The round was led by Group 11, with participation from Zeev Ventures, Migdal Insurance, Harel Group, AltaIR Capital, and More Investment House. The funding round raises Sunbit’s valuation to USD 1.1 billion, making it the latest company to join the list of Israeli unicorns.
The company plans to expand its merchant footprint to reach more retailers and service providers, online and offline with the new investment. Sunbit informed that it also plans to develop more products that serve its customers and merchants, helping them to facilitate transactions and optimise their budgets and bottom lines.
Sunbit was founded in 2016 and focuses on the US credit market. The company developed a payment method that allows US stores to offer their customers the option to split purchases in instalments.
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