Unit CTO Doron Somech and CEO Itai Damti company PR pic
Unit is an Israeli fintech startup which offers a banking as a service platform. The company raised $51 million in a Series B round of funding led by Accel. Existing investors Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners also joined the round.
Fintech is anything new having to do with using technology to improve the transfers of money, or payments. This includes just about everything like every time a person pays for something on line. And, of course, fintech also includes any and all digital banking transactions.
Founded in 2019 by CTO Doron Somech and CEO Itai Damti, Unit helps tech companies build financial features into their products: accounts, cards, payments, lending and more. Unit explains that the company’s service is designed to be the “simple and robust platform to empower the next generation of fintech builders.” The company boasts that it has grown fast since launching out of stealth last year. “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,” declares Unit.
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Unit boasts that in the last three months the company has seen deposit volume grow by over 300%, and banked end-customers by 600%.
“At Unit, our mission is to help companies launch new banking products that unlock value and expand financial access for all,” said CEO and co-founder Itai Damti told Calcalist. “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 company has also announced 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” Unit says that founders and developers will now have the ability to sign up for a free account, build in Unit’s live environment, and instantly test their products using real funds. Unit Go is currently in beta and will be publicly available in the fall of 2021.
