Sunbit has obtained a USD 355 million debt warehouse facility, led by financial institutions JP Morgan, Mizuho Bank Ltd., and Waterfall Asset Management. This is Sunbit’s second such facility in 2024, following a USD 310 million facility from Citi and Ares Management earlier in January 2024.

Founded in 2016 and based in Los Angeles, Sunbit offers a no-fee credit card and a point-of-sale (POS) lending option in the form of a Buy Now, Pay Later (BNPL) service. The company states its financing options are available in over 25,000 service locations across the US Sunbit also reports having served 2.6 million loan customers and facilitated around USD 1 billion in merchant transactions annually by the end of 2023. Expanding reach and partnerships The new facility aligns with Sunbit's plans to expand its services.

Company officials highlighted that 2023 was a significant year for the company, as Sunbit partnered with payments platform Stripe, expanded into the auto service market, and saw its credit card platform adopted by three new retail partners. For JP Morgan, this facility marks yet another substantial funding transaction in 2024. Other notable financings this year include a GBP 4 billion private securitisation with YouLend, a USD 65 million investment in Slope, a California-based B2B payments company, and a GBP 500 million funding agreement extension with LendInvest.

Other developments from Sunbit In September 2024, Sunbit entered an Embedded Finance partnership with Stripe to bring its solutions to a broader range of in-person service businesses.  As part of the collaboration with Stripe, Sunbit was set to bring its technology solutions to more in-person service businesses, including healthcare, home services, automotive parts, service and repairs, med spa, eyewear, and pet care. In addition, the agreement between the two companies equipped merchants processing payments on Stripe with Sunbit’s Buy Now, Pay Later (BNPL) solution, allowing them to meet the preferences, demands, and needs of their users. Source: Link .