Sunbit Appoints Shai Terem as Chief Financial Officer to Support Next Stage of Growth

Former public company CEO brings deep capital markets, strategic, and operational experience

LOS ANGELES--(BUSINESS WIRE)--Sunbit, the company building financial technology for real life, today announced the appointment of Shai Terem as Chief Financial Officer. Terem brings more than 15 years of executive leadership spanning growth strategy, financial operations, and capital markets, which will be instrumental as Sunbit continues to scale its platform and prepares for its next phase of growth and maturity.

Terem most recently served as President and CEO of Markforged (NYSE: MKFG), where he led the company's public listing with a $2.1 billion valuation, raising $425 million in the process. During his tenure, he oversaw strategic acquisitions, expanded the product portfolio and grew sales, while navigating the company through challenging macroeconomic cycles.

Earlier in his career, Terem held senior leadership positions as President Americas at Kornit Digital (NASDAQ: KRNT) and VP Finance & Operations Americas at Stratasys (NASDAQ: SSYS), where he drove multi-region growth, led financial and operational transformations, and built high-performing teams across the Americas.

“Shai is a seasoned operator with deep experience leading public companies through critical growth inflection points,” said Arad Levertov, CEO and Co-founder of Sunbit. “His expertise in scaling organizations, managing capital markets, and building global teams will be invaluable as we continue to expand Sunbit’s reach and impact.”

Terem holds an MBA from the University of Chicago Booth School of Business, where he focused on finance, accounting, and entrepreneurship, as well as a BA in Economics from Tel Aviv University.

“I’m excited to join Sunbit, a company I have followed and admired for many years, at such a pivotal moment,” said Shai Terem. “Arad and his team have built a category-defining platform that makes everyday financing both accessible and transparent, enabling every American to make the most of their hard-earned money. I look forward to supporting Sunbit’s mission and unlocking new opportunities for growth.”

This appointment follows three consecutive profitable quarters, 35% year-over-year revenue growth, and the completion of Sunbit’s inaugural asset-backed securitization (ABS) that brought its total funding capacity to more than $1.5 billion. Sunbit’s momentum, after exceeding 4.5 million+ transactions, continues to grow with a 100% quarter-over-quarter gross merchandise volume increase with its Stripe POS financing partnership, and an expected 80% increase in year-over-year co-branded credit card receivables. The company has also received industry recognition from Inc., Ernst & Young, Forbes, Deloitte, the Los Angeles Business Journal, and the Association of Dental Support Organizations.

About Sunbit

Sunbit builds financial technology for real life. The company's financial technology products have helped millions of people ease the stress of paying for life's expenses by giving them more options on how and when they pay. Sunbit's technology brings no-fee credit cards for top retailers, and its buy now, pay later solution is found in over 60% of all auto dealership service centers, making it the fastest-growing and second-largest dental patient financing solution. Despite never charging fees of any kind for its in-store buy now, pay later technology or co-branded credit card, Sunbit has achieved sustained profitable growth. Through a seamless approval process that delivers decisions quickly, Sunbit is bringing the speed and accessibility of online transactions to in-person purchases. For more information, visit sunbit.com.

Loans are made by Transportation Alliance Bank Inc., doing business as TAB Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by TAB Bank pursuant to a license from Visa U.S.A. Inc.