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Unit Raises $51 Million In Series B For FinServ Platform Builder

Unit Raises $51 Million In Series B For FinServ Platform Builder

June 17, 2021 at 09:28PM
by PYMNTS

Banking-as-a-Service (BaaS) platform Unit has raised $51 million in a Series B funding round, the company said in a Thursday (June 17) announcement.

The financial services platform builder said the new funding will help it expand more financial products and integrations — Unit has recently begun working with Plaid and Allpoint — as well as a more robust set of features, which include software development kits (SDKs) and front-end components, according to the announcement.

Unit’s services encompass features like payment cards, checking accounts, cash advances and money transfers, letting companies integrate them into their own business.

“All of our initiatives, from new product features to content, are designed to make it even easier for companies to launch new banking products,” the company said in the announcement. “To that end, today we are also announcing the launch of Unit Go, the first-in-market solution that will allow companies to create live bank accounts and issue physical and virtual cards in minutes.”

This tool will let founders and developers sign up for a free account — built in Unit’s live environment — and test their products immediately using real funds, according to the announcement. Now in Beta, Unit Go is due to become available to the public this fall. The company has seen deposit volume grow by more than 300 percent in the past three months, while the number of end-customers banked has risen by 600 percent.

“Companies have been able to take advantage of our unique approach — a modern tech stack built on a native ledger, embedded compliance and built-in bank relationships — to launch in as little as four weeks,” the announcement stated.

The funding round was led by Accel, and existing investors Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners also participated.

In December, Unit raised $18.6 million to help achieve its goal of providing a way for third parties to integrate banking services through an application programming interface (API).