Capital enables company to expand access to fair financing options for more Americans
LOS ANGELES, Dec. 5, 2022 /PRNewswire-PRWeb/ -- Sunbit, the company building financial technology for everyday expenses, today announced it has closed a $250 million revolving debt facility with an affiliate of Credit Suisse AG, with access provided by Sector Financial, Inc., a Credit Suisse AG affiliate, and Waterfall Asset Management.
"Since 2016 we have been building a business that makes fair credit more accessible to people from all walks of life. Today it is clearer than ever that Americans require access to better options for how they pay for the things they need. We're committed to helping more merchants build their businesses and consumers pay for non-discretionary expenses. In response to high demand for our technology, we are happy to work with Credit Suisse and Waterfall Asset Management to close this $250 million debt facility, which enables us to facilitate more transactions as we grow," said Arad Levertov, CEO, Sunbit.
With more than 16,000 merchant locations Sunbit is the de facto leader in point of sale (POS) financing for everyday needs. By combining the best of traditional finance with modern technology Sunbit levels the playing field, making fair and transparent financing accessible to virtually everyone, without fees of any kind.
The new debt facility further diversifies Sunbit's financing sources and supports Sunbit's continued growth in both POS loans and through the Sunbit Card. Sunbit will utilize the debt facility to continue scaling its nationwide merchant distribution network and serve the millions of Americans that need fair financial access to everyday needs, while maintaining industry-leading customer approval rates.
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life's expenses by giving people more options on how and when they pay. The company offers the Sunbit Card, a next-generation, no-fee credit card that can be managed through a powerful mobile app, as well as a point-of-sale payment option available at more than 16,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit was included on the 2022 Inc. 5000 list. The company has also been named as a Most Loved Workplace®, a Best Point of Sale company, A N.A. Deloitte Technology Fast 500 company and as a Top Fintech Startup by CB Insights.
Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by TAB Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
Brandon Hamm, Sunbit, 6102469908, [email protected]