+1-888-308-5802     
News Contact Us

In-store credit firm Sunbit raises $26 million in a Series B funding

Author : Pankaj Singh | Published Date : 2019-06-14 

Sunbit, a Los Angeles based financial technology company recently raised $26 million in a Series B equity funding round, led by Zeev Ventures, an early stage venture fund, managed by Oren Zeev with participation from prior investors such as Chicago Ventures, Group 11 and other existing investors, reports source.

For the record, Sunbit is revamping the process of financing in-store transactions for consumers across the credit spectrum, even for the underbanked. The company is replacing outdated FICO score with machine learning technology to generate personalized solutions for customers. Sunbit’s app takes less than 30 seconds and requires just a state-issued ID, email ID and contact number. The consumers are given fair rates for purchases up to $5,000 that can be paid is 3, 6 or 12 parts.

As per sources close to the matter, the investment is expected to be used to expand the company’s footprint across a wide range of retail markets, such as veterinary services, dental, eyewear and automotive service drives. Oren Zeev has joined Sunbit’s Board of Directors, which includes existing investors Dovi Frances of Group 11 and Stuart Larkins of Chicago Ventures.

Oren Zeev reportedly said that Sunbit offers great experience for consumers & retailers. The company has an accessible point-of-sale technology solution, that uses AI in its operations. With Sunbit’s offerings, retailers are enabled to sell more, and consumers save more. Now the consumers have access to a credit alternative that is less time consuming.

As per credible sources, Sunbit is presently being offered at over 1,500 retail locations across the country, operating in 40 states and hundreds of new merchants are being added every month. The largest automotive dealers in the United States, chains like CycleGear and a leading academic bookstore market are Sunbit’s partner. With experienced executive team and expertise across finance, retail & technology, the company has demonstrated ability to scale. The new investment will enable the company to accelerate its expansion of retail outlets nationwide.

Source credits:

https://www.prweb.com/releases/sunbit_announces_26m_in_funding_round_led_by_zeev_ventures/prweb16368505.htm

About Author

Pankaj Singh

Pankaj Singh

Endowed with a post graduate degree in management and finance, Pankaj Singh has been a part of the online content domain for quite a while. Having worked previously as a U.K. insurance underwriter for two years, he now writes articles for fractovia.org and other online portals. He can be contacted at- [email protected] | https://twitter.com/PankajSingh2605

Related News

ByteDance could lose $6 billion following recent TikTok ban in India

Published Date: 2020-07-03         Author: Pankaj Singh

The latest decision taken by the Government of India to ban 59 Chinese smartphone apps is trending worldwide, especially across China. As per a report by China’s Global Times, ByteDance, the parent firm of Helo and TikTok, is likely to incur a loss of about $6 billion after this imposed ban by... Read More

Oyo suspends MGB contracts for property owners due to reduced revenues

Published Date: 2020-07-01         Author: Pankaj Singh

The adverse impact of COVID-19 pandemic is becoming more and more evident across the world. It is being speculated that  nothing of this magnitude has been observed for more than 100 years since the 1918 Spanish Flu pandemic. Till now, over ten million people have been infected in over 200 nati... Read More

Universal Studios postpones the opening of Nintendo-themed area

Published Date: 2020-06-30         Author: Pankaj Singh

The ongoing COVID-19 pandemic has claimed the lives of over half a million people and affected more than ten millions around the world. As the current situation is worsening, many world events as well as the opening of theme parks have been canceled or postponed in order to reduce the spread of the ... Read More

© 2020 Fractovia. All Rights Reserved