Sunbit Secures $310 Million Debt Facility for Expansion

Consumer credit fintech Sunbit recently closed a $310 million debt warehouse facility from Citi and Ares Management Credit. The Los Angeles-based buy now, pay later (BNPL) solution provider plans to leverage this funding to meet the increasing consumer demand for its services.

Sunbit’s Growth and Expansion

The new funding follows a previous $250 million debt facility Sunbit secured with Credit Suisse and Waterfall Asset Management in December 2022. The company was established in 2016 and has since been offering a BNPL solution for merchants and a corresponding credit card-like card for consumers.

Sunbit plans to use the newly secured credit to cater to the growing consumer demand for its two offerings. Its claim of increasing demand is supported by the 2.6 million loan customers and around $1 billion in merchant transactions it handles each year.

Sunbit’s Card Offering

Sunbit’s card offering, launched in 2022 and still invite-only, has been used by more than 110,000 consumers to complete $340 million worth of purchases, according to its 2023 year-end figures.

Focus on Customer Reach

Arad Levertov, CEO of Sunbit, emphasized that the company’s future developments would center on its customer count. Every major decision will be evaluated based on how many customers it reaches, their likelihood of returning to Sunbit, and their overall experiences. The latest debt warehouse facility will bolster these efforts.