In-store credit firm Sunbit attracts $26m funding
In-store financing fintech Sunbit will target a range of new retail markets following a $26 million Series B equity funding round, reports Jane Connolly.
The round was led by Oren Zeev, founding partner of Zeev Ventures. An early investor in innovative companies such as Audible and Houzz, Oren will join Sunbit’s board of directors.
Sunbit was launched to disrupt the process of financing in-store purchases for customers across the credit spectrum, including the unbanked or underbanked.
The 30-second application process uses best-of-breed, proprietary machine learning technology to offer personalised payment solutions and avoid embarrassing rejections in-store.
Sunbit will use the new funds – which brings the total raised to date to $54 million – to accelerate adoption in retail markets such as dental, eyewear, automotive and veterinary businesses.
“In an industry crowded with e-commerce and moonshot solutions, it was refreshing to find a company innovating on the simple but important point-of-sale transaction,” says Oren Zeev. “People need to get their cars fixed, their pets treated, glasses so that they can see – health and safety aren’t things people should be forced to wait or walk away from because there aren’t good solutions to help them then and there.”
Sunbit CEO and founder Arad Levertov states that he understands the humiliation suffered by consumers who are publicly denied credit and that was one reason why he launched the company.
Consumers can apply with just a state-issued ID, a phone number and an email address. Sunbit offers credit of up to $5,000, to be repaid in three, six or 12 instalments. The technology is offered in over 1,500 retail operations across 40 US states.
