L.A.-based credit company Sunbit launched a BNPL card to compete with Klarna, Affirm, and other BNPLs through a no-fee credit card experience.
The firm said that the Sunbit Card creates a personalized APR for every approved consumer, and customers can choose to pay off purchases over three, six, or 12 months. CEO Arad Levertov said consumers deserve complete control over how they pay for everyday purchases.
“This is a continuation of our commitment to place the customer at the center of all we do,” Levertov said. “They’re already budgeting and making these adjustments across payment and financing methods; we’re making it much easier and more efficient for them.”
The card is issued by Utah-based TAB Bank under a license from VISA, with no application, late fees, or fees for changing a payment plan. Cardholders can manage their payments through the MySunbit App.
The firm said it is a popular waiting list had more than 400,000 in line to get a new card and more than 65,000 early access cardholders.
Sunbit launched in 2016 with point-of-sale technology for retail and auto dealerships. In 2022, the firm had 14,000 locations in 46 states, more than 1.2M point-of-sale transactions, and $1B in volume.
“Sunbit uses cutting-edge technology, leveraging artificial intelligence and machine learning, to 10X the best parts of financial services products that came before us,” Levertov said. “We believe our customer-first mentality will position us as the consumer card of choice. When customers are happy, everyone wins.”
Weave partnership in May
Sunbit partnered with Weave in late May, customer communication and engagement platform for small businesses and healthcare. Weave was launched in 2019 to help smaller practices with financial tech.
“Too many patients are delaying dental care, new eyeglasses, or necessary pet surgery because of the upfront cost,” Oded Vakrat, Head of Platform Partnerships at Sunbit, said. “We’re excited to partner with Weave so that practices can focus on delivering top-notch care to more patients who now don’t have to worry about how they’ll pay for it. With Sunbit technology, 90% of patients are approved and can split their costs into manageable payments.”
The development of the Sunbit Card is a natural extension of the company’s commitment to helping consumers pay for what they need so they can focus on the essential things in life, the firm said in a statement.