their hard-earned money,” said Arad Levertov, CEO, Sunbit. He added, “Of course the business milestones are incredibly important, and I couldn’t be more pleased with our performance last year. But, we also never forget that every metric has literally millions of real people behind them, and these people are what drive us forward.”
About Sunbit
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life’s expenses by giving people more options on how and when they pay. Sunbit offers a next-generation, no-fee credit card that can be managed through a powerful mobile app, as well as a point-of-sale payment option available at more than 17,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit was included on the 2022 Inc. 5000 list. The financial technology company has also been named as a Most Loved Workplace®, Best Point of Sale Company, A N.A. Deloitte Technology Fast 500 company and as a Top Fintech Startup by CB Insights. Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by TAB Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
