Sunbit, a Los Angeles, CA-based company building financial technology for everyday expenses, received a $250M revolving Debt facility.
The round was led by Credit Suisse AG, and Waterfall Asset Management.
The company intends to use the funds to continue scaling its nationwide merchant distribution network.
Led by CEO Arad Levertov, Sunbit builds financial technology which eases the stress of paying for life’s expenses by giving people more options on how and when they pay. The company offers a no-fee credit card that can be managed through a mobile app, as well as a point-of-sale payment option available at more than 16,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services.
Loans are made by Transportation Alliance Bank, Inc., dba TAB Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by TAB Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
