Sunbit raises $130 million
Sunbit , the ‘buy now, pay later’ (BNPL) technology for everyday needs and services, announced a $130 million series D round of funding. The round was led by returning investor Group 11. Other stakeholders include returning investor Zeev Ventures, and new investors Migdal Insurance, Harel Insurance , AltaIR Capital, and More Investment House. Guy Fischer, Chief Investment Officer for Migdal Insurance, joined the company’s board as an observer. The series D capital raise values Sunbit at $1.1 billion.
“The continued support from existing investors as well as new commitments from esteemed investors such as Migdal Insurance and Harel Group underscores the impact we are making in the sizable markets we serve. Our hyper-growth illustrates that there is a demand for our unique buy now, pay later solution built for everyday needs. The new capital will enable us to further disrupt the $216 billion auto service and repair industry and the combined $330 billion dental, eyewear, and elective healthcare industries — markets that are stuck in the era of ’80s-style financing.” – Arad Levertov, CEO and co-founder of Sunbit.
“We know financial technology, and Sunbit’s potential was clear from the beginning. As their first institutional investor, we saw them as a category-defining company, turning the traditional notion of how and where financing occurs on its head. Sunbit’s exponential customer growth creates a wealth of expansion opportunities and I fully expect Sunbit to be a decacorn within the next five years.” – Dovi Frances, founding partner of Group 11.
With the new investment, the company plans to expand its merchant footprint to reach more retailers and service providers, online and offline. The company also plans to develop more products that serve its customers and merchants, helping them to facilitate transactions and optimize their budgets and their bottom lines.
“Our fintech investment arm, Next Gen Finance, plans to invest $2 billion over the next 2-3 years. As a strategic investor, we are looking to partner with global fintech leaders. In our view, Sunbit’s technology and forward-thinking vision gives it a lasting foothold as a leader in the rapidly evolving buy now, pay later space. Investing in Sunbit carries less risk because of its unique business model, despite possible rising interest rates and inflation. We’re proud to partner with them to deliver better solutions.” – Guy Fischer of Migdal Insurance.
