visimoney
TLDR:
Sunbit, a buy-now-pay-later (BNPL) provider, has raised $310 million in a debt warehouse facility led by Citi Group and with participation from Ares Management. The funds will be used to expand its BNPL offering and market access, including through co-branded retail card partnerships. Sunbit has achieved triple-digit growth since its last funding round in 2021 and has grown its network to serve over 2.6 million loan customers with over $1 billion per year in merchant transaction volume. The funding from Citi highlights the bank’s investment activity in the fintech space.
The article highlights the following:
– Sunbit, a BNPL provider, has raised $310 million in a debt warehouse facility led by Citi Group and with participation from Ares Management. The funds will be used to expand its BNPL offering and market access.
– Sunbit has achieved triple-digit growth since its last funding round in 2021 and has grown its network to serve over 2.6 million loan customers with over $1 billion per year in merchant transaction volume.
– Citi’s funding in Sunbit points to its investment activity in the fintech space, as it has recently provided funding to other fintech companies like DailyPay and Zilo. The bank’s investment in Sunbit comes amid a shakeup of its investment bank’s senior ranks.
– Sunbit’s CEO, Arad Levertov, expresses gratitude to Citi and Ares for their support in arranging the funding and emphasizes the importance of trust from its customers in driving the company’s success.
The article also mentions the upcoming FinTech LIVE 2024 conference and provides information about FinTech Magazine and its portfolio.
