Banking as a Service startup Unit raises $51mn Series B led by Accel [IBS Intelligence]

Banking as a Service startup Unit raises $51mn Series B led by Accel [IBS Intelligence]

Originally posted on IBS Intelligence

By Pavithra R

Image credit: Itai Damti, CEO and Co-Founder at Unit

Unit, the banking-as-a-service startup that empowers companies to embed financial services into their products, has announced securing $51mn in Series B round led by Accel.

The investment round also saw participation from existing investors Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners. The company is planning to use the finance to expand the team, accelerate growth, and fast-track its product offering to enable companies to build banking products swiftly.

“At Unit, our mission is to help companies launch new banking products that unlock value and expand financial access for all. We designed Unit to be the simple, powerful infrastructure to power the new generation of fintech builders. Quality infrastructure expands the financial ecosystem — launching new companies, and growing revenues at existing ones. The new round will help us expand our platform into additional financial products, SDKs, and integrations, further making Unit the easiest way for companies to launch new banking products,” said Itai Damti, CEO and Co-Founder at Unit.

Unit has also announced the launch of Unit Go, which allows companies to create live bank accounts and issue physical and virtual cards in minutes. Founders and developers will now have the ability to sign up for a free account, build in Unit’s live environment, and instantly test their products using real funds. Unit Go is currently in beta and will be made available to the public in the fall of 2021.

Since Unit launched out of stealth in December 2020, it has become the platform of choice for building accounts, cards, payments, and lending products. Companies have been able to take advantage of the firm’s unique approach that combines technology built on a native core and ledger, compliance, and bank relationships to launch in as little as four weeks.

“In just a few years the fintech landscape has radically expanded, with thousands of tech companies launching native fintech products in their verticals. Unit’s standout technology solution and strong emphasis on compliance is resonating with clients, and will power the next generation of fintech services. We’re excited to partner with the team as the market continues to accelerate,” said Amit Kumar, Partner at Accel.