Sunbit, a company building financial technology for real life, announced today that it closed a $355 million debt warehouse facility led by J.P. Morgan, Mizuho Bank Ltd. and Waterfall Asset Management. This marks Sunbit’s second debt warehouse facility announcement this year, following the news of a $310 million facility with Citi and Ares Management earlier this year.
Sunbit, which has built a reputation for providing access to fair, transparent and accessible financing through its market-leading BNPL technology, has seen significant growth in new markets and products in 2024. Despite never charging fees of any kind for its buy-now, pay-over-time solution or credit card available in retailers, Sunbit is growing in the top 10% of private financial technology companies in the country.
The company’s recent milestones include:
1.) The Sunbit credit card platform was selected by three new retail partners in 2024, including Ollie’s Bargain Outlet, an NRF-fastest growing retail company, and the first credit card offering under the Ollie’s brand.
2.) An integration relationship with Stripe was announced in September 2024, marking the largest of 15+ embedded fintech partnerships.
3.) Sunbit had expanded its market footprint, securing more than 50% of the dealership auto services market, with endorsements from 15+ O.E.M.s, such as V.W. and Honda, and noted it is the second largest and the fastest-growing dental patient finance player, with over 12K total practices.
KEY QUOTES:
“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.”
– Arad Levertov, CEO of Sunbit
“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.”
– James Paris, Chief Capital Officer of Sunbit
