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Sunbit Announces $250 Million Revolving Debt Facility With Credit Suisse and Waterfall Asset Management
Sunbit, the company building financial technology for everyday expenses, today announced it has closed a $250 million revolving debt facility with an affiliate of Credit Suisse AG, with access provided by Sector Financial, Inc., a Credit Suisse AG affiliate, and Waterfall Asset Management.
“Since 2016 we have been building a business that makes fair credit more accessible to people from all walks of life. Today it is clearer than ever that Americans require access to better options for how they pay for the things they need. We’re committed to helping more merchants build their businesses and enable more consumers to pay for non-discretionary expenses. In response to high demand for our technology, we are happy to work with Credit Suisse and Waterfall Asset Management to close this $250 million debt facility, which enables us to facilitate more transactions as we grow,” said Arad Levertov, CEO, Sunbit.
With more than 16,000 merchant locations Sunbit is the de facto leader in point of sale (POS) financing for everyday needs. By combining the best of traditional finance with modern technology Sunbit levels the playing field, making fair and transparent financing accessible to virtually everyone, without fees of any kind.
The new debt facility further diversifies Sunbit’s financing sources and supports Sunbit’s continued growth in both POS loans and through the Sunbit Card. Sunbit will utilize the debt facility to continue scaling its nationwide merchant distribution network and serve the millions of Americans that need fair financial access to everyday needs, while maintaining industry-leading customer approval rates.
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