Sunbit secures a $355m Debt Warehouse Facility from J.P. Morgan

By Gloria Mathias

Sunbit, a company developing financial technology, has announced that it closed a $355 million debt warehouse facility led by J.P. Morgan, Mizuho Bank Ltd., and Waterfall Asset Management.

This marks Sunbit’s second debt warehouse facility announcement in 2024, following the news of a $310 million facility with Citi and Ares Management earlier this year. This facility seeks to support strong demand among consumers driven by merchant adoption, embedded financing partnerships, and the expansion of Sunbit’s no-fee credit card.

Sunbit, which built its reputation for providing access to fair, transparent and accessible financing through its market-leading BNPL technology, has seen significant growth in new markets and products in 2024.

Arad Levertov, CEO of Sunbit, said, “Sunbit is a customer-first business, and we have always prioritised doing the right thing for consumers. Our technology helps merchants and businesses offer solutions with no fees and better, more transparent, and fair financial terms, and we even introduced true 0% interest to many customers. This is done through our consistent commitment to offering access to attractive personalised offers. We’re thrilled to have the support of J.P. Morgan, Mizuho and Waterfall Asset Management in order to reach more people than ever as we move our business forward.”

Recent momentum includes:

• In 2024, three new retail partners selected the Sunbit credit card platform, including Ollie’s Bargain Outlet, the NRF’s fastest-growing retail company and the first credit card offering under Ollie’s brand.
• An integration relationship with Stripe was announced in September 2024, marking the largest of 15+ embedded fintech partnerships.
• Sunbit expanded its market footprint, securing more than 50% of the dealership auto services market with endorsements from 15+ OEMs, such as V.W. and Honda. It noted that it is the second largest and fastest-growing dental patient finance player, with over 12K total practices.

James Paris, Chief Capital Officer of Sunbit, said, “2024 has been a breakout year for Sunbit, and we’re thrilled to close the year with such a significant sign of support from the most prestigious and established brands in finance. Our decision to stay focused on consumer benefits and experience, coupled with operational discipline, has strategically positioned Sunbit to deliver the right results at the right time.”