BNPL lender Sunbit lands $355m debt warehouse facility
In-store consumer credit fintech Sunbit has secured a $355 million debt warehouse facility led by JP Morgan, Mizuho Bank Ltd. and Waterfall Asset Management.
Sunbit lands second debt facility of 2024
This is Sunbit’s second debt warehouse facility announcement in 2024, following the $310 million facility secured from Citi and Ares Management in January.
Founded in 2016 and headquartered in Los Angeles, US, Sunbit provides a no-fee credit card and a buy now, pay later (BNPL) point-of-sale (POS) lending solution, reportedly available at more than 25,000 service locations.
The fintech claims to have supported 2.6 million loan customers and handled roughly $1 billion in yearly merchant transactions by the end of 2023.
This latest facility is aimed at expanding Sunbit’s reach, and follows a “breakout year” for the firm, according to chief capital officer James Paris.
In 2024, the fintech formed an integration partnership with payments giant Stripe, expanded its presence in the auto service market, and saw its credit card platform chosen by three new retail partners.
Sunbit’s facility adds to a string of major funding rounds JP Morgan has been involved in this year, including a £4 billion private securitisation deal with YouLend, a $65 million investment in California-based B2B payments platform Slope, and the extension of its funding agreement with LendInvest by £500 million.
