Sunbit, a buy now, pay later (BNPL) firm, has successfully secured a $355 million debt warehouse facility, marking a significant milestone in its growth trajectory. The financing, which was led by prominent financial institutions including J.P. Morgan, Mizuho Bank Ltd., and Waterfall Asset Management, follows a previous $310 million facility obtained earlier this year. Sunbit's Chief Capital Officer, James Paris, expressed enthusiasm about the support from leading financial brands, attributing the company's success to its focus on consumer benefits and operational discipline. In 2024, Sunbit has achieved several key milestones, including partnerships with new retail partners and an integration with Stripe, enhancing its FinTech capabilities. The company has also expanded its market presence significantly, becoming a major player in the auto services and dental finance sectors. Meanwhile, the BNPL industry faces regulatory challenges, including a lawsuit against the Consumer Financial Protection Bureau's proposed disclosure rules, which could impact how BNPL companies operate.
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