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BaaS startup Unit raises $51m

BaaS startup Unit raises $51m

Fresh from a $51 million Series B funding round led by Accel, Banking-as-a-Service player Unit has launched a product it says will allow companies to create live bank accounts and issue cards in minutes.

Better Tomorrow Ventures, Aleph, Flourish Ventures, and TLV Partners joined the round for Unit, which was founded in 2019 but came out of stealth late last year.

Unit says that its modern tech stack built on a native ledger, embedded compliance, and built-in bank relationships, enables companies to launch in as little as four weeks. In the last three months, the startup has seen deposit volume grow by over 300%, and banked end-customers by 600%.

The company has recently secured integrations with Plaid and Allpoint and says the new round will help it expand into more financial products and add more integrations, as well as a richer feature set, including SDKs and front-end components.

First up is Unit Go, which promises to allow companies to create live bank accounts and issue physical and virtual cards in minutes. Founders and developers can sign up for a free account, build in Unit’s live environment, and instantly test their products using real funds.

Says Unit CEO Itai Damiti: "After interacting with hundreds of builders, we believe even more strongly that the next decade in fintech will be defined by tech companies using their unfair advantage — the flywheel of distribution, trust, software, and data — to launch massively successful fintech products in their verticals.

"Our mission continues to be helping these companies bring those products to life, unlock value, and expand financial access for all."

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