Sunbit, the company building financial technology for everyday expenses, announced today that it was selected for the 2024 Forbes Fintech 50 list, the ninth annual list of the most innovative private fintech companies. Sunbit was one of only 13 new additions, and one of the few fintechs focused on personal finance to be represented. It is the only BNPL company to have made the 2024 list. An independent team of editors and reporters evaluated applications on everything from product innovation and business growth to leadership team diversity.
“Newcomers for their part have to be scrappier to survive–or impressive enough in hard times to win a substantial venture investment.” Emily Mason, Forbes
Arad Levertov, CEO, Sunbit, “The Forbes team has identified incredible companies over the years, and to be counted among them is both exciting and humbling. The editorial team consistently looks for market impact and product innovation. But as they noted, in 2024 honorees also must be financially resilient enough to thrive in a very challenging economic climate.”
Sunbit’s commitment to offering consumers access to best-in-class inclusive and personalized financing choices remains steady with an average 90% approval rate, without charging fees of any kind. As of the end of 2023, Sunbit supported over 2.6 million loan customers with over $1 billion per year in merchant transaction volume.
Sunbit is the leader in BNPL financing in the automotive services sector, serving customers of approximately 40% of the franchise dealerships in the U.S. and is one of the fastest-growing companies serving the dental market. In addition, Sunbit’s BNPL financing technology has been directly integrated into more than 15 SaaS vertical platforms, extending adoption and accessibility.
By late 2023, the invite-only, next-gen, no-fee Sunbit Card was used for nearly $340 million in purchases by more than 110,000 consumers in 12 months and experienced high customer engagement. Earlier this month the company announced the launch of the co-branded retail credit card, the Shiekh Credit Card, built on the Sunbit Credit Card platform and designed to enhance the shopping experience and foster brand loyalty.
Levertov added, “I am very grateful to our team, to our partners and to our customers. Together we can get to “yes” by making the right offer, at the right time, for the right situation. And, because our business is fundamentally strong we are able to do more – to help more – every day.”
Just last month Sunbit announced a $310M Debt Warehouse Facility with Citi and Ares Management.
About Sunbit:
Sunbit builds financial technology for real life. Our technology eases the stress of paying for life’s expenses by giving people more options on how and when they pay. Sunbit offers access to a no-fee credit card that can be managed through a powerful mobile app and a BNPL option available at more than 23,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. Sunbit is a 2-time Inc. 5000 honoree. The financial technology company was also named a Most Loved Workplace®, Best Point of Sale Company, and a Deloitte Technology Fast 500 company. 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.
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