Financial technology company Sunbit closed a $310 million debt warehouse facility led by Citi and Ares Management’s credit funds. 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.
Ares Management completed the acquisition of a $3.5 billion specialty finance loan portfolio from PacWest Bancorp. Barclays provided exclusive financing to Ares on the transaction.
Avant, a credit-first financial technology company that provides access to innovative financial solutions to underserved non-prime consumers, secured $250 million of corporate debt and redeemable preferred equity from Ares Management Alternative Credit funds.
Nuula secured $120 million in new funding. The total is made up of $20 million in equity funding led by Edison Partners that will accelerate the brand’s launch and drive adoption of the Nuula mobile app and a $100 million credit facility provided by funds managed by the credit group of Ares Management.
Funds managed by Ares Management’s alternative credit strategy led a $250 million revolving asset-backed credit facility for Affirm, a financial technology company.
Ares Management said it appointed Jeffrey Kramer as a portfolio manager in the firm’s Capital Markets Group. He joins Ares from Goldman Sachs’ Special Situations Group.