Sunbit, a U.S.-based Buy Now Pay Later (BNPL) platform, announced on Thursday it secured $130 million through its Series A funding round, which was led by Group 11 with participation from Zeev Ventures, Migdal Insurance, Harel Group, AltaIR Capital, and More Investment House. The company reported that the investment round brings its valuation to $1.1 billion, achieving Unicorn status.
Founded in 2016, Sunbit describes itself as the preferred buy now, pay later technology for everyday needs and services.
“Sunbit eases the stress of buying everyday needs by offering fast, fair, and transparent payment options to people from all walks of life. We are offered in-store and online through nearly 7,000 locations, including 1 in 4 auto dealership service centers, optical practices, dentist offices and specialty health care services.”
Speaking about the investment round and the company’s success so far, Arad Levertov, CEO and Co-Founder of Sunbit, stated:
“Our hyper-growth illustrates that there is a demand for our unique buy now, pay later solution built for everyday needs. The new capital will enable us to further disrupt the $216 billion auto service and repair industry and the combined $330 billion dental, eyewear, and elective healthcare industries — markets that are stuck in the era of ’80s-style financing.”
Sunbit further revealed that with the new investment, it plans to expand its merchant footprint to reach more retailers and service providers, online and offline. The company added:
“Consistent with its mission to help people make the most out of their hard-earned money, the company also plans to develop more products that serve its customers and merchants, helping them to facilitate transactions and optimize their budgets and their bottom lines.”
