Unit, a New York City and Tel Aviv, Israel-based provider of a banking-as-a-service platform that empowers companies to embed financial services in their products, raised $100M in Series C funding.
The round, which brings total 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 company intends to use the funds to accelerate product development, expand its offering into credit in partnership with its bank partners, and grow its teams across all functions.
Led by CEO and co-founder Itai Damti, Unit provides a banking-as-a-service platform that empowers companies to launch bank accounts, cards, payment, and lending products. The company will be launching business credit cards in the next 3 months with additional credit products to follow. The addition of credit products to the platform will be enabling companies to build both their banking and credit products on a single platform, via a single API.
Banking services are provided by Unit’s partner banks who are Member FDIC. Visa® Debit Cards are issued by Unit’s partner banks pursuant to a license from Visa U.S.A. Inc. and may be used everywhere Visa debit cards are accepted.
The company has more than 140 customers including AngelList, HoneyBook, Homebase, Veryable, Roofstock, Hearth, and Benepass.