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 The company is replacing outdated FICO score with machine learning technology to generate personalized solutions for customers.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.
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