Fintech Sunbit, which aims to make fair credit more accessible to people from all walks of life, will use the funding to boost its growth.

Sunbit has closed a $250 million revolving credit facility with an affiliate of Credit Suisse AG (SWX: CSGN), with access provided by Sector Financial, Inc., a Credit Suisse AG affiliate, and Waterfall Asset Management. The facility will enable Sunbit to power further growth for its Sunbit Card, a next-generation, no-fee credit card, and point-of-sale payment options offered at more than 16,000 service locations, including auto dealership service centers, optical practices, dentist offices, veterinary clinics, and specialty healthcare services. (CISION PR Web)

Sunbit said the high demand for its technology, along with the latest funding, “enables us to facilitate more transactions as we grow.”

It also said the financing further diversified its financing sources.

“Sunbit will utilize the debt facility to continue scaling its nationwide merchant distribution network and serve the millions of Americans that need fair financial access to everyday needs, while maintaining industry-leading customer approval rates,” it said in a statement.

“Since 2016 we have been building a business that makes fair credit more accessible to people from all walks of life. Today it is clearer than ever that Americans require access to better options for how they pay for the things they need. We’re committed to helping more merchants build their businesses and consumers pay for non-discretionary expenses,” said Arad Levertov, CEO, Sunbit.

Earlier this year, the company launched a buy now, pay later solution (BNPL) made specifically for dentistry practices and offers access to financing for procedures between $60 and $10,000.

The application process using Sunbit technology takes 30-seconds with minimal data entry. Well-qualified patients get access to 0% for 6- or 12- month payment plans; 18- and 24- month plans are also available with interest.

Dental offices and groups get paid right away and are not responsible for collections. Sunbit manages the end-to-end experience for the patient.

Related Story:  With New BNPL Options, Dentistry Bills Become Painless