Unit’s banking-as-a-service platform Unit allows companies to embed financial services in their products.
The Israeli banking-as-a-service platform Unit, which allows companies to embed financial services in their products, has raised a $100 million in a Series C round led by global software investor Insight Partners. The round included participation from existing investors Accel, Better Tomorrow Ventures, Aleph, Flourish Ventures and TLV Partners. New investors Moving Capital and Stepstone also joined the round.
The modern infusion of capital carries whole, entire funding elevated by Unit to $169.6m. with a valuation of $1.2 billion, setting up the firm as the 1st banking-as-service forum to arrive unicorn status.
Unit will use the newly created funds to speed up product development and enlarge its offering into lending in a collaboration with its bank partners. Unit will be launching trade credit cards in the then three months. Extra lending products containing cash advance, bill factoring and before time wage get into use will follow. The addition of lending products to Unit’s forum will allow firms to create both their banking and lending products on a single forum via a single application programming interface.
“Unit’s task is to support firms open new banking products that unlock rate and enlarge financial get into use for all. We’ve seen titanic victory assisintg high-growth firms open game-changing income streams and banking encouters in weeks,” stated CEO and co-founder Itai Damti. “Lending is the distinct then step of growth, and we assume it’ll be one of the most significant wave in financial services in the coming years. With this new round of funding, Unit will be capable to empower the industries finest qualified to offer lending with the tech and infrastructure to make that a reality.”
Unit has grown significantly over the last year, taking on more than 140 customers including AngelList, HoneyBook, Veryable, Roofstock, Hearth and Benepass. Over the last six months alone, Unit has seen transaction volume grow seven-fold, crossing an annualized transaction volume of $2.6b. It has issued more than 430,000 cards to some 330,000 end-customers, and saw a 10-fold increase in deposit volumes.
Jeff Horing, co-founder and managing director at Insight Partners, said, “Unit has established itself as the leader in the banking-as-a-service space, backed by the overwhelming positive client feedback and traction they have shown over the last year. The company has been able to onboard high-growth tech companies of all sizes, from start-ups to publicly listed enterprises, with their superior technology, speed and reliability. We are bullish on the future of embedded finance and see Unit as the platform of choice for companies big and small.”