Unit

Overview
News
FinTech Infrastructure?
Product stageSegments
Growth
?
Banking services
?

Headquartered in Israel and the US, Unit offers a banking-as-a-service (BaaS) platform to build typical digital banking offerings including bank accounts, cards, payment (automated clearing house [ACH] and check payments), and lending products. As of June 2021, the company reported that around 80% of its customers used the service to embed banking services.


Unit claims that users can launch banking products in around 4-5 weeks using its BaaS application programming interface (API), while in-house development could take about 18 months. It also announced the beta launch of “Unit Go” in June 2021 which allows companies to quickly create live bank accounts and issue physical and virtual cards.


Key customers and partnerships


The company added over 140 customers in FY2022 (ending May) including AngelList, HoneyBook, Homebase, Veryable, Roofstock, and Hearth.


Unit partnered with leading diversified FinTech infrastructure provider, Plaid, in June 2021 to integrate its platform allowing customers to move funds seamlessly between accounts on Unit’s platform and over 5,000 third-party apps on the Plaid Exchange including Robinhood and Venmo.


Funding and financials


During the six months leading to May 2022, Unit’s transaction volume rose 7x as its annualized transaction volume rose to over USD 2.6 billion. Deposit volumes rose by around 10x, and the company also issued over 430,000 cards during the period.


The company raised USD 100 million in Series C funding in May 2022, led by Insight Partners, at a USD 1.2 billion valuation. The funds were earmarked for product development and expanding its credit solutions, including the launch of a business credit card (within three months).

HQ location:
New York NY USA
Founded year:
2019
Employees:
501-1,000
IPO status:
Private
Total funding:
USD 169.6 mn
Last Funding:
USD 100.0 mn (Series C; May 2022)
Last valuation:
USD 1.2 bn (May 2022)
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