Sunbit, the 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 in 2024, following the news of a $310 million facility with Citi and Ares Management earlier this year.
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Sunbit pleased to announce new $355M debt warehouse facility
Sunbit, which built its 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.
Arad Levertov, CEO of Sunbit, said, “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.”
Recent momentum includes:
- 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.
- An integration relationship with Stripe was announced in September 2024, marking the largest of 15+ embedded fintech partnerships.
- Sunbit 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.
James Paris, Chief Capital Officer of Sunbit, said, “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.”
About Sunbit
Sunbit builds financial technology for real life. Our financial technology products have helped millions of people ease the stress of paying for life’s expenses by giving them more options on how and when they pay. Sunbit’s technology powers no-fee credit cards for top retailers. The company’s BNPL solution is found in more than 50% of all auto dealership service centers and is the fastest-growing and second-largest dental patient financing solution. Sunbit is a three-time Inc. 5000 honoree both nationally and regionally and a 2-time Deloitte Technology Fast 500 company. The financial technology company has also secured top placements for growth including LABJ Fastest Growing Private Companies, Forbes Fintech 50, and Financial Times Fastest Growing in Americas. Loans are made by Transportation Alliance Bank, Inc., dba T.A.B. Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by T.A.B. Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
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