- Unit obtained $100 million in Collection C funding this week.
- The funding boosts the corporate’s whole funding to $170 million and brings its valuation to $1.2 billion.
- The corporate, which is able to unveil its enterprise bank card within the subsequent few months, will use the funding to speed up its product improvement and develop into credit score choices.
Banking-as-a-Service firm Unit has reached unicorn standing this week after a $100 million Collection C spherical. The funding brings the California-based firm’s valuation to $1.2 billion and boosts its whole funding to $170 million.
Perception Companions led at present’s spherical and current buyers Accel, Higher Tomorrow Ventures, and Flourish Ventures additionally contributed, together with new buyers Shifting Capital and Stepstone.
“Unit has established itself because the chief within the banking-as-a-service area, backed by the overwhelming optimistic buyer suggestions and traction they’ve proven over the past yr,” stated Perception Companions Co-Founder and Managing Director Jeff Horing. “The corporate has been capable of onboard high-growth tech firms of all sizes, from startups to publicly listed enterprises, with their superior know-how, velocity, and reliability. We’re bullish on the way forward for embedded finance and see Unit because the platform of selection for firms huge and small.”
Unit was based in 2019 to assist firms construct banking merchandise similar to financial institution accounts, playing cards, cost merchandise, and lending instruments into their current providing. The corporate will use at present’s funding to speed up product improvement and develop into credit score choices. Unit will launch its first enterprise bank card product within the subsequent few months and goals so as to add extra credit score merchandise sooner or later.
“Credit score is the clear subsequent step of development and we imagine will probably be an important wave in monetary providers within the coming years,” stated Unit CEO and Co-Founder Itai Damti. “With this new spherical of funding, Unit will be capable of empower the businesses finest suited to supply credit score with the know-how and infrastructure to make {that a} actuality.”
Unit has skilled spectacular development over the previous yr, driving the banking-as-a-service wave that has been sweeping fintech. The corporate added greater than 140 prospects over the previous yr and, over the past six months, Unit’s transaction worth has grown 7x to $2.6 billion. Among the many firm’s shoppers are AngelList, HoneyBook, Homebase, Veryable, Roofstock, Fireplace, and Benepass.
Photograph by Ryan Quintal on Unsplash