Latest news with #GreaterLosAngeles
Finextra
6 days ago
- Business
- Finextra
BNPL outfit Sunbit closes $200m ABS transaction
Sunbit, the company building financial technology for real life, today announced the successful completion of its inaugural asset-backed securitization (ABS), a $200 million notes offering that achieved a AA rating for the senior tranche and priced at an all-in fixed yield of 5.713%. 0 This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author. The transaction was led by Citi (Sole Structuring Agent and Joint Lead Bookrunner), with J.P. Morgan and ATLAS SP Partners as Joint Lead Bookrunners, and represents a significant milestone that positions Sunbit among a select group of leading fintechs successfully executing capital market transactions – signaling market confidence and momentum behind the company's positive growth trajectory. Strategic Timing Reflects Disciplined Approach to Capital Markets The securitization affirms Sunbit's financial, operational, and strategic strength. With profitable operating income for the last three quarters, revenue growth of 35% year-over-year, and over $1 billion in existing warehouse funding capacity, Sunbit strategically chose this moment to access the ABS market. The new ABS transaction also accommodates Sunbit's future funding needs with a 2-year revolver feature. "This securitization is the right transaction at the right time," said Arad Levertov, CEO of Sunbit and recent Ernst & Young Entrepreneur of the Year winner for Greater Los Angeles. "We are profitable and well-positioned for growth with many new investments and initiatives accelerating revenue. The ABS deal provides Sunbit with access to a massive new institutional investor base at attractive fixed rates, and adds significant funding capacity to our existing 4.5 million transaction portfolio, supporting our accelerating expansion.' Key financial highlights include: • Positive Operating Income for three consecutive quarters with positive net cash flow generation • 35% year-over-year revenue growth demonstrating significant and consistent business expansion • Over $1 billion in total warehouse funding capacity from premier institutional partners including Citi, J.P. Morgan, and ATLAS SP Partners • 100% quarter-over-quarter gross merchandise volume increase with Stripe POS financing partnership, and expected 80% year-over-year co-branded credit card receivables growth The securitization adds an additional $400 million in annual funding capacity alongside Sunbit's existing warehouse facilities, bringing total funding capacity to well over $1.5 billion. The transaction attracted more than 25 blue-chip institutional investors, including insurance companies, premier asset management firms, and hedge funds, significantly expanding Sunbit's institutional investor base. Capabilities Drive Market Confidence Sunbit was an early adopter of AI throughout its operations. Its pioneering technology drives superior customer experiences through high approval rates, transaction speed, and a customer-first infrastructure. The successful completion of this securitization required the same level of financial transparency, accounting rigor, and operational controls expected of public companies. Independent rating agencies conducted comprehensive due diligence on Sunbit's credit performance, operational processes, and financial reporting, validating the company's readiness for institutional capital markets. This achievement comes on the heels of significant industry recognition for Sunbit, including recent awards from Inc., Ernst & Young, Forbes, Deloitte, the Los Angeles Business Journal, and the Association of Dental Support Organizations.
Yahoo
20-06-2025
- Politics
- Yahoo
Dodgers announce $1 million in assistance for families of immigrants impacted by 'recent events in the region'
The Los Angeles Dodgers are getting involved in the current events around their city, one day after those current events came to them. The team pledged $1 million in direct financial assistant for families of immigrants impacted by "recent events in the region" in partnership with the City of Los Angeles on Friday, while promising additional efforts in the coming days. The announcement was made one day after Department of Homeland Security agents used the Dodger Stadium parking lots as a staging area, without permission from the team, as part of an ongoing campaign to arrest immigrants throughout the city. Advertisement Per a statement released by the team, the additional community efforts will include aid for the California Community Foundation the Los Angeles County Federation of Labor to "aid youth and families with food insecurity, basic essentials and mental health services." The Dodgers' statement included quotes from both team president Stan Kasten and Los Angeles mayor Karen Bass, neither "What's happening in Los Angeles has reverberated among thousands upon thousands of people, and we have heard the calls for us to take a leading role on behalf of those affected," said Stan Kasten, President & CEO, Los Angeles Dodgers. "We believe that by committing resources and taking action, we will continue to support and uplift the communities of Greater Los Angeles." "I want to thank the Dodgers for leading with this action to support the immigrant community