BaaS start-up Unit raises $51m in Series B round
Israeli banking-as-a-service (BaaS) start-up Unit has raised $51 million in its Series B funding round.
The investment was led by Accel with participation from existing contributors Better Tomorrow Ventures, Aleph, Flourish Ventures and TLV Partners.
The fintech claims it will use the funds to expand its team, accelerate growth and fast-track its product offering.
Unit is a BaaS platform that allows companies to embed financial services into their products.
“At Unit, our mission is to help companies launch new banking products that unlock value and expand financial access for all,” says CEO and co-founder Itai Damti.
“We designed Unit to be the simple, powerful infrastructure to power the new generation of fintech builders.
“The new round will help us expand our platform into additional financial products, SDKs and integrations.”
Over the last three months, Unit claims its deposit volume has grown by over 300% and new users by 600%, having only launched its platform in December 2020.
“In just a few years the fintech landscape has radically expanded, with thousands of tech companies launching native fintech products in their verticals,” says Amit Kumar, partner at Accel.
“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.”
As well as the new investment, the company also announced the launch of Unit Go, which it states will allow companies to create live bank accounts and issue physical and virtual cards in minutes.
The new feature is currently in beta and will be available later in the year.