Sunbit, a prominent player in the FinTech sector, has successfully closed a $355m debt warehouse facility.
This financial boost was led by major financial entities including J.P. Morgan, Mizuho Bank Ltd., and Waterfall Asset Management.
This strategic move is part of Sunbit’s ongoing efforts to meet increasing consumer demand, which has been spurred by broader merchant adoption and the expansion of its no-fee credit card offerings.
The facility will support the continued growth of Sunbit’s unique buy-now-pay-later (BNPL) technology and credit card services, which are renowned for their fairness, transparency, and accessibility. Sunbit stands out in the FinTech landscape for not charging any fees for its services, a commitment that has propelled the company into the top 10% of private FinTech companies in the U.S. in terms of growth.
Sunbit’s technology has enabled numerous merchants and businesses to offer better financial terms, enhancing consumer experiences with truly zero percent interest rates for many. The company’s latest funding endeavors aim to broaden its impact, reaching more consumers across the country. Sunbit’s technology is also embedded in more than 50% of auto dealership service centers and has become a leading finance solution within the dental sector, serving over 12,000 practices.
In 2024, Sunbit also announced significant new partnerships and market expansions. Notably, the Sunbit credit card was introduced at Ollie’s Bargain Outlet, marking the retailer’s first credit card offering. Additionally, Sunbit expanded its collaborations with embedded finance partners, including a major integration with Stripe, which is the largest among over 15 FinTech partnerships forged this year.
Sunbit CEO Arad Levertov emphasized the company’s consumer-centric approach, stating, “Sunbit is a customer-first business, and we have always prioritized doing the right thing for consumers. Our technology helps merchants and businesses offer solutions with no fees and better, more transparent and fair financial terms, and even introduced true 0% interest to many customers.
“This is done through our consistent commitment to offering access to attractive personalized offers. We’re thrilled to have the support of J.P. Morgan, Mizuho and Waterfall Asset Management in order to reach more people than ever as we move our business forward.”
Reflecting on the company’s successful year, Chief Capital Officer James Paris added, “2024 has been a breakout year for Sunbit, and we’re thrilled to close the year with such a significant sign of support from the most prestigious and established brands in finance. Our decision to stay focused on consumer benefits and experience, coupled with operational discipline, has strategically positioned Sunbit to deliver the right results, at the right time.”
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