Sunbound Expands Reach with Live Oak Ventures Investment, Supporting Growth in Senior Living Sector
New Partnership to Fuel Financial Innovations, Delivering Flexible Solutions to Operators and Families
WASHINGTON, Dec. 4, 2024 /PRNewswire/ -- Sunbound, a leader in finance solutions for senior living, announced an investment from Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares, to fuel innovations that support operators and families. This partnership strengthens Sunbound's mission of enhancing financial stability for senior living operators, enabling them to streamline their financial processes and focus on resident care and family satisfaction.
Senior living operators spend significant time and effort dealing with manual and inefficient financial workflows, which hurts profitability and strains cash flow. Sunbound's platform directly addresses these challenges with accounts receivable (AR) automation tools and flexible working capital solutions that simplify payments and increase cash flow. By streamlining the payment process for families, supporting community teams and providing essential capital access for operators, Sunbound helps communities remain resilient in a demanding industry.
Sunbound has grown more than 20x in 2024, partnering with operators of all sizes across the country to increase velocity of cash while reducing bad debt and administrative burden on community teams.
The investment from Live Oak will accelerate Sunbound's product development, with a focus on expanding its product suite, both in software and financing, enhancing its analytics and AI capabilities and expanding its go-to-market activities. Additionally, Sunbound plans to continue to scale its award-winning customer support team to support the influx of operators seeking to optimize their financial operations.
"We are excited about forging a strategic partnership with Live Oak, one of the largest and most respected senior housing lenders nationally. They have seen firsthand the meaningful, measurable impact of our product through our work with their own senior living loan portfolio. The Live Oak team brings a wealth of knowledge and experience, both in financial technology and the senior living industry. We look forward to collaborating with their team to achieve our shared vision of solving operators' most pressing challenges, improving their financial performance and meeting the evolving needs of their residents," said Manny Cominsky, CEO of Sunbound.
"Our team understands the challenges of operating in the senior housing market. Sunbound is offering an important, next-generation financial operating system that helps businesses navigate those challenges," said Stephanie Mann, Live Oak Bank Chief Strategy Officer. "We are excited to invest in a company that is helping to advance and simplify revenue generation for a vertical we have been serving for many years."
Looking ahead, Sunbound is building the "Financial OS for Senior Care," by offering a suite of tools that ensures financial and operational efficiency across the sector. By equipping operators with robust financial solutions, Sunbound is helping operators grow sustainably, and deliver consistently high standards of care for the nation's seniors. To learn more about the full suite of Sunbound products, visit sunboundhomes.com.
About Sunbound
Sunbound is on a mission to enhance, streamline and ultimately transform the financial processes for both senior living operators and their families. Today, senior living operators receive over 50% of payments by check and manage their financial processes through a range of siloed financial, billing and clinical systems. The lack of consistency leads to operational inefficiencies, financial underperformance and cash flow issues. At the same time, families find the current payments experience confusing, cumbersome and stressful. Sunbound was created to solve this problem by building the first modern, user-friendly, end-to-end platform that saves operators and families time, money and effort.
About Live Oak Ventures
Live Oak Ventures, a wholly owned subsidiary of Live Oak Bancshares (NYSE:LOB), is a fintech-focused investor that aims to bring innovation and performance excellence to the forefront of the banking industry. By investing in companies that accelerate the delivery of open digital solutions to the market, Live Oak Ventures intends to change the landscape of financial services and small business banking.
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SOURCE Sunbound