Financial technology company Sunbit closed a $310 million debt warehouse facility led by Citi and Ares Management’s credit funds.
Established in 2016 to transform how consumers access, use and benefit from credit, Sunbit will leverage the funds to meet consumer demand for the company’s buy now, pay later (BNPL) solution and its no-fee Sunbit Card.
“Today, millions of people choose Sunbit to manage their everyday needs and so much more,” Arad Levertov, CEO of Sunbit, said. “By offering virtually everyone a more transparent and fair alternative to what is currently in their wallet, we attract customers for life. We take this trust seriously. Regardless of what markets we enter or what products we offer, every major decision will be tested against what matters most: how many customers we’re reaching, whether they come back to Sunbit, and how their experiences were. We thank Citi and Ares for their support in arranging this facility.”
“We are excited to be partnering with the Sunbit management team as they continue to grow their technology-driven consumer finance platform,” Jeffrey Kramer, a partner in Ares’ credit group, said. “This transaction is another example of Ares’ ability to provide a scaled and flexible financing solution to help a company such as Sunbit achieve its strategic objectives.”
As of the end of 2023, Sunbit supported more than 2.6 million loan customers with more than $1 billion per year in merchant transaction volume. In addition, by late 2023, the invite-only Sunbit Card was used for nearly $340 million in purchases by more than 110,000 consumers in 12 months.
“This facility from Citi and Ares is a testament to our strong underwriting and financial performance, especially over the past several years, as well as our outstanding and unwavering focus,” James Paris, chief capital officer of Sunbit, said. “Even with ongoing macro headwinds and caution prevalent in the capital markets, it is exciting to see the consistent execution and strong momentum here at Sunbit, today and beyond.”
