Unit Raises $100 Million in Series C Funding; Valued the Company at $1.2 Billion

Unit, a New York City and Tel Aviv, Israel-based supplier of a banking-as-a-service platform that empowers corporations to embed monetary providers in their merchandise, raised $100M in Series C funding.

The spherical, which brings whole funding raised to date to $169.6 million with a valuation of $1.2 billion, was led by Insight Partners, with participation from Accel, Better Tomorrow Ventures, Flourish Ventures, Moving Capital and Stepstone.

The firm intends to make use of the funds to speed up product growth, broaden its providing into credit score in partnership with its financial institution companions, and develop its groups throughout all features.

Led by CEO and co-founder Itai Damti, Unit supplies a banking-as-a-service platform that empowers corporations to launch financial institution accounts, playing cards, fee, and lending merchandise. The firm might be launching enterprise bank cards in the subsequent 3 months with further credit score merchandise to observe. The addition of credit score merchandise to the platform might be enabling corporations to construct each their banking and credit score merchandise on a single platform, through a single API.

Banking providers are offered by Unit’s accomplice banks who’re Member FDIC. Visa® Debit Cards are issued by Unit’s accomplice banks pursuant to a license from Visa U.S.A. Inc. and could also be used in all places Visa debit playing cards are accepted.

The firm has greater than 140 clients together with AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.

FinSMEs

18/05/2022

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