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.
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.