Unit is a banking-as-a-service platform that empowers companies to embed financial services in their products.
Unit's mission is to make it easier for companies that have customers already doing some kind of transacting work with customers.
Unit was co-founded in 2019 in Israel, by Itai Damti and Doron Somech. The company is headquartered in New York and Israel.
The Unit system enables companies to build financial features directly into their product. This includes next-gen options like linking bank accounts, credit cards, payments, lending products, and more.
Unit’s BaaS (Banking as a Service) infrastructure saves enterprises from lengthy negotiations with banks, as well as helping them meet certain regulatory compliance. The platform helps its customers implement financial services into their core technologies in order to offer their customers a more diverse experience.
Unit has more than 140 customers including AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass. Over the last six months alone, Unit has seen transaction volume grow 7x, crossing an annualized transaction volume of $2.6 billion, issued over 430,000 cards to over 330,000 end-customers.
Unit is backed by Insight Partners, Accel, TLV Partners, Better Tomorrow Ventures, Aleph, Stepstone, Flourish Ventures, Operator Partners, Moving Capital, and others. The company raised $100M in Series C round on May 17, 2022. This brings Unit's total funding to $169.6M to date. The latest round valued the company at a $1.2B post-money, becoming the first banking-as-a-service platform to reach unicorn status.