Unit provides an API-driven platform that enables software companies, fintech startups, and enterprises to embed fully compliant banking features into their products. The platform supports checking and savings accounts, debit cards, payment processing, lending tools, KYC/KYB, and card issuing, while partnering with regulated banks for compliance and underwriting.
Unit streamlines the traditionally complex process of launching financial services by offering pre-built banking infrastructure, developer SDKs, risk controls, and reporting tools, helping businesses launch financial products in weeks instead of years.
What Is Unit and What Does It Do?
Unit, founded in 2019 by Doron Somech and Itai Damti, is a Tel Aviv-based open banking API and embedded-finance platform that enables fintechs and enterprises to launch banking services such as accounts, cards, payments, and lending through a single compliant infrastructure layer.
With a workforce of 70 employees, Unit integrates with regulated sponsor banks and provides tools for compliance, risk management, onboarding, and financial operations, helping companies build scalable, secure financial products without becoming banks themselves.
How Much Funding Has Unit Raised?
1. Seed Round
- Amount Raised: $3.6M
- Lead Investors: TLV Partners, Flourish, Operator Partners, Btomorrow Ventures
- Motivation: To develop the core banking API infrastructure and onboard early customers.
2. Series A
- Amount Raised: $15M
- Lead Investors: Aleph Capital Partners, Flourish, TLV Partners, Operator Partners, Btomorrow Ventures
- Motivation: To expand engineering capabilities and strengthen regulatory integrations.
3. Series B
- Amount Raised: $51M
- Lead Investors: Accel, Aleph Capital Partners, Flourish, TLV Partners, Better Tomorrow Ventures, Btomorrow Ventures
- Motivation: To scale go-to-market operations and accelerