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 use the funds to accelerate product innovation, expand its credit offerings in partnership with bank partners, and to grow its workforce 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 soon launch business credit cards. More credit products are in the pipeline. Companies will be able to create both their credit and banking products on the same platform by using 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.
More than 140 customers have signed up for the company, including HoneyBook, Homebase and Veryable as well as Hearth, Hearth, Hearth, Hearth and AngelList.