Member Exclusive

How rooting its customer experience in hotels and airfare enables Sunbit to make an impact

  • Sunbit is a buy now, pay later solution that's making a name for itself in the service industry market.
  • Sunbit’s customer experience mantra centers on flexibility, making it easy and doing it with a smile.
close

Email a Friend

How rooting its customer experience in hotels and airfare enables Sunbit to make an impact

Big things have been happening in the buy now, pay later sector as providers seek to dominate payments and more. Apple is reported to launch its own installment program called Apple Pay Later, Square recently announced its plans to buy Afterpay, and last week, Amazon announced a partnership with Affirm to offer installment payments on purchases over $50. 

The strategy is simple. BNPL market penetration in the U.S. remains relatively low and providers are doing whatever they can to expand their reach and for good reason. BNPL providers like Affirm and Afterpay have the stature and brand recognition to attract big names in retail and make key partnerships to expand their presence. That forces smaller competitors to improvise.

Sunbit is one such provider. The BNPL has thrived on a strategy to penetrate the service industry market by focusing on small or medium-sized merchants with a local presence. Sunbit can be found in one in four auto dealership service centers, in addition to optical practices, dentist offices, and specialty healthcare services. While its 7,400 merchants pale in comparison to Afterpay’s approximate 100,000, Sunbit is no slouch. In its latest funding round, the BNPL raised $130 million, launching its valuation to $1.1 billion. 

But Sunbit isn’t looking to rest on its laurels. Its chief customer officer Bill Walsh says the next step is to bolster the customer experience journey to woo prospective customers and grow its merchant base. To do that, he’s leaning heavily on philosophies rendered from the hospitality industry. 


This content is available exclusively to Tearsheet Outlier members.

Tearsheet Outlier information and signup Missing out? Subscribe today and you’ll receive unlimited access to all Tearsheet content, original research, exclusive webinars and events, member-only newsletters from Tearsheet editors and reporters and much more. Join Outlier now — only $49/mo. Already an Outlier member? Sign in to your account

0 comments on “How rooting its customer experience in hotels and airfare enables Sunbit to make an impact”

Member Exclusive, Payments

Payments Briefing: ‘We penetrated the blue ocean opportunity of the Spanish-speaking market’ – NovoPayment’s Anabel Perez

  • This week, we take a look at Miami-based BaaS provider, NovoPayment.
  • We also discuss Bumped, a firm that rewards customers with equity in the brands they shop from.
Ismail Umar | May 12, 2022
Member Exclusive

Lending Briefing: How fintechs are digitizing the mortgage process

  • Shifting consumer preferences are incentivizing mortgage banks to digitize other outdated, paper-based or manual parts of the business. But most of the innovation is happening outside the legacy system with fintechs taking the lead.
  • Given the current macroeconomic environment, uncertainty and dwindling margins in the mortgage sector, digital processes can help weather the storm by reducing costs.
Iulia Ciutina | May 11, 2022
Data Snacks, Member Exclusive

Data Snack: Real-time payments contribute a meager 0.9% to US transactions, FedNow expected to change that

  • The US real time payments industry is small, with just two networks, neither of which span across the country.
  • Federal Reserve’s country-wide real-time payments network initiative, FedNow, is expected to become one of the biggest payment clearance settlement systems in the world upon release.
Subboh Jaffery | May 11, 2022
Member Exclusive, New banks

Banking Briefing: Interest rates, big banks, and Revolut’s bumpy road to super-app-dom

  • The Central Bank raised its benchmark interest rate by half a percentage point. But with more fintech competition than ever, can major banks afford to respond the way they have in the past?
  • Meanwhile, Revolut’s super app strategy is hitting some bumps. What does that mean for the firm?
Rivka Abramson | May 09, 2022
Data Snacks, Member Exclusive

Data Snack: US fintech lenders down 30% on average in Q1 2022

  • Macroeconomic trends loom over the fintech sector and pressure public market stocks - most fintech lenders are down 30% or more in the first three months of 2022.
  • This could be a reaction against higher interest rates, which can grow the risk of defaults - driving investors to reevaluate fintech valuations, especially those with aggressive growth strategies.
Iulia Ciutina | May 06, 2022
More Articles