Unit is a start-up that designs and develops a platform for third parties to allow them to integrate banking services into their businesses. Using this platform, companies from different industries, e.g., freelance economy, or personal financial management, can build financial products directly into their software. Thus, they have an opportunity to launch next-generation bank accounts, payments, cards, etc.
The funding round was led by Jeff Horing from Insight Partners. Existing investors, Accel, Better Tomorrow Ventures, and Flourish, also participated in the round. Among new investors were Stepstone, Moving Capital, and a host of fintech angels. With this round, Unit enters the unicorn club. The capital raised will be used for new product development and rollout, as well as investments in compliance and legal teams.
Unit, San Francisco, the USA, was founded by Doron Somech and Itai Damti in 2019. “Since launch, we’ve grown to serve 140+ customers, from public companies to early-stage startups. Our customers have been able to take advantage of our unique approach — a modern tech stack built on a native ledger, embedded compliance, and built-in bank relationships — to launch in weeks,” Itai Damti, CEO of Unit. The company plans to develop new products among which are additional Software Developer Kits and banking front ends, additional integrations, and capabilities. As of now, Unit has over 140 customers in its base, including Wethos, Lance, Benepass, Moves, and others.