Sunbit, an Israeli startup which offers fintech solutions, has hit the coveted status Unicorn. The company now boasts a $1.1 billion valuation which it reached with a $130 million series D round of funding. The round was led by returning investor Group 11, a leading venture capital firm known for backing some of the most disruptive fintech companies.
Israel is not known as Startup Nation for nothing. And now Startup Nation may be known as Unicorn nation. A unicorn is a startup, which is still a privately held company that has already reached a billion dollar plus valuation. Sunbit is now the tenth Israeli startup to hit this mark since the start of 2021. It follows HoneyBook, which offers a platform for the financial management of small businesses and for self-employed people, which hit unicorn status with a valuation of $1.1 billion just a few weeks ago.
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Our CEO on achieving #unicorn status on @medium: “We’re committed to building the technology to ensure that it’s an option for everyone, from all walks of life, to pay for everyday needs and services.” https://t.co/uMUNALxG3S
— Sunbit (@sunbit_fintech) May 20, 2021
Founded in 2016, Sunbit calls itself the preferred buy now, pay later technology for everyday needs and services. Sunbit boasts that it eases the stress of buying everyday needs by offering fast, fair, and transparent payment options to people from all walks of life. We are offered in-store and online through nearly 7,300 locations, including 1 in 4 auto dealership service centers, optical practices, dentist offices and specialty health care services.
“The continued support from existing investors as well as new commitments from esteemed investors such as Migdal Insurance and Harel Group underscores the impact we are making in the sizable markets we serve,” said Arad Levertov, CEO and co-founder of Sunbit. “Our hyper-growth illustrates that there is a demand for our unique buy now, pay later solution built for everyday needs. The new capital will enable us to further disrupt the $216 billion auto service and repair industry and the combined $330 billion dental, eyewear, and elective healthcare industries — markets that are stuck in the era of ’80s-style financing.”