Sunbit, a company building financial technology for everyday expenses, has closed a $250m revolving debt facility.
The debt facility was secured with an affiliate of Credit Suisse AG, with access provided by Sector Financial, Inc., a Credit Suisse AG affiliate, and Waterfall Asset Management.
Sunbit describes itself as a company that builds financial technology for real life.
The company’s technology aims to ease the stress of paying for life’s expenses by giving people more options on how and when they pay. The company offers the Sunbit Card, a next-generation, no-fee credit card that can be managed through a powerful mobile app, as well as a point-of-sale payment option available at more than 16,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services.
By combining the best of traditional finance with modern technology Sunbit said it is levelling the playing field, making fair and transparent financing accessible to virtually everyone, without fees of any kind.
The company said the new debt facility further diversifies its financing sources and supports its continued growth in both POS loans and through the Sunbit Card. Sunbit will use the debt facility to continue scaling its nationwide merchant distribution network and serve the millions of Americans that need fair financial access to everyday needs.
Arad Levertov, CEO, Sunbit, said, “Since 2016 we have been building a business that makes fair credit more accessible to people from all walks of life. Today it is clearer than ever that Americans require access to better options for how they pay for the things they need. We’re committed to helping more merchants build their businesses and consumers pay for non-discretionary expenses. In response to high demand for our technology, we are happy to work with Credit Suisse and Waterfall Asset Management to close this $250m debt facility, which enables us to facilitate more transactions as we grow.”
Earlier this year, Swedish expense management company Findity raised SEK 50m ($4.9m) as it bolsters its international expansion efforts.
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