Fintech co Sunbit raises $26m

Financial technology company Sunbit has announced a $26 million Series B financing round led by Zeev Ventures.

The funds will be used to speed up adoption of Sunbit in retail markets, such as automotive service drives, dental, eyewear and veterinary services. With offices in Los Angeles and Israel, the company transforms the process of financing in-store purchases for consumers across the credit spectrum.

Oren Zeev joins Sunbit's Board of Directors, which includes existing investors Stuart Larkins of Chicago Ventures and Dovi Frances of Group 11. The Zeev Ventures investment brings the total amount raised by Sunbit to $54 million.

"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," said Zeev. "People need to get their cars fixed, their pets cared for, glasses so that they can see - health and safety aren't things people should be forced to wait for or walk away from because there aren't good solutions to help them then and there."

70% of Sunbit customers surveyed said that they would not have completed their purchase if it weren't for Sunbit. Sunbit customers receive personalized rates that, for many, are often better than other credit alternatives.

Sunbit CEO Arad Levertov said, "I've been there. As an immigrant, like many young people and those with poor access to credit, I was denied financing at the point of sale. I understand how humiliating it is to be denied in public, after spending time filling out a laborious application, in front of your wife and kids. That's why, in part, I founded Sunbit. No one should have to do without necessities. This recent funding round will help us to meet more consumers in critical markets, and to help them access the goods and services that they need."

Sunbit is currently offered in over 1,500 retail locations across the country, with operations in 40 states, with hundreds of new merchants being added per month. The company's partners include the largest automotive dealers in the United States, national chains like CycleGear and a leader in the collegiate bookstore market. With a seasoned executive team with deep experience across finance, technology and retail, Sunbit has demonstrated a clear ability to scale.

Published by Globes, Israel business news - en.globes.co.il - on June 13, 2019