BNPL lender Sunbit secures $310m debt facility with Citi and Ares Management Credit
In-store consumer credit fintech Sunbit has closed a new $310 million debt warehouse facility from Citi and Ares Management Credit.
Sunbit closes $310m debt warehouse facility
The facility builds upon a previous $250 million debt facility the fintech landed with Credit Suisse and Waterfall Asset Management in December 2022.
Founded in 2016 and based in Los Angeles, USA, Sunbit provides a buy now, pay later (BNPL) solution for merchants, and offers consumers a corresponding credit card-like card.
The fintech says it will use its newly secured credit to appease what it claims is an “ever-increasing consumer demand” for its two offerings.
It adds that this demand is represented through the 2.6 million loan customers and around $1 billion in merchant transactions it accommodates per year.
Likewise, it claims that its card offering, which launched in 2022 and remains invite-only, has been leveraged by more than 110,000 consumers to complete $340 million worth of purchases, as per its figures from year-end 2023.
For Arad Levertov, CEO of Sunbit, the fintech’s customer count will be a key area of focus in its future developments, an effort that will be bolstered by its latest debt warehouse facility.
“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,” comments Levertov.
