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Dealflow: Follow the Money

Sunbit raises $26 million to provide loans for unexpected expenses. The majority of Americans live paycheck to paycheck. When emergency expenses arise, many are forced to turn to predatory payday loans. Venture capital firm Zeev Ventures backed Los Angeles-based Sunbit’s alternative: lower-cost short-term loans for “non-discretionary” expenses, like car repairs, textbooks, or pets’ vets costs. Sunbit partners with merchants to provide point-of-sale financing in minutes with nothing more than a customer’s driver’s license, phone number and email address. Sunbit homes in on behavioral economics and customers’ willingness to pay, Sunbit’s founder Arad Levertov told ImpactAlpha. “The majority of people still need to do non-discretionary services in brick and mortar shops,” Levertov said. Financial services in such locations “are stuck in the 1980s.” Get the full story.

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