Sunbit, Stripe to provide BNPL to more in-person services

When commenting on the announcement, representatives from Sunbit underlined that considering the current financial environment, consumers tend to be hesitant towards accepting recommended services, with merchants experiencing over 50% declines from their users. Additionally, services like car or home repairs or paying for an unexpected healthcare bill are postponed due to cost. By teaming up with Stripe, Sunbit intends to support merchants in serving more customers, while maintaining a user-centric approach. Since the start of its operations, Sunbit has been delivering its zero-fee policy to assist consumers in accessing fair and transparent pay-over-time options for essential everyday services.

Moreover, at the time of the news, Sunbit’s solutions were embedded into the brick-and-mortar platforms of Weave, Tekion, CareStack, Shepherd, Workiz, Xtime, Kennect, UpdatePromise, and Zenoti, among others. By integrating Sunbit fintech into Stripe’s platform, the company is set to be able to offer more individuals flexible payment options for the services they need via the merchant network. Also, merchants who conduct payment processing on Stripe can make Sunbit technology available to their customers with a toggle on their Stripe Dashboard.

The expansion of Sunbit’s operations was supported by a USD 310 million debt warehouse facility, which the company completed in January 2024. Led by Citi and Ares Management, the facility was set to enable Sunbit to further support transparent and fair alternatives to consumers while also advancing its position in the market and working on achieving its strategic objectives. At that time, Sunbit saw the facility from Citi and Ares Management as a testament to the firm’s underwriting and financial performance, especially during ongoing macro headwinds and market caution.

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