Sunbit, a FinTech Pioneer, Bags $310m from Citi and Ares to Fuel BNPL Growth
Sunbit, an acclaimed pioneer in the FinTech industry, recently announced a major milestone, securing a $310m debt warehouse facility.
This significant injection of funds was led by heavyweight investors Citi and Ares Management Credit funds. Established in 2016 with a vision to transform the credit landscape, Sunbit is renowned for its innovative approach to financial solutions, particularly in the Buy Now, Pay Later (BNPL) sector.
At its core, Sunbit is dedicated to reshaping how consumers engage with financial services. The company’s flagship offerings, including the revolutionary BNPL service and the no-fee Sunbit Card, are testament to its commitment to providing flexible, inclusive financial products. The newly acquired $310m funding is set to further bolster Sunbit’s capabilities, enabling it to scale up its operations and meet the burgeoning demand for its market-leading BNPL solutions and other financial services.
Sunbit’s influence is palpable across various sectors, notably dominating BNPL financing in the automotive services industry and rapidly growing in the dental market. Its technologies have also been seamlessly integrated into over 15 SaaS platforms, enhancing accessibility and user adoption. The company’s success is underpinned by a steadfast commitment to inclusivity, evidenced by an average 90% approval rate for its financing options, and a policy of zero additional fees.
Arad Levertov, CEO of Sunbit, underscored the company’s customer-first ethos and strategic growth. He remarked, “Today, millions of people choose Sunbit to manage their everyday needs and so much more. By offering virtually everyone a more transparent and fair alternative to what is currently in their wallet, we attract customers for life.
“We take this trust seriously. Regardless of what markets we enter or what products we offer, every major decision will be tested against what matters most: how many customers we’re reaching, whether they come back to Sunbit, and how their experiences were. We thank Citi and Ares for their support in arranging this facility.”