Sunbit closed a $310 million debt warehouse facility led by Citi and Ares Management Credit funds. Established in 2016 to transform how consumers access, use and benefit from credit, Sunbit will leverage the funds to meet ever-increasing consumer demand for the company’s market-dominant Buy Now, Pay Later (BNPL) solution and the next-gen, no-fee Sunbit Card.
Arad Levertov, CEO of Sunbit, said, “Today, millions of people choose Sunbit to manage their everyday needs and so much more. By offering virtually everyone a more transparent and fair alternative to what is currently in their wallet, we attract customers for life. We take this trust seriously. Regardless of what markets we enter or what products we offer, every major decision will be tested against what matters most: how many customers we’re reaching, whether they come back to Sunbit, and how their experiences were. We thank Citi and Ares for their support in arranging this facility.”
Jeffrey Kramer, Partner in the Ares Credit Group, commented, “We are excited to be partnering with the Sunbit management team as they continue to grow their technology-driven consumer finance platform. This transaction is another example of Ares’ ability to provide a scaled and flexible financing solution to help a company such as Sunbit achieve its strategic objectives.”
Repeatedly recognized for sustained and rapid business growth, Sunbit’s commitment to offering consumers access to best-in-class inclusive and personalized financing choices remains steady with an average 90% approval rate, without charging fees of any kind. As of the end of 2023, Sunbit supported over 2.6 million loan customers with over $1 billion per year in merchant transaction volume. Sunbit is the leader in BNPL financing in the automotive services sector, serving customers of approximately 40% of the franchise dealerships in the U.S.1, and is one of the fastest-growing companies serving the dental market2. In addition, Sunbit’s BNPL financing technology has been directly integrated into more than 15 SaaS vertical platforms, extending adoption and accessibility.
By late 2023, the invite-only, next-gen, no-fee Sunbit Card was used for nearly $340 million in purchases by more than 110,000 consumers in 12 months and experienced high customer engagement.