Sunbit lands $250m debt facility to expand access to credit
In-store credit fintech Sunbit has closed a $250 million revolving debt facility from Credit Suisse and Waterfall Asset Management.
The new debt facility will diversify Sunbit’s financing sources and support the firm’s growth, enabling it to offer credit through both point of sale (POS) loans and its branded card. The company intends to leverage the debt facility to scale its nationwide merchant distribution network as it looks to support Americans with “fair and transparent” financing.
Sunbit CEO Arad Levertov says that now more than ever, Americans require access to fair credit and that due to strong demand for its tech, working with Credit Suisse and Waterfall Management “enables us to facilitate more transactions as we grow”.
“We’re committed to helping more merchants build their businesses and consumers pay for non-discretionary expenses,” Levertov adds.
Sunbit offers customers flexibility on payments through POS terminals across 16,000 locations in the US and its no-fee credit card. Loans are handled by Transportation Alliance Bank and the Sunbit Card is issued by TAB Bank and licenced by Visa.
Last May, the company raised $130 million in a Series D round.