Sunbit Achieves Rapid Growth in 2021 as it Doubles Transaction Volume YoY and Increases Footprint by Nearly 100%
Sunbit is the de facto BNPL solution for need-to-have services and is now offered in more than 10,000 locations nationwide. BNPL had a breakout year as more than 50% of Americans used a BNPL service over the course of 2021, according to The Ascent. Sunbit became the de facto BNPL leader for need-to-have goods and services, expanding its footprint to 10,000+ locations including nearly 1 in 3 auto dealership service centers and thousands of dental and optical practices. The company raised a Series D round of $130M, securing a total valuation of $1.1B
Sunbit, the preferred buy now, pay later technology for everyday needs and services, announced today that 2021 marked a significant phase in the company’s growth trajectory, with 2X YoY growth in transaction volume. Moreover, at the end of 2021, the company could be found in more than 10,000 locations, adding nearly double the amount of locations it achieved in the past 5 years, including nearly 1 out of 3 auto dealerships service centers nationwide, as well as thousands of optical retailers and dental practices. To fuel growth, the company closed a $130M Series D round in April 2021, bringing its total funding to date to 210M. With a $1.1B valuation Sunbit took a position on the CB Insights Fintech250 and Unicorn lists, and is positioned to rapidly scale its offering.
BNPL TAKES OFF
More than 50% of American consumers used BNPL in 2021, according to The Ascent. BNPL is traditionally used for discretionary, “nice-to-have” items, but Sunbit invested heavily in bringing BNPL to untapped markets, such as essential goods and services, via an omnichannel solution that can be found in-store and online.
Within just 5 years, Sunbit has cornered the market in areas where, historically, good financing options have not been available to people from all walks of life.
EXPANDING INTO NEW MARKETS
Today, Sunbit is available in parts and service departments in 5,000+ auto dealership locations, nearly 1 in 3 in the US. The company is endorsed by 11 auto manufacturers, including new endorsements from Mazda and Volkswagen in 2021. Moreover, Sunbit’s technology is also endorsed by 20 of the top 25 auto groups in the US. In 2021 alone, Sunbit technology was used to finance more than 300,000 auto repair orders, helping to keep people on the road safely.
In 2021, Sunbit has also made major headway in healthcare with nearly 3,500 optical and dental practices now offering its BNPL solution.
There are 44,000 optical practices in the US, including everything from large retailers to solo optical practices and eyewear stores. This year, Sunbit signed more than 1,100 new optical locations, inking deals with Eyemart Express, with its 200+ retail locations, Now Optics, with its 200+ retail locations, and with Acquios Alliance, a optical member alliance supporting independent optometry practices, to bring BNPL to its 330+ members. Additionally, the company formed a partnership with Nikon, bringing BNPL to Nikon lens wearers.
In June 2021, Sunbit announced the first true BNPL for the dental market. Through Sunbit more than 85% of patients who apply for dental financing are approved, with fair and transparent rates and no penalty or late fees. Moreover, the company powers the fast digital application process and manages the collections process, which ensures that the dental office gets paid immediately, contributing directly to the cash flow of the business. By the end of the year, Sunbit was well-established in the space. Practices were quick to sign on, with nearly 2,500 new practices added in fewer than 6-months. Notably, Sunbit inked a preferred BNPL deal with Dental Whale, for its 19,000 affiliated practices.
FUNDING TO FUEL GROWTH
In May 2021, Sunbit closed $130M in a Series D funding round. The round was led by returning investor Group 11, a leading venture capital firm, with participation from returning investor Zeev Ventures, as well as new investors Migdal Insurance, Harel Group, AltaIR Capital, and More Investment House.
The new investment was designed to support growth, including expanding the company’s merchant footprint to reach more retailers and service providers, online and offline.
The company hired more than 175 new employees in 2021 across sales, operations, customer care, and engineering. Sunbit also brought on Chief Customer Officer Bill Walsh, whose mission is to build a world-class customer experience, bringing its total headcount to more than 300.
Consistent with its mission to help people make the most out of their hard-earned money, the company invested in developing new products that serve its customers and merchants, helping them to facilitate transactions and optimize their budgets and their bottom lines.
Sunbit is the preferred buy now, pay later technology for everyday needs and services. Sunbit eases the stress of buying everyday things by offering access to fast, fair and transparent payment options to people everywhere. Our technology is offered in-store and online in more than 10,000 locations, including nearly 1 in 3 auto dealership service centers, optical practices, dentist offices, veterinary clinics and specialty healthcare services. All loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit.