Sunbit builds financial-technology products that power no-fee BNPL and retailer credit-card solutions, aiming to provide transparent, personalized financing for consumers. Its BNPL solution is present in more than 50% of auto dealership service centers, and the company is the second-largest and fastest-growing dental patient financing provider with over 12,000 practices. In 2024 Sunbit added three retail credit-card partners including Ollie’s Bargain Outlet and announced an integration with Stripe as the largest of 15+ embedded fintech partnerships. The company emphasizes a customer-first approach, offering truly 0% interest to many customers and prioritizing fair, transparent terms. Loans and the Sunbit Card are made/issued by T.A.B. Bank under applicable licenses. Sunbit reports strong growth (in the top 10% of private fintech companies) and has expanded markets and products throughout 2024. Sunbit builds consumer financial technology focused on Buy Now, Pay Later (BNPL) and a no‑fee Sunbit Card for everyday expenses. The company’s BNPL is available at more than 23,000 service locations across auto service centers, dental, optical, veterinary and specialty healthcare, and is integrated into over 15 SaaS vertical platforms. Sunbit reports an average 90% approval rate and, as of the end of 2023, supported over 2.6 million loan customers and processed over $1 billion per year in merchant transaction volume. It is the leader in BNPL for automotive services, serving customers of approximately 40% of U.S. franchise dealerships, and more than one in three customers are repeat users. The invite‑only Sunbit Card was used for nearly $340 million in purchases by more than 110,000 consumers in a 12‑month period. Sunbit was established in 2016 and is based in Los Angeles. Sunbit builds financial-technology products that give consumers more options for paying everyday expenses, including a no-fee credit card managed through a mobile app and a point-of-sale payment option. Its POS product is available at more than 16,000 service locations, including auto service centers, optical practices, dental offices, veterinary clinics, and specialty healthcare providers. Loans on the platform are made by Transportation Alliance Bank (TAB Bank), which determines qualifications and credit terms, and the Sunbit Card is issued by TAB Bank pursuant to a Visa license. Led by CEO Arad Levertov, the company aims to continue expanding its merchant distribution network nationwide. To support that expansion, Sunbit secured a $250M revolving debt facility. The company intends to use the facility to scale its merchant relationships and distribution reach across the U.S. Sunbit provides buy now, pay later (BNPL) technology offered in-store and online to retailers and service providers. Its platform is deployed at 7,300 locations, including roughly one in four auto dealership service centers, optical practices, dentist offices and specialty healthcare services. All loans on the platform are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines credit qualifications and loan terms. In May 2021 Sunbit raised $130M in a Series D at a $1.1 billion valuation. The company intends to use the funds to expand its merchant presence both online and offline and to develop additional products. Returning investors include Group 11 and Zeev Ventures; new investors include Migdal Insurance, Harel Group, AltaIR Capital and More Investment House. Sunbit offers point-of-sale financing that lets consumers split purchases up to $5,000 into 3, 6, or 12 payments with an application that takes under 30 seconds. The company replaces reliance on FICO with proprietary machine-learning models to generate personalized payment solutions and reports a high approval rate. Applications require only a state-issued ID, phone number and email address. Sunbit is led by CEO Arad Levertov and is currently offered in over 1,500 retail locations across 40 states, adding hundreds of new merchants per month. The company raised a $26M Series B and has now raised $54M in total equity to date. It plans to use the funds to accelerate adoption across retail markets such as automotive service drives, dental, eyewear and veterinary services.

Total raised

$1.1B

Funding rounds

5

Latest round

Debt Financing

Latest activity

Nov 2024