of Los Angeles," said Karen Bass, Mayor of Los Angeles. "These last weeks have sent shockwaves of fear rippling through every neighborhood and have had a direct impact on our economy. My message to all Angelenos is clear: We will stick together during this time and we will not turn our backs on one another — that's what makes this the greatest city in the world." The Dodgers were loathe to say what events they were actually addressing, as the team has shown it is extremely hesitant to wade into any sort of controversial waters. Other teams — most notably Angel City and LAFC — spoke out days ago, while the Dodgers, who have one of the largest Latino fanbases in the United States, were criticized for their perceived silence. Advertisement The club was reported on Wednesday night to be working on a response to ICE's activity in the city, which Bass and Gov. Gavin Newsom have made very clear is not welcome. The announcement was originally planned for Thursday, but that changed when the federal agents showed up to Dodger Stadium. The Dodgers initially announced they had denied entry to ICE agents, but the DHS downplayed the incident as a quick stop unrelated to the team while ICE denied they were ever there. Regardless of the identity of the actual agents, their vehicles were reportedly used at a raid at Home Depot in Hollywood that day, with one agent saying they were processing people who had been detained. Protestors quickly arrived at the stadium as well, objecting to ICE's presence at an L.A. landmark. Kasten said in a statement later Thursday that the team was delaying its announcement due to the incident. The Dodgers were pulled unwillingly into the matter of ICE's presence earlier this week when singer Nezza performed the national anthem with the official Spanish translation, commissioned by Franklin D. Roosevelt in 1945, before a home game. In videos posted after the game, Nezza showed footage of a Dodgers employee telling her to sing in English and confirmed she did it as a way to show support for immigrants in the face of ICE.
Business Wire
18-06-2025
- Business
- Business Wire
EY US Announces Arad Levertov of Sunbit as an Entrepreneur Of The Year ® 2025 Greater Los Angeles Award Winner
LOS ANGELES--(BUSINESS WIRE)--Ernst & Young LLP (EY US) announced that Arad Levertov, CEO of Sunbit was named an Entrepreneur Of The Year 2025 Greater Los Angeles Award winner. Entrepreneur Of The Year is the preeminent competitive awards program for entrepreneurs and leaders of high-growth companies. For 40 years, EY US has celebrated ambitious entrepreneurs who are transforming industries, impacting communities and creating long-term value. "Entrepreneurship is full of Sunbit, staying focused on serving the customer, and remembering that behind every transaction and account number is a person who is just trying to get something done, has made all the difference.' Mr. Levertov was chosen by an independent panel of past winners, top CEOs and business leaders. Judges assessed candidates on long-term value creation, entrepreneurial spirit, purpose-driven commitment and significant growth and impact. Sunbit was co-founded by Arad Levertov, Ornit Maizel (CTO), Tal Riesenfeld (CRO), and Tamir Hazan (Head of AI) to challenge the status quo, offering better consumer experiences through superior products, services, and support than was previously possible. In a market where transactional thinking, heavy fee structures, exclusionary policies and products are standard, Sunbit stands apart, having served millions of customers with fast, transparent and fair terms and products – without charging fees of any kind. Sunbit's technology eases the stress of paying for life's expenses by giving people more options on how and when they pay. They have served millions of customers at tens of thousands of locations through their pioneering BNPL for brick-and-mortar businesses, and launched a co-branded credit card with retailers across the country. 'I am honored to be chosen as an EY Entrepreneur of the year winner,' said Levertov. 'I have so much respect for my fellow entrepreneurs, who all know that entrepreneurship is full of challenges. Policy changes, global events, and forces of nature sometimes conspire to test your fortitude. But for Sunbit, staying focused on serving the customer, and remembering that behind every transaction and account number is a person who is just trying to get something done, has made all the difference.' The go-to-financing partner in auto services, Sunbit's technology is found in more than 60% of auto dealership service centers, and they are the fastest-growing patient financing provider in the dental market. Sunbit has done $3.2B in transactions across 4.2M BNPL originations, with 20% of those at 0% interest. Their recently launched co-branded credit card boasts over 186K cardholders, and the company has Saas integrations with partners like Stripe, Xtime, Weave, and more. As a Greater Los Angeles award winner, Mr. Levertov is now eligible for consideration for the Entrepreneur Of The Year 2025 National Awards. The National Award winners, including the Entrepreneur Of The Year National Overall Award winner, will be announced in November at the Strategic Growth Forum ®, one of the nation's most prestigious gatherings of high-growth, market-leading companies. The Entrepreneur Of The Year National Overall Award winner will then move on to compete for the EY World Entrepreneur Of The Year™ Award in June 2026. Entrepreneur Of The Year recognizes many different types of business leaders for their ingenuity, courage and entrepreneurial spirit. The program celebrates original founders who bootstrapped their business from inception or who raised outside capital to grow their company; transformational CEOs who infused innovation into an existing organization to catapult its trajectory; and multigenerational family business leaders who reimagined a legacy business model to strengthen it for the future. The Entrepreneur Of The Year program has recognized the leadership of entrepreneurs such as: Sponsors Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA, and SAP. In Greater Los Angeles, sponsors also include ADP, Cooley, Los Angeles Business Journal, Vaco, and Big Picture. About Entrepreneur Of The Year Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries who are leading successful, dynamic businesses in the US, and it has since expanded to nearly 60 countries globally. The US program consists of 17 regional programs whose panels of independent judges select the regional award winners every June. Those winners compete for national recognition at the Strategic Growth Forum ® in November where National finalists and award winners are announced. The overall National winner represents the US at the EY World Entrepreneur Of The Year™ competition. Visit About EY EY is building a better working world by creating new value for clients, people, society and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY teams work across a full spectrum of services in assurance, consulting, tax, strategy and transactions. Fueled by sector insights, a globally connected, multi-disciplinary network and diverse ecosystem partners, EY teams can provide services in more than 150 countries and territories. All in to shape the future with confidence. EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. Information about how EY collects and uses personal data and a description of the rights individuals have under data protection legislation are available via EY member firms do not practice law where prohibited by local laws. For more information about our organization, please visit About Sunbit Sunbit builds financial technology for real life. Our 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. The company's BNPL solution is found in over 50% of all auto dealership service centers and is the fastest-growing and second-largest dental patient financing solution. Loans are made by Transportation Alliance Bank Inc. dba T.A.B. Bank, which determines qualifications for and terms of credit. The Sunbit Card is issued by T.A.B. Bank, pursuant to a license from Visa U.S.A. Inc. Use of the card is subject to the cardholder agreement.
Business Wire
16-06-2025
- Business
- Business Wire
DDN's Alex Bouzari and Paul Bloch Named EY US Entrepreneur Of The Year® 2025 Greater Los Angeles Award Winners
LOS ANGELES--(BUSINESS WIRE)-- DDN, the global leader in AI and data intelligence solutions, today announced that Ernst & Young LLP (EY US) has named Co-Founders Alex Bouzari, CEO, and Paul Bloch, President, the Entrepreneur Of The Year® 2025 Greater Los Angeles Award winners. Entrepreneur Of The Year is the preeminent competitive awards program for entrepreneurs and leaders of high-growth companies. For 40 years, EY US has celebrated ambitious entrepreneurs who are transforming industries, impacting communities, and creating long-term value. Bouzari and Bloch were selected by an independent panel of judges composed of past winners, leading CEOs, and industry luminaries. Candidates were evaluated on criteria including long-term value creation, entrepreneurial spirit, purpose-driven commitment, and demonstrable impact and growth. 'For us, this recognition is not just about individual achievement — it's a celebration of the company and community we've built together over nearly three decades,' said Bouzari. 'DDN started with a simple belief — that if you harness data the right way, it can change the world. Today, that belief drives everything we do, from advancing AI to enabling medical breakthroughs and powering the fastest supercomputers on the planet. This award belongs to our extraordinary team, our customers and partners, and especially to Paul — my friend, co-founder, and fellow entrepreneur.' 'This award is deeply meaningful because it reflects the power of enduring partnership and shared purpose,' said Bloch. 