The funding helps the company’s valuation hit the $1.1B mark. Here are the top-line bullets you need to know.
Sunbit, a short-term credit provider, has raised $130M in a Series D with participation from Group 11, Zeev Ventures, and Migdal Insurance, among others.
How’s the company performing?
- California-based Sunbit provides short-term credit for everyday goods and services through its platform.
- The company has a 90% approval rate with an initial approval time of 30 seconds for transactions ranging between $60 and $10,000.
- The company has 200 employees across the US, Tel Aviv, and Binyamina.
- Sunbit records 300 merchant locations and over 10,000 new customers per month. Its credit support is available across 7,300 locations, covering retailers such as Cycle Gear and Eyemart Express.
- Its revenue and transactional growth has doubled year-over-year.
Source: Sunbit
Why does the market matter?
- The fintech market is projected to grow at a CAGR of 22.2% and reach a value of $305B by 2025, according to Market Data Forecast.
- The global rate of adoption of fintech stands at 25% with an enormous opportunity for growth for service providers and first movers.
- The economic impact of Covid-19 on consumers, customer growth and higher conversion rates for retailers, changing credit card habits of millennials have all contributed to the growth of the buy now, pay later landscape.
Want to see more research? Join a demo of the CB Insights platform.
If you’re already a customer, log in here.
