Unit is a unicorn start-up transforming Financial Services with Embedded Finance by providing a comprehensive banking-as-a-service platform. 💰 🚀
Here's how →
An Israeli startup founded in 2019 by Itai Damti and Doron Somech, Unit enables companies to embed financial services into their products, accelerating time to market and enhancing customer experiences. With its innovative approach, Unit is at the forefront of the embedded finance revolution.
Founders' Vision:
As the co-founder and CEO, Itai Damti brings a wealth of experience from his previous roles in fintech and technology. His vision for Unit is to democratize access to financial services by enabling any company to offer banking products. Damti's background includes co-founding Leverate, a leading provider of technology for online brokers, where he gained valuable insights into building scalable financial platforms.
Co-founder and CTO, Doron Somech, has a strong background in technology and financial services. His expertise in building high-performance trading systems and financial technology solutions has been crucial in developing Unit's robust and scalable platform. Somech's previous experience includes co-founding Leverate alongside Damti, where he led the engineering team.
Unit's Mission:
Unit's mission is to empower businesses by providing them with the tools to offer banking and lending services directly within their products. The company's platform simplifies compliance, bank partnerships, and technical integration, enabling businesses to launch financial products quickly and efficiently.
Unit is committed to making financial services accessible and scalable. The platform's API-first approach allows for seamless integration with existing systems, ensuring that businesses can offer a wide range of financial products, including bank accounts, cards, payments, and lending solutions.
Fascinating Facts:
In 2022, Unit completed a $100 million Series C funding round led by Insight Partners, bringing its valuation to $1.2 billion and achieving unicorn status. This funding will support Unit's expansion and the development of new products.
Unit's platform is built on a microservices architecture, allowing for rapid iteration and scalability. This approach enables the company to launch new financial products quickly, providing clients with a seamless and efficient experience.
Unit has formed strategic partnerships with major financial institutions and technology companies, including AngelList, HoneyBook, Veryable, Roofstock, Hearth, and Benepass. These partnerships enable Unit to offer a broader range of services and reach a wider audience.
Unit has onboarded more than 140 customers and seen significant growth in transaction volume, crossing an annualized transaction volume of $2.6 billion. The company has issued over 430,000 cards to more than 330,000 end-customers, demonstrating its strong market presence and impact.
With its innovative technology, comprehensive services, and rapid growth, Unit continues to set new standards in embedded finance.
#Unit #Fintech #EmbeddedFinance #Innovation #Technology #FounderFragments