The facility builds upon a previous $250 million debt facility the fintech landed with Credit Suisse and Waterfall Asset Management in December 2022.
Founded in 2016 and based in Los Angeles, USA, Sunbit provides a buy now, pay later (BNPL) solution for merchants, and offers consumers a corresponding credit card-like card.
The fintech says it will use its newly secured credit to appease what it claims is an “ever-increasing consumer demand” for its two offerings.
It adds that this demand is represented through the 2.6 million loan customers and around $1 billion in merchant transactions it accommodates per year.
