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POS Financing Startup Sunbit Raises $26 Million

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Sunbit, a leading financial technology company that effectively transforms the process of financing in-store purchases for consumers across the credit spectrum, today announced a $26 million Series B round of equity funding, led by Zeev Ventures. Zeev Ventures Founding Partner, Oren Zeev, known for investments in Audible, Houzz, Chegg, TripActions, Tipalti and others, led the round, with participation from prior investors Group 11 (formerly SGVC), Chicago Ventures and other existing investors.

The investment will be used to accelerate adoption of Sunbit across a wide range of retail markets, such as automotive service drives, dental, eyewear and veterinary services.

Oren Zeev joins Sunbit’s Board of Directors, which includes existing investors Stuart Larkins of Chicago Ventures and Dovi Frances of Group 11. The Zeev Ventures investment brings the total equity raised to $54 million.

“As someone who was the main early backer of several market-defining companies, Oren Zeev is exactly the type of partner we were looking for,” said Arad Levertov, CEO of Sunbit. “A strategic and company-friendly investor, Oren’s ‘get-it-done’ mentality with a track record of high growth is a great fit for our company culture.”

“In an industry crowded with e-commerce and moonshot solutions, it was refreshing to find a company innovating on the simple but important point-of-sale transaction,” said Oren Zeev, Founding Partner of Zeev Ventures. “People need to get their cars fixed, their pets cared for, glasses so that they can see — health and safety aren’t things people should be forced to wait for or walk away from because there aren’t good solutions to help them then and there.”

70% of Sunbit customers surveyed said that they would not have completed their purchase if it weren’t for Sunbit. Sunbit customers receive personalized rates that, for many, are often better than other credit alternatives.

“I’ve been there,” said Arad Levertov. “As an immigrant, like many young people and those with poor access to credit, I was denied financing at the point of sale. I understand how humiliating it is to be denied in public, after spending time filling out a laborious application, in front of your wife and kids. That’s why, in part, I founded Sunbit. No one should have to do without necessities. This recent funding round will help us to meet more consumers in critical markets, and to help them access the goods and services that they need.”

“I love the disruptive elegance of the Sunbit solution,” added Oren Zeev. “It offers a great experience for consumers and retailers alike. Sunbit is the only company with a scalable point-of-sale technology solution that employs machine learning not only in its underwriting, but across its operations as well. With Sunbit, retailers are able to sell more, while Sunbit’s own costs are reduced and the savings passed along to consumers. This offers consumers a great credit alternative that is often more affordable than other financing options, and this is all done using an application process that takes less than a minute; it’s a win all around.”

Sunbit is rewiring the process of financing in-store transactions for consumers across the credit spectrum — including the underbanked. By eliminating reliance on the outdated FICO score and replacing that measurement with best-of-breed, proprietary machine learning technology that generates personalized payment solutions tailored to each customer, Sunbit is able to meet the needs of nearly all consumers. The application takes less than 30 seconds and requires nothing more than a state-issued ID, phone number and email address, and consumers across the spectrum are given clear, fair rates for purchases up to $5,000 that are split into 3, 6, or 12 payments.

Sunbit is currently offered in over 1,500 retail locations across the country, with operations in 40 states, with hundreds of new merchants being added per month. The company’s partners include the largest automotive dealers in the United States, national chains like CycleGear and a leader in the collegiate bookstore market. With a seasoned executive team with deep experience across finance, technology and retail, Sunbit has demonstrated a clear ability to scale. This latest investment allows the company to accelerate its rapid expansion into key brick and mortar retail outlets nationwide.

View the original article on FinExtra at this link.

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