Unit raises $18.6M to offer banking features as a service
Unit has built a platform that lets third parties integrate banking services like payment cards, checking accounts, cash advances and money transfers into their own businesses by way of an API. And after quietly building the service (and a customer base) in stealth, the company today is announcing that it is open for business with $18.6 million in funding alongside that to continue growing — by adding in more features, hiring more people, and securing new users, TechCrunch reports.
The capital is coming from a mix of investors that speak to the company’s Israeli roots and current San Francisco base. It includes Better Tomorrow Ventures, Aleph, Flourish Ventures, Operator Partners and TLV Partners, as well as 30 angels drawing on a pool of fintech experience among them.