- Sunbit secures a $310 million debt warehouse facility from Citi and Ares Management Credit.
- Builds upon a previous $250 million debt facility obtained with Credit Suisse and Waterfall Asset Management in December 2022.
- Sunbit, founded in 2016, provides a buy now, pay later (BNPL) solution and a credit card-like card for merchants and consumers.
- Plans to use the credit to meet increasing consumer demand for its offerings, with 2.6 million loan customers and $1 billion in annual merchant transactions.
- The invite-only card offering, launched in 2022, has been utilized by 110,000 consumers for $340 million in purchases by year-end 2023.
- CEO Arad Levertov emphasizes customer count as a key focus for future developments, supported by the new debt warehouse facility.
