Sunbit

Sunbit’s BNPL services are concentrated in the US, but the company also operates development centers in Tel Aviv and Binyamina, Israel. The company’s co-founders include Arad Levertov and Tal Riesenfeld, who were former Intel software engineers. Sunbit provides online and in-store financing for products ranging between USD 50-USD 10,000, which can be broken down into 3, 6, 12, and 34-month installments. The buyer is required to place a down payment, and the platform’s APR’s can range between 0%-36% depending on the type of merchant, merchant location, and the buyer's location. Sunbit also launched no-fee credit managed through the company’s MySunbit app in August 2022.

The platform charges a flat fee of USD 10 if any part of a payment is 10 days late or more. The company’s BNPL loan orientation is handled by Transportation Alliance Bank, Inc. As of October 2021, the company had a merchant footprint of 8,000, while it claims to add more than 300 additional locations per month. Sunbit’s revenue generation occurs through commissions and monthly subscriptions from merchants and interest-bearing financing for customers.

Key customers and partnerships

Notably, the company has focused on offering BNPL options for transactions involving essential services such as dental treatments and eyewear, as well as auto dealerships and repair services. These include Honda, Kia, Eyemart Express, LensQuote, BDG Dental services, and Alfa Dental Management. Furthermore, the company claimed that it had achieved 2x YoY growth in revenue in 2020. As of March 2021, the platform had facilitated around 400,000 BNPL transactions since inception, out of which 250,000 (roughly 63%) came in 2020.

Funding and financials

In January 2024, Sunbit secured USD 310 million through a debt warehouse facility co-led by Citi and Ares Management Credit funds. The funds were earmarked to expand product reach and support growing demand for its BNPL offering and the zero-fee Sunbit Card.

Key competitors: None comparable (Sunbit is in the growth stage focusing on BNPL for healthcare services)