Unit hits $1.2bn valuation, which it claims makes it the first banking-as-a-service platform to reach unicorn status.
it reached the milestone after the close of its Series C round on $100m.
Global software investor Insight Partners led the round, with participation also coming from existing investors Accel, Better Tomorrow Ventures, and Flourish Ventures. Also joining the round was Moving Capital and Stepstone, marking their first contributions to Unit.
Unit has earmarked the capital for product development and expand its offering to release credit services in partnership with its bank partners. Unit will launch business credit cards in the next three months, with other similar products to follow soon after.
It claims these credit products will help companies build their banking and credit products on a single platform through a single API.
Unit CEO and co-founder Itai Damti said, “Unit’s mission is to help companies launch new banking products that unlock value and expand financial access for all. We’ve seen tremendous success helping high-growth companies launch game-changing revenue streams and banking experiences in weeks.
“Credit is the clear next step of growth and we believe it will be the most important wave in financial services in the coming years. With this new round of funding, Unit will be able to empower the companies best suited to offer credit with the technology and infrastructure to make that a reality.”
Unit has experienced strong growth over the past year winning over 140 customers, including AngelList, HoneyBook, Homebase, Veryable and many others. Over the past six weeks, the company has seen transaction volume frow seven-times to exceed an annual value of $2.6bn.
Other recent milestones include issuing over 430,000 cards to over 330,000 end-customers and a ten-times increase in deposit volumes.
With the close of the Series C, Unit has raised a total of $169.6m in funding.
The company offers a banking-as-a-service platform that gives companies the tools to create their own banking products. The FinTech company is based in New York and Tel Aviv.
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