Sunbit Achieves Rapid Growth in 2021, Doubling YoY Transaction Volume and Growing Footprint by Almost 100%

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Sunbit is BNPL’s de facto solution for essential services and is now offered in more than 10,000 locations across the country. BNPL has had an exceptional year as more than 50% of Americans used a BNPL service during 2021, according to The Ascent. Sunbit has become BNPL’s de facto leader in essential goods and services, expanding its footprint to more than 10,000 locations, including nearly one in three car dealerships and thousands of dental and optical practices. The company has raised a series D of $ 130 million, ensuring a total valuation of $ 1.1 billion

LOS ANGELES, January 13, 2022 / PRNewswire-PRWeb / – Sunbit, the technology of choice buy now, pay later for daily needs and services, today announced that 2021 marks an important phase in the company’s growth trajectory, with growth 2X year-on-year transaction volume. In addition, by the end of 2021, the company was present in more than 10,000 locations, adding nearly double the number of locations it has completed in the past 5 years, including nearly 1 service center. of 3 car dealers nationwide, as well as thousands of optical retailers and dental offices. To fuel its growth, the company closed a $ 130 million Round D series in April 2021, bringing its total funding to date to 210M. With a $ 1.1 billion valuation Sunbit has taken a position on the CB Insights Fintech250 and Unicorn lists, and is positioned to rapidly develop its offer.

BNPL TAKES OFF

More than 50% of U.S. consumers used BNPL in 2021, according to The Ascent. BNPL has traditionally been used for discretionary and good-to-have items, but Sunbit has invested heavily in bringing BNPL to untapped markets, such as essential goods and services, through an omnichannel solution available in-store and online.

In just 5 years, Sunbit has cornered the market in areas where historically the right financing options were not available to people of all walks of life.

DEVELOPING IN NEW MARKETS

Today, Sunbit is available in the parts and service departments of more than 5,000 auto dealers, nearly 1 in 3 in the United States. The company is endorsed by 11 automakers, including further approvals from Mazda and Volkswagen in 2021. In addition, Sunbit’s technology is also endorsed by 20 of the top 25 auto groups in the United States. In 2021 alone, Sunbit technology was used to fund more than 300,000 auto repair orders, helping people to drive safely.

In 2021, Sunbit also made major advances in the health sector with nearly 3,500 optical and dental practices now offering its BNPL solution.

There are 44,000 optical firms in the United States, ranging from large retailers to solo optical firms and eyeglass stores. This year, Sunbit signed more than 1,100 new optical stores, concluding agreements with Eyemart Express, with its 200+ points of sale, Now Optics, with its 200+ points of sale, and with Acquios Alliance, an alliance of optical members supporting independent optometric practices, to bring BNPL to its 330+ members. Additionally, the company has formed a partnership with Nikon, bringing BNPL to wearers of Nikon lenses.

In June 2021, Sunbit announced the first true BNPL for the dental market. Thanks to Sunbit, more than 85% of patients who apply for dental financing are approved, with fair and transparent rates and without penalties or late fees. In addition, the company powers the rapid digital application process and manages the collection process, which ensures that the dental office is paid immediately, directly contributing to the company’s cash flow. By the end of the year, Sunbit was well established in space. Firms quickly joined, with nearly 2,500 new firms added in less than 6 months. Notably, Sunbit has signed a preferred BNPL agreement with Dental Whale, for its 19,000 affiliated practices.

FINANCING TO FUEL GROWTH

In May 2021, Sun closed $ 130 million in a Series D round of funding. The round was led by Return Investor Group 11, a leading venture capital firm, with input from Return Investor Zeev Ventures, as well as new investors Migdal Insurance, Harel Group, AltaIR Capital and More Investment House.

The new investment was designed to support growth, including expanding the company’s commercial presence to reach more retailers and service providers, online and offline.

The company hired more than 175 new employees in 2021 in sales, operations, customer service and engineering. Sunbit has also recruited the Customer Manager Bill walsh, whose mission is to create a world-class customer experience, bringing its total workforce to over 300.

True to its mission of helping people get the most out of their hard-earned money, the company has invested in the development of new products that serve its customers and merchants, helping them facilitate transactions and optimize their budgets. and their results.

ABOUT SOLEIL
Sunbit is the preferred technology buy now, pay later for daily needs and services. Sunbit relieves the stress of buying everyday items by providing access to fast, fair and transparent payment options to everyone, everywhere. Our technology is available in-store and online at more than 10,000 locations, including nearly one in three car dealerships, optical offices, dental offices, veterinary clinics and specialty health care services. All loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines credit qualifications and conditions.

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Media contact

Brandon hamm, Sunbit, 6102469908, brandon@renderstrategies.com

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SOURCE Sun

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