Sunbit closes USD 250 mln revolving debt facility

Sunbit representatives have stated in the company’s press release that the enterprise has been building a business since 2016 that aims to make fair credit accessible to people from all backgrounds, advising that

currently Americans have a need for access to better payment options for their necessities. With the company being committed to helping merchants in building their businesses and consumers in paying for non-discretionary expenses, it followed the demand for their technology and collaborated with Credit Suisse and Waterfall Asset Management in closing the USD 250 million debt facility to be enabled to facilitate an increased number of transactions, while simultaneously scaling its business. 

Debt facility’s usage and Sunbit product offering

Sunbit is a financial technology provider that aims to ease the stress of paying for expenses by providing people diverse options on how and when to pay, combining traditional finance with modern technology. Its offering includes the Sunbit Card, a next-generation, no-fee credit card that can be managed though a mobile app, as well as a point-of-sale payment option available at more than 16,000 service locations, including auto dealership service centres, optical practices, dentist offices, veterinary clinics, and specialty healthcare services.

Following the announcement of the new debt facility, Sunbit aims to further diversify its financing sources and support its growth both in POS loans and through the Sunbit Card. The company is set on utilising the debt facility looking to further the scalability of its nationwide merchant distribution network and serve millions of Americans in need of fair financial access for everyday needs, while simultaneously maintaining its customer approval rates. 

Sunbit's dental distribution network

Prior to the receival of this funding, the company announced in November 2022 the scalability of their distribution network with Sunbit becoming the modern patient financing tool of choice for dentists, with more than 500 practices having adopted its technology, thus making dental the fastest-growing market for the company.

Millions of Americans find themselves in the position of having to choose between paying out-of-pocket for necessary dental expenses or declining essential care, even those with private dental insurance facing coverage caps. When it comes to fair and accessible patient financing, 83% of dental professional offer a patient financing option, with only 8% being satisfied with their solution. 

For the gap to be addressed, there is a need for a solution that approves a wide majority of applicants in a matter of moments at checkout, having fair terms that enable patients to hold onto more of their earnings. 

Having this knowledge at its basis, Sunbit offers financing access for dental procedures, having 6 to 72-month payment plan options, with 85% of patients applying through means of its technology being approved. Furthermore, all well-qualified patients are enabled access to no-interest payment plans at participating practices and, with Sunbit powering the application process and managing the collection process, practices no longer need to focus on management.