Zebit Secures Up To $75 Million In Debt Financing From Route 66 Ventures
SAN DIEGO, Oct. 11, 2018 /PRNewswire/ -- Zebit, an e-commerce marketplace and custom credit solution that services 175 million underserved consumers who value the proposition of buy now, pay over time at 0% interest without a credit check, today announced a new partnership with Route 66 Ventures, a private investment firm that provides venture capital and credit solutions to emerging financial technology and services companies. Route 66 has committed up to $75 million in debt financing, which will allow Zebit to expand its reach and provide more consumers access to 0% credit to purchase everyday goods and services.
"Route 66 is excited to be partnering with Zebit by offering an integrated, innovative secured debt financing solution that anticipates the future needs of their e-commerce platform and its customers," said Robert Paterson, a General Partner at Route 66. "The enthusiasm, dedication, and creativity of the Zebit team allowed us to leverage technology to deliver a more resilient, seamless financing experience capable of scaling the Zebit portfolio well into the future. Route 66 looks forward to collaborating on future product development that reflects the team's commitment to continuous improvement and best-in-class customer experience."
This announcement follows Zebit's Series B round led by Crosslink Capital earlier this year. Zebit continues to scale rapidly and is focused on building advanced data-science driven underwriting models at registration and the point of sale, developing new financing solutions, and expanding its e-commerce assortment to build a fully integrated e-commerce and financial brand that consumers can trust and use for their everyday purchases.
"The Route 66 partnership allows Zebit to exponentially expand our reach," said Steve Lapin, CFO of Zebit. "Route 66's financial support and extensive knowledge in our space will help us execute our vision and continue to transform e-commerce for the millions who cannot access affordable credit today."
About Zebit
Zebit is an e-commerce marketplace and custom credit solution that serves the millions of underserved consumers who value the proposition of buy now, pay over time at 0% interest without a traditional credit check. By providing underserved consumers with up to $5,000 of interest-free credit and access to a marketplace of millions of brand name products, Zebit gives members the ability to transact online and offline at everyday prices while spreading their payments over time. Zebit is located in San Diego and is backed by Venture Capital firms that include Crosslink Capital, Wildcat Venture Partners, Leapfrog Ventures, Ulu Ventures, and Correlation Ventures. Learn more at https://zebit.com/.
About Route 66 Ventures
Route 66 Ventures is a private investment firm focused on helping entrepreneurs improve the financial services landscape by increasing access, integrating new technologies and lowering the cost of capital via innovative venture capital and credit solutions to emerging financial technology and services companies.
The Route 66 credit team seeks to partner with integrated financing platforms by providing creative secured debt facilities, forward flow commitments, and other alternative credit solutions to scale originations and profitability. The Route 66 venture capital team invests globally in early and growth stage disruptors, incumbents and service providers across various sectors in the financial services ecosystem.
SOURCE Zebit, Inc.
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