Total amount raised
$1.1 Billions
Latest funding date
11/01/2024
Location
Sunbit has successfully raised significant funding over multiple rounds, establishing itself as a key player in the pay-over-time technology sector. The platform is designed to help consumers manage the cost of essential services, offering high approval rates and transparent terms.
Keep reading to explore the intricacies of Sunbit's fundraising journey and the investors backing this innovative platform.
What Is Sunbit?
Sunbit operates in the Financial Technology (FinTech) industry, providing a pay-over-time solution that allows customers to finance essential services such as auto repair, dental care, eye care, vet care, and healthcare. The company is headquartered at 10940 Wilshire Blvd, Suite 1850 & 1850A, Los Angeles, CA 90024.
Sunbit emphasizes fair and transparent interest rates with no hidden fees, partnering with retailers to offer fee-free, next-generation credit cards. The company also supports merchants with training and certification to confidently offer Sunbit services to their customers, aiming to improve financial flexibility for everyday needs.
How Much Funding Has Sunbit Raised?
- Pre-Seed Round
- Amount Raised: $120K
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the business model.
- Seed Round
- Amount Raised: $2.9M
- Date: September 2016
- Lead Investors: Group 11
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate product development.
- Series A
- Amount Raised: $25M
- Date: January 2017
- Lead Investors: Chicago Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and enter new markets.
- Series B
- Amount Raised: $26M
- Date: June 2019
- Lead Investors: Zeev Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand customer base.
- Series C
- Amount Raised: $26M
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support rapid growth and product innovation.
- Series D
- Amount Raised: $130M
- Date: May 2021
- Lead Investors: Group 11
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand into new verticals and enhance market presence.
- Debt Financing
- Amount Raised: $250M
- Date: December 2022
- Lead Investors: Waterfall Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Debt Financing
- Amount Raised: $310M
- Date: January 2024
- Lead Investors: Ares Management, Citi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion efforts.
- Debt Financing
- Amount Raised: $355M
- Date: November 2024
- Lead Investors: JP Morgan, Mizuho Bank, Waterfall Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support strong consumer demand and expand no-fee credit card offerings.
Total Amount Raised: $1.244B
Current Valuation: Not publicly disclosed
Key Investors
Here are some of the major investors in Sunbit, along with details about their focus areas and notable investments:
- J.P. Morgan
- Details: J.P. Morgan is a global leader in financial services, offering solutions in investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity.
- Investment Focus Areas: Investment banking, financial services, asset management, private equity
- Notable Investments: Technology companies, healthcare sectors, financial services firms
- Mizuho Bank Ltd.
- Details: Mizuho Bank Ltd. is a major Japanese bank that provides a wide range of financial services including corporate banking, retail banking, and investment banking.
- Investment Focus Areas: Corporate banking, retail banking, investment banking
- Notable Investments: Technology firms, infrastructure projects, energy sectors
- Waterfall Asset Management
- Details: Waterfall Asset Management specializes in structured credit and private equity investments, focusing on asset-backed securities, whole loans, and other credit instruments.
- Investment Focus Areas: Structured credit, private equity, asset-backed securities, whole loans
- Notable Investments: Real estate projects, consumer finance, specialty finance
- Group 11
- Details: Group 11 is a venture capital firm that invests in early-stage technology companies, particularly in the financial technology sector.
- Investment Focus Areas: FinTech, enterprise software, cybersecurity
- Notable Investments: Tipalti, Next Insurance, HomeLight
- Chicago Ventures
- Details: Chicago Ventures is a venture capital firm that focuses on early-stage investments in technology companies across various sectors.
- Investment Focus Areas: Technology, consumer products, healthcare
- Notable Investments: Cameo, G2, SpotHero
What's Next for Sunbit?
Sunbit's future looks promising as it continues to expand its no-fee credit card and Buy-Now-Pay-Later (BNPL) solutions. With significant market penetration in auto services and dental patient financing, the company is poised to leverage new partnerships and integrations, such as with Stripe, to enhance its product offerings and reach.
Future fundraising opportunities appear robust, with potential for additional debt or equity financing to support further growth. The recent $355 million debt warehouse facility led by J.P. Morgan, Mizuho Bank Ltd., and Waterfall Asset Management underscores the substantial financial backing and growth potential.
However, Sunbit may face challenges such as maintaining its no-fee model while scaling operations, navigating regulatory changes, and managing competition from other fintech companies. Despite these hurdles, the company's commitment to transparent and fair financial solutions positions it well for continued success.
Use Clay to Get Funding Data
Sales professionals, leverage Clay’s platform to access comprehensive fundraising data on companies like Sunbit and gather other critical business insights. Sign up for free to start enhancing your sales strategies today.
