Unit closes its Series B on $51m, alongside new product launch

June 18, 2021

Banking-as-a-service startup Unit has closed its Series B on $51m, alongside the launch of its new banking solution development tool.

Accel served as the lead investor, with previous Unit backers Better Tomorrow Ventures, Aleph, Flourish Ventures and TLV Partners, also joining the round.

Equity from the round will be used to expand the team, accelerate growth and fast-track its product offering to enable companies to create banking products.

In tandem with the funding, the FinTech announced the launch of Unit Go. It claims this is the first-in-market solution that will empower companies to create live bank accounts and issue physical and virtual cards. Developers and companies can sign up for a free account and test their products.

Unit Go is currently in beta and will be released to the public in the fall.

Unit CEO and co-founder Itai Damti said, “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.”

The FinTech company launched out of stealth in December 2020 and has seen rapid growth since then. In the past three months, the company has grown its deposit volume by more than 300% and increased its end users by 600%.

Accel partner Amit Kumar said, “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.”