StageLine of Credit | Alive
Last Raised$250M | 6 mos ago
Sunbit is a financing and payment platform. The company disrupts the process of financing in-store purchases for customers across the credit spectrum, including the unbanked or underbanked. It was founded in 2016 and is based in Los Angeles, California.
Sunbit's Product Videos
Compete with Sunbit?
Ensure that your company and products are accurately represented on our platform.
Sunbit's Products & Differentiators
Point of sale lending technology
Sunbit's point of sale lending technology enables participating merchants to offer personalized and flexible payment plans to customers. Our technology approves 9/10 people who apply with a 30-second process with minimal data entry. Our AI/ML technology personalizes each offer including the approval amount, down payment required, interest rate offered, and monthly payment plans to choose from.
Research containing Sunbit
Get data-driven expert analysis from the CB Insights Intelligence Unit.
CB Insights Intelligence Analysts have mentioned Sunbit in 2 CB Insights research briefs, most recently on Jun 30, 2021.
Expert Collections containing Sunbit
Expert Collections are analyst-curated lists that highlight the companies you need to know in the most important technology spaces.
Sunbit is included in 7 Expert Collections, including Store tech (In-store retail tech).
Store tech (In-store retail tech)
Startups aiming to work with retailers to improve brick-and-mortar retail store operations.
Unicorns- Billion Dollar Startups
This collection contains companies that provide alternative means for obtaining a loan for personal or business use and companies that provide software to lenders for the application, underwriting, funding or loan collection process.
Companies and startups in this collection enable consumers, businesses, and governments to pay each other - online and at the physical point-of-sale.
This collection includes startups selling AI SaaS, using AI algorithms to develop their core products, and those developing hardware to support AI workloads.
Sunbit has filed 1 patent.
Loans, Mortgage, Credit, Personal finance, Payment systems
Loans, Mortgage, Credit, Personal finance, Payment systems
Latest Sunbit News
May 26, 2023
Friday 26 May 2023 12:55 CET | News US-based fintech Everyware has partnered with Sunbit to make the Pay-Over-Time integration available in Pay By Text form for convenient, quick, and safe payment processing. The solution looks to enable an increased number of companies to successfully sell their products and services to customers who might otherwise not choose to or be able to pay for everything at once. Pay-Over-Time capabilities and Everyware – Sunbit collaboration details Based on the information provided in the press release, the product looks to help customers get the services they need whenever needed, with access to personalised and transparent payment plan options being available across multiple industries of the likes of healthcare, automotive, home services, eye care, dental and beyond. Hosted within Everyware's secure Pay By Text format, applications take 30 seconds to complete once the customer selects Sunbit. Companies are enabled to get paid in an expedited manner and see an increase in revenue for high- and small-ticket items, and in turn, approved customers can leverage a three to 24-month loan option, as opposed to having to pay in full at once. Commenting on this, Everywareâ¯Founder and CEO Larry Talley stated that merchants rely on payments to activate, and being able to have instant access to them is believed critical. Per their statement, the Pay-Over-Time option helps expedite the process in a safe and secure environment, as moving money fast is a requirement for success, and the payment solution looks to help achieve that. Per the announcement information, Everyware and Sunbit aim to support businesses in transforming their customer relationships and offerings, exemplifying the automotive ecosystem where financing options are believed to be especially important. Sunbit VP of Platform Partnerships, Oded Vakrat, added that the companies provide merchants and consumers with great value, combining the pay-by-text with an advanced pay-over-time solution, stating that such partnerships bring pay-over-time choices to an increasing number of consumers, and help better bottom line outcomes for businesses. What is more, the solution extends options into the healthcare industry, where approved patients can leverage the flexible payment option. Per the press release, 58% of US adults advised they delay or decline medical care due to cost, and with ‘Care Now, Pay-Over-Time’, patients have the option to access the care they need when needed. This is believed to be an important solution for eyewear and vision providers too, as 30% of Americans avoid going to the eye doctor due to cost, and another 63% do not have vision insurance. Everyware, Sunbit company information A customer engagement, billing, and payments company, Everyware provides services to over 2,000 merchants throughout multiple verticals such as healthcare, travel, utilities, not-for-profit, and automotive. The platform offers a simple, fast, and secure way to move money while improving the merchant’s ability to communicate with customers in real time with text messaging. The company looks to help them save money by bettering cash flow and decreasing paper billing costs, chargebacks, and fraud. Sunbit provides a next-generation no-fee credit card that can be managed through a mobile app and as a point-of-sale payment option available at over 19,000 service locations, including auto dealership service centres, optical practices, dentist offices, veterinary clinics, and speciality healthcare services.
Sunbit Frequently Asked Questions (FAQ)
When was Sunbit founded?
Sunbit was founded in 2016.
Where is Sunbit's headquarters?
Sunbit's headquarters is located at 10940 Wilshire Boulevard, Los Angeles.
What is Sunbit's latest funding round?
Sunbit's latest funding round is Line of Credit.
How much did Sunbit raise?
Sunbit raised a total of $447.67M.
Who are the investors of Sunbit?
Investors of Sunbit include Waterfall Asset Management, Sector Financial, Group 11, Chicago Ventures, Zeev Ventures and 9 more.
Who are Sunbit's competitors?
Competitors of Sunbit include Whip, Scalapay, Primavera Financial, DigniFi, Afterpay and 8 more.
What products does Sunbit offer?
Sunbit's products include Point of sale lending technology and 1 more.
Who are Sunbit's customers?
Customers of Sunbit include BDG Dental Services, Altius Healthcare Management and Nissan of Downtown LA.
Compare Sunbit to Competitors
Zilch operates as a financial service provider. It offers a 'buy now, pay later service that allows users to pay for a purchase in the course of six weeks without any fees or interest. It was founded in 2018 and is based in London, United Kingdom.
Divido develops an omnichannel platform for checkout financing. It helps to launch white-labeled checkout finance solutions and allows merchants to offer their customers the ability to convert the cost of products or services into interest-free installments and payments. It was founded in 2014 and is based in London, United Kingdom.
PayRight is an Australian payment plan provider developed for merchants to accelerate return-on-effort and for making things more affordable to consumers, by spreading the cost of purchases over time, without ever paying interest. PayRight provides merchants a buy now, pay later flexible payment option to offer their customers, intended for bigger ticket items that are more considered purchases rather than smaller impulse-driven buys. PayRight practices responsible lending and performs extensive identification and credit checks to ensure a customer's repayment capability. Merchants are paid upfront and in full on the same day and include a diverse mix of broad-reaching products and services such as direct sales businesses, home improvement, education, photography, dental, and health and beauty.
Pay.com develops tools to help small and midsize businesses (SMBS) and enterprises process payments. Its tools include payments, global acquiring, dashboards, authentification, and payment requests. It was founded in 2020 and is based in Limassol, Cyprus.
Anyday provides an e-commerce platform. The platform retails footwear, cosmetics, furniture, and more. It also allows its users to split payments. The company was founded in 2020 and is based in Aarhus, Denmark.
Quadpay is a payment platform that gives shoppers the choice to pay for their purchases via four interest-free installments. On June 4th, 2020, Quadpay was acquired by Zip at a valuation of $269M.
Discover the right solution for your team
The CB Insights tech market intelligence platform analyzes millions of data points on vendors, products, partnerships, and patents to help your team find their next technology solution.