Sunbit secures unicorn status with a $130M Series D round and $1.1B valuation

Sunbit, the preferred buy now, pay later (BNPL) technology for everyday needs and services, today announced a $ 130 million series D round of funding. The round was led by returning investor Group 11, a leading venture capital firm known for backing some of the most disruptive fintech companies. Other stakeholders include returning investor Zeev Ventures, and new investors Migdal Insurance, Harel Group, 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, making the company the latest to join the ranks of fintech unicorns.

"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," said Arad Levertov, CEO and co-founder of Sunbit. "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."

Within just 5 years, Sunbit has cornered the market in areas where BNPL is not available and where the only options are traditional financing. The technology company is scaling rapidly, posting a consistent 2x year-over-year growth in both revenue and transactions.

Published by PR Newswire — on May 20, 2021