Total amount raised
$1.1 Billion
Latest funding date
11/01/2024
Location
Sunbit has successfully raised funds through 10 funding rounds, with the latest being a Debt Financing round. The company is backed by 22 investors, including notable names like JP Morgan and Waterfall Asset Management.
Sunbit offers flexible payment solutions, allowing consumers to pay over time for essential services such as auto repair, dental care, and healthcare. Keep reading to explore the intricacies of Sunbit's fundraising journey and the investors backing this innovative platform.
What Is Sunbit?
Sunbit is a fintech company based in Los Angeles, California, offering pay-over-time technology that allows users to finance everyday expenses by dividing payments into manageable installments. The company operates in the finance, financial services, and fintech industries.
Founded in Los Angeles, Sunbit has grown to employ between 501 and 1000 people. The company provides financing solutions for essential services such as auto repair, dental care, and healthcare, emphasizing fair and transparent payment plans.
How Much Funding Has Sunbit Raised?
- Pre-Seed
- Amount Raised: USD 120,000
- Date: January 2016
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's operations and develop its initial product offerings.
- Seed
- Amount Raised: USD 2,850,000
- 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: USD 25,000,000
- 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: USD 26,000,000
- 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: USD 26,000,000
- Date: September 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product innovation and market expansion.
- Series D
- Amount Raised: USD 130,000,000
- Date: May 2021
- Lead Investors: Group 11
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To fuel growth and expand into new verticals.
- Debt Financing
- Amount Raised: USD 250,000,000
- Date: December 2022
- Lead Investors: Waterfall Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support consumer demand and expand market reach.
- Debt Financing
- Amount Raised: USD 310,000,000
- Date: January 2024
- Lead Investors: Ares Management, Citi
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth and expansion in new markets and products.
- Debt Financing
- Amount Raised: USD 355,000,000
- 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 the no-fee credit card offering.
- Debt Financing
- Amount Raised: USD 200,000,000
- Date: August 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further scale operations and enhance product offerings.
Total Amount Raised: USD 1,659,970,000. Current Valuation: Not publicly disclosed.
Key Investors
- JP Morgan
- Details: JP Morgan is a leading global financial services firm with operations in over 100 countries. It provides investment banking, financial services for consumers and businesses, financial transaction processing, asset management, and private equity.
- Investment Focus Areas: Financial services, banking, investment management
- Notable Investments: Various investments in technology, healthcare, and financial services
- Mizuho Bank
- Details: Mizuho Bank is a major Japanese bank that offers a wide range of financial services, including corporate banking, investment banking, and asset management. It is part of the Mizuho Financial Group, one of the largest financial institutions in Japan.
- Investment Focus Areas: Banking, financial services, investment
- Notable Investments: Infrastructure, energy, technology
- Waterfall Asset Management
- Details: Waterfall Asset Management is an investment firm specializing in structured credit, high-yield credit, and private equity. The firm focuses on asset-backed securities and other credit investments.
- Investment Focus Areas: Asset management, credit, structured finance
- Notable Investments: Structured credit products, high-yield credit, private equity
- Ares Management
- Details: Ares Management is a global alternative asset manager offering investment solutions in credit, private equity, and real estate. The firm manages assets for institutional and retail investors worldwide.
- Investment Focus Areas: Alternative asset management, credit, private equity, real estate
- Notable Investments: Credit, private equity, real estate
- Citi
- Details: Citi is a leading global bank with approximately 200 million customer accounts and operations in more than 160 countries. It provides a broad range of financial products and services, including consumer banking, credit, corporate and investment banking, securities brokerage, and wealth management.
- Investment Focus Areas: Banking, financial services, investment
- Notable Investments: Financial services, technology
What's Next for Sunbit?
Sunbit is poised for significant growth, driven by its expansion into new markets and the increasing adoption of its no-fee credit card and BNPL solutions. With substantial financial backing, including a $355 million debt warehouse facility, the company is well-positioned to capitalize on opportunities in auto services and dental patient financing.
Future fundraising opportunities are likely, as Sunbit continues to attract support from major financial institutions. This financial strength will enable the company to scale operations and explore new sectors. However, challenges such as regulatory changes and competition from other fintech companies could impact its growth trajectory.
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