Sunbit, a fintech company specializing in in-store consumer credit, has accomplished a significant milestone by securing a substantial $355 million debt warehouse facility. This funding venture was led by prominent financial institutions such as JP Morgan, Mizuho Bank Ltd., and Waterfall Asset Management. Founded in 2016 and headquartered in Los Angeles, Sunbit has grown to offer a no-fee credit card alongside its BNPL (Buy Now, Pay Later) point-of-sale lending solution, which is now available at over 25,000 service locations. By the end of 2023, Sunbit had supported an impressive 2.6 million loan customers, processing $1 billion in annual merchant transactions.
The recent debt facility aims to broaden Sunbit’s market reach, following what Chief Capital Officer James Paris described as a “breakout year.” This growth trajectory is set to continue into 2024, bolstered by strategic partnerships and market expansion. Sunbit has teamed up with Stripe, a major player in the online payment processing space, to enhance its service offerings. Additionally, the company broadened its footprint in the auto service market and secured three new retail partners for its credit card platform. These efforts signify Sunbit’s commitment to offering more flexible consumer lending options and solidifying its position in the competitive fintech landscape.
This financial boost, combined with a series of major funding rounds involving JP Morgan, underscores a broader trend of increased investment in fintech and innovative credit solutions. The deal not only highlights Sunbit’s growing influence but also reflects a larger shift towards providing flexible and accessible consumer lending options. For consumers, this means more choices and easier access to credit, particularly with solutions that accommodate the need for convenience and immediacy in transactions. Sunbit’s expanding services and market presence indicate that the future of consumer credit is leaning heavily towards flexibility and financial inclusion, ultimately benefiting a diverse range of customers.
