Sunbit, an Israeli-US fintech corporation recently announced that it successfully completed a series D round of financing of $130 million with a total valuation of $1.1 billion. Group 11 led the round, which is the company’s returning investor. Zeev Ventures was also a part of this round, as well as a handful of new investors, such as Harel Group, Migdal Insurance, More Investment House, and AltalR Capital.
The Chief Investment Officer working at Migdal Insurance, Guy Fischer, decided to join the board of the company but, as an observer. Overall, the total amount that has been raised by the fintech company now stands at $210 million.
Sunbit is in the business of providing short-term credit to its customers so that they can satisfy their everyday needs. It also services the BNPL technology, which allows its clients to buy at present and then make payments later.
The Israeli-US fintech corporation was founded by Ara Levertov, who is the current CEO, alongside Ornit Maizel, the CTO, Tal Riesenfeld, the head of sales, and Dr. Tamir Hazan, the head of analytics. It has offices situated in Los Angeles, as well as a development center based in Binyamina in Israel.
As of now, there are around 200 employees that are working at the company, which also includes 40 employed in the Jewish state. The company officials in the country are considering doubling the workforce they have in Israel.
Levertrov gave a statement commending the company on being able to raise the $130 million. He added that it is the hyper-growth of Sunbit that portrays that the BNPL technology is high in demand, as it is unique and convenient. According to him, the new capital raised will enable the company officials to cause waves in the $216 billion repairs and auto service industry, as well as the $330 billion elective healthcare, dental, and eyewear industries. He added that the fintech will be exploring its potential in several other markets, which are currently stuck with financing methods of the 80s.
In just a time span of 5 short years, the Israeli-US fintech company has successfully cornered the market in all those areas where the BNPL is not used abundantly. Moreover, it has penetrated markets that offer only traditional financing. Sunbit has been showing constant and consistent growth, and its transactions and revenues have doubled rapidly over the years.
Dovi Frances, the founding partner of Group 11, also talked about the impressive growth that Sunbit has been achieving. He added that his company is familiar with financial technology and appreciates how the Israeli-US fintech company had clearly shown its potential in the beginning. According to him, Group 11 had been in a prime position to recognize that Sunbit was a category-defining corporation and therefore, chose to become its first institutional investor.
The founding partner believes that the exponential customer growth being achieved by the fintech company is creating a wealth of opportunities where expansion is concerned. He predicted that Sunbit is bound to become a decacorn in the time span of just five years.