LOS ANGELES - Sunbit, the company building financial technology for everyday expenses, announced today that it closed a $310 million debt warehouse facility led by Citi and Ares Management Credit funds.
Established in 2016 to transform how consumers access, use and benefit from credit, Sunbit will leverage the funds to meet ever-increasing consumer demand for the company's market-dominant Buy Now, Pay Later (BNPL) solution and the next-gen, no-fee Sunbit Card.
Arad Levertov, CEO of Sunbit, said, 'Today, millions of people choose Sunbit to manage their everyday needs and so much more. By offering virtually everyone a more transparent and fair alternative to what is currently in their wallet, we attract customers for life. We take this trust seriously. Regardless of what markets we enter or what products we offer, every major decision will be tested against what matters most: how many customers we're reaching, whether they come back to Sunbit, and how their experiences were. We thank Citi and Ares for their support in arranging this facility.'
Jeffrey Kramer, Partner in the Ares Credit Group, commented, 'We are excited to be partnering with the Sunbit management team as they continue to grow their technology-driven consumer finance platform. This transaction is another example of Ares' ability to provide a scaled and flexible financing solution to help a company such as Sunbit achieve its strategic objectives.'
Repeatedly recognized for sustained and rapid business growth, 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.1, and is one of the fastest-growing companies serving the dental market2. In addition, Sunbit's BNPL financing technology has been directly integrated into more than 15 SaaS vertical platforms, extending adoption and accessibility.
Consumers consistently select Sunbit BNPL technology when given the choice, and more than 1 in 3 become repeat customers.
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.
James Paris, Chief Capital Officer of Sunbit, said, 'This facility from Citi and Ares is a testament to our strong underwriting and financial performance, especially over the past several years, as well as our outstanding and unwavering focus. Even with ongoing macro headwinds and caution prevalent in the capital markets, it is exciting to see the consistent execution and strong momentum here at Sunbit, today and beyond.'
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, as well as 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 and the company has been also named a Most Loved Workplace, Best Point of Sale Company, a Deloitte Technology Fast 500 company, and a top 5 company on the LABJ Fastest Growing Companies List. 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.
About Ares Management Corporation
Ares Management Corporation (NYSE: ARES) is a leading global alternative investment manager offering clients complementary primary and secondary investment solutions across the credit, private equity, real estate and infrastructure asset classes. We seek to provide flexible capital to support businesses and create value for our stakeholders and within our communities. By collaborating across our investment groups, we aim to generate consistent and attractive investment returns throughout market cycles. As of September 30, 2023, Ares Management Corporation's global platform had approximately $395 billion of assets under management, with approximately 2,800 employees operating across North America, Europe, Asia Pacific and the Middle East. For more information, please visit www.aresmgmt.com.
Contact:
Bridget Stasonis
Email: bridget.stasonis@sunbit.com
ARES MANAGEMENT CORPORATION 