'From day one, Alex and I set out to solve some of the world's most complex data challenges — not for the sake of technology alone, but to enable real-world impact. Today, our solutions drive breakthroughs in AI, science, healthcare, and industry. I'm incredibly proud of what we've built together, and honored to share this recognition with Alex, our extraordinary DDN team, and the innovative customers who push us to keep evolving.' From their beginnings as Caltech classmates, Bouzari and Bloch founded DDN with a vision to unlock the full potential of data at scale. That vision has since evolved into a global AI and data intelligence powerhouse, supporting innovation across industries including healthcare, life sciences, climate science, energy, and autonomous systems. As Greater Los Angeles award winners, Bouzari and Bloch are now eligible for consideration for the Entrepreneur Of The Year 2025 National Awards, to be announced at the Strategic Growth Forum® in November. The overall national winner will then advance to compete for the EY World Entrepreneur Of The Year™ Award in June 2026. Entrepreneur Of The Year celebrates diverse types of leadership — from original founders and transformational CEOs to multigenerational leaders redefining legacy businesses. The program has honored innovators such as Reed Hoffman and Jeff Weiner of LinkedIn, Sheila Mikhail of AskBio, Eric Yuan of Zoom, and Howard Schultz of Starbucks Coffee Company. For more information, visit About DDN DDN is the world's leading AI and data intelligence company, empowering organizations to maximize the value of their data with end-to-end HPC and AI-focused solutions. Its customers range from the largest global enterprises and AI hyperscalers to cutting-edge research centers, all leveraging DDN's proven data intelligence platform for scalable, secure, and high-performance AI deployments that drive 10x returns. Follow DDN: LinkedIn, X, and YouTube. Sponsors Founded and produced by Ernst & Young LLP, the Entrepreneur Of The Year Awards include presenting sponsors PNC Bank, Cresa, LLC, Marsh USA, and SAP. In Greater Los Angeles, sponsors also include ADP, Cooley, Los Angeles Business Journal, Vaco, and Big Picture. About Entrepreneur Of The Year Founded in 1986, Entrepreneur Of The Year has celebrated more than 11,000 ambitious visionaries leading dynamic businesses in the US and nearly 60 countries around the world. The US program includes 17 regional programs whose winners advance to national recognition at the Strategic Growth Forum® in November. The overall national winner represents the US at the EY World Entrepreneur Of The Year™ competition. Learn more at About EY EY is building a better working world by creating new value for clients, people, society, and the planet, while building trust in capital markets. Enabled by data, AI and advanced technology, EY teams help clients shape the future with confidence and develop answers for the most pressing issues of today and tomorrow. EY refers to the global organization, and may refer to one or more of the member firms of Ernst & Young Global Limited. For more information, please visit
Associated Press
06-02-2025
- Business
- Associated Press
Lendistry Honored With Los Angeles Area Chamber of Commerce's 2025 Corporate Leadership Award
The fintech is celebrated for its extraordinary impact on small businesses in Los Angeles as it reaches 10 years in business LOS ANGELES, CALIFORNIA / ACCESS Newswire / February 6, 2025 / Lendistry announces today that it was awarded the Los Angeles Area Chamber of Commerce's 2025 Corporate Leadership Award at the organization's Inaugural Reception on February 5 at the USC Galen Center. The Corporate Leadership Award is presented to a company that demonstrates superior leadership assuring the growth and prosperity of the Los Angeles region. Previous winners include JPMorgan Chase, Home Depot, Kaiser Permanente and more. In 2024, Lendistry surpassed $10 billion in funding to small businesses and became the #1 non-bank SBA 7(a) lender to LA County. The fintech also opened its new national headquarters in an LA Economic Opportunity Zone earlier in the year. 'I'm so proud to accept this on behalf of the whole Lendistry team... and to stand beside the giants who have won before us,' says Everett Sands, Chief Executive Officer at Lendistry. 'I'm focused on the proactive steps that are needed within products, processes, and policies to make access to capital less elusive. This will be no easy task, but our team at Lendistry is up for the challenge.' 'The Los Angeles Area Chamber of Commerce congratulates Lendistry on being selected as this year's Corporate Leadership Award honoree. Their strategic vision, support for small businesses and commitment to equitable access helps to foster a resilient economic future for the Los Angeles region,' says Maria S. Salinas, president and Chief Executive Officer at the Los Angeles Area Chamber of Commerce. About Lendistry B.S.D. Capital, Inc. dba Lendistry ( is a minority-led fintech that provides innovative lending products for small businesses and administers grant programs for government agencies nationwide. Headquartered in a Los Angeles Opportunity Zone, Lendistry uses technology and community partnerships to overcome systemic barriers to capital access and has deployed over $10 billion since its inception. In 2024, Lendistry CEO Everett K. Sands was an Entrepreneur Of The Year® Greater Los Angeles award winner. Lendistry has both Community Development Financial Institution (CDFI) and Community Development Entity (CDE) certifications and is a member of the Federal Home Loan Bank of San Francisco. Lendistry SBLC, LLC is an SBA Preferred Lender and the nation's only African American-led SBA designated Small Business Lending Company. In collaboration with The Center by Lendistry, a nonprofit business education organization, Lendistry provides economic opportunities and progressive growth for underserved urban and rural small business borrowers and their communities.
