A few years after moving to the U.S., Arad Levertov was shopping with his family at a big box retailer. During the checkout process, the cashier asked if he wanted to apply for the store’s credit card. After a long application process, he was declined. As someone who worked in financial services, he believed it was because of his limited credit file as a recent immigrant, "but it was embarrassing nonetheless," he said.
At the time, he was COO of Enova International, a fintech company. He wanted to create a new paradigm for consumers to pay for everyday expenses, based simply on their ability to make payments.
He launched Sunbit in 2016 as a technology platform so that retailers could offer more people financing when they needed it – including those who might not be approved for traditional retail financing.
Since then, the company has facilitated more than $1 billion in transactions at more than 15,000 locations, including auto repair shops and dental offices.
Most recently, the company launched the Sunbit Card, a credit card designed to reach more people, anywhere that Visa is accepted.
It's a no-fee card connected to a mobile app, which offers customers control and flexibility on how they want to pay for each transaction they make.
And it evolved out of early customer feedback — including frustration in trying to manage, in fragmented ways, what to pay off, when and how.
Sunbit users have the freedom to choose whether to pay each transaction in full (similar to debit), partially (like credit) or through a payment plan, customizing their payment terms and deciding exactly how much to pay, and when. Even when they want to add or remove payment plan transactions within each billing cycle.
Each customer gets their own individual, personal APR and there are no fees, except for interest.
There are currently more than 71,000 cardholders, with 566,000 on an invitation list. That list is comprised of those who are "actively" being invited to apply, according to a company spokesperson.
Foundation
A fintech veteran, Levertov's leadership skills were burnished during his time as a Major in the Israeli Navy Seals. He got an MBA from Duke University's Fuqua School of Business.
As COO of Enova International, he managed an $800 million business, and led teams across several departments including product, strategy and operations. Prior to Enova, he ran operations and systems development at Intel.
Sunbit initially focused heavily on places where unexpected costs often emerge, such as car repair and dental work. It currently has partnerships with 14 auto manufacturers, including Mitsubishi, Honda, Kia and Audi.
It also has a partnership with Xtime, an end-to-end software platform for automotive dealers.
Sunbit offers financial options for dental treatments via companies like BDG, Altius Healthcare Management and Alpha Dental.
And, it's joined forces with Weave, a customer communication and engagement platform for small businesses.
Funding
Levertov and his co-founders — Tal Riesenfeld, Ornit Maizel and Tamir Hazan — invested $100,000 to start the business. After several launches with merchants in the Los Angeles area, they began raising a friends and family round.
It wasn’t until they raised about $3 million that they began taking a salary.
By 2019, they had raised $26 million in a Series B round. Their latest funding was raised in 2021 from a Series D round.
To date, the company has raised more than $210 million.
