Sunbit, a Los Angeles, CA-based financial technology company that enables financing in-store purchases for consumers across the credit spectrum, raised $26m in Series B funding.
The round, which brings the total equity raised to $54m, was led by Zeev Ventures, with participation from prior investors Group 11 (formerly SGVC), Chicago Ventures and other existing investors. In conjunction with the funding, Oren Zeev, Founding Partner of Zeev Ventures, joined Sunbit’s Board of Directors.
The company intends to use the funds to accelerate adoption of Sunbit across a wide range of retail markets, such as automotive service drives, dental, eyewear and veterinary services.
Led by Arad Levertov, CEO, Sunbit is a financial technology company that enables financing in-store purchases at the point of sale for consumers across the credit spectrum. The company’s technology offers a fast application process with a high approval rate which does not relies on the FICO score and replaces that measurement with proprietary machine learning technology that generates personalized payment solutions tailored to each customer.
The application takes less than 30 seconds and requires nothing more than a state-issued ID, phone number and email address, and consumers across the spectrum are given fair rates for purchases up to $5,000 that are split into 3, 6, or 12 payments.
Sunbit is currently offered in over 1,500 retail locations across the country, with operations in 40 states, with hundreds of new merchants being added per month.