News

Unit secures USD 100 mln Series C

Wednesday 18 May 2022 12:47 CET | News

Banking-as-a-Service (BaaS) platform Unit has raised a USD 100 million Series C, at a USD 1.2 billion valuation. 

The funding round was led by Insight Partners and joined by existing investors Accel, Better Tomorrow Ventures, and Flourish, as well as new investors Stepstone, Moving Capital (Uber alumni syndicate), and prominent fintech angels.

Unit was reportedly designed to be a simple and robust platform to empower the next generation of fintech builders. Since its launch, the company grew to serve 140+ customers, from public companies to early-stage startups. The list includes AngelList, Invoice2Go, Homebase, HoneyBook, Roofstock, and more. Unit’s customers have leveraged the company’s tech stack, built on a native ledger, embedded compliance, and built-in bank relationships, to launch in weeks.

In the last six months, the deposits held at Unit’s bank partners grew 10x and crossed USD 100 million. Also, banked end-customers grew 7x to over 350,000 and annualised transaction volumes grew 7x, according to the official press release.

Raising the capital helps Unit to realise its mission to help companies launch new banking products, unlock value, and expand financial access.


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Keywords: investment, BaaS, online banking
Categories: Banking & Fintech
Companies: Unit
Countries: World
This article is part of category

Banking & Fintech

Unit

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