Unit

Unit is a banking-as-a-service company founded at the end of 2019 by Itai Damti and Doron Somech and headquartered in New York. It lets software platforms and brands add regulated financial products to their own products without holding a banking licence, by combining APIs with pre-negotiated sponsor bank relationships and the compliance operations those programmes require.

The product covers business accounts and wallets, money movement over ACH, wire, cheque and real-time payments, debit and credit card issuing, and Capital for merchant cash advances and lines of credit. Customers choose between Ready-to-Launch, a fully managed white-label experience embedded with a single line of code, and a custom build against the APIs. Deposit and lending services are provided by Unit’s FDIC-member bank partners. Named customers include Wix, Worldpay, Relay, Baselane, HoneyBook, Roofstock and Highbeam. Unit reports more than 2 million end users, over $100 billion in annual transaction volume and more than 11 million API calls a day, and raised a $100 million Series C led by Insight Partners.

1. Accounts and wallets: FDIC-insured business deposit accounts opened through partner banks via API.

2. Money movement: ACH, wire, cheque and real-time payments, over $100 billion in annual transaction volume.

3. Card issuing: branded physical and virtual debit and credit cards with spend controls.

4. Capital: merchant cash advances, lines of credit and credit cards embedded in partner platforms.

5. Ready-to-Launch: fully managed white-label banking embedded with one line of code, or a custom build on the APIs.

6. Scale: more than 2 million end users and over 11 million API calls a day.