SoCal Tech: Sunbit Scores $26M For Consumer Credit Startup

Los Angeles-based Sunbit, a fintech startup which provides point-of-sale financing for purchases, using machine learning to qualify consumers, has raised $26M in a Series B funding round, the company said this week. The funding was led by Zeev Ventures, and also included Group 11 (formerly SGVC), Chicago Ventures, and others. Oren Zeev, the founding partner of Zeev Ventures, joins Sunbit’s board along with the funding. According to Sunbit, it will use the funding to accelerate adoption of its product, including in markets such as automotive service, dental, eyewear and veterinary services. Sunbit has now raised a total of $54M in funding. Sunbit says its tools eliminate reliance on FICO scores, using machine learning software which personalizes payments to each customer. The company uses just a consumer’s state-issued ID, phone number and email address, specifically addressing “unbanked” consumers who normally would be unable to gain credit. More information »

View the full article on SoCal Tech’s website at this link.