Sunbit

Company Overview

Snapshot

Founded in April 2016 by Arad Levertov, Tamir Hazan, Ornit Dweck-Maizel, and Tal Riesenfeld, Sunbit operates with 201–500 employees. The company has raised a total of $161.92 million across 7 funding rounds from 20 investors. In November 2024, Sunbit secured debt financing from lead investors Mizuho Bank.

Business overview

Sunbit develops a payment solution designed to enhance the retail experience for both merchants and customers by eliminating financial waste. Its proprietary technology allows retailers to easily split purchases into multiple payments, thereby increasing sales and extending customer buying power. The company operates in the Fintech & Insurtech sector, serving markets such as automotive, dental, veterinary, and vision eyewear, offering point-of-sale financing platforms and flexible payment plans.

Strategic signal

In May 2024, Sunbit announced that over 50% of US auto dealerships have selected its platform as a partner for service, parts, and repairs. This milestone indicates strong market penetration and validation within the automotive industry, signaling to investors a significant expansion of its B2B2C model and potential for continued growth in specialized retail financing.

Company Intelligence Q&A

What was a key strategic partnership for Sunbit in the automotive sector?

In November 2020, Sunbit partnered with Xtime to offer additional payment options within the service departments of auto dealerships, aiming to enhance customer flexibility for vehicle maintenance and repairs.

What was a significant financial development for Sunbit in late 2022?

In December 2022, Sunbit closed a $250 million revolving debt facility. This financing was secured with support from institutions including Credit Suisse and Waterfall Asset Management.

Which investors participated in Sunbit's debt financing round in January 2024?

In January 2024, Sunbit received debt financing from lead investors Citi and Ares Management Corporation.

What was the strategic focus of Sunbit's expansion in February 2020?

In February 2020, Sunbit expanded its services into the optical retail market, providing credit options for patients to finance eyewear purchases.

What was the outcome of Sunbit's D Round funding in May 2021?

In May 2021, Sunbit secured a D Round of funding, with Group 11 participating as a lead investor. This round contributed to the company's growth and valuation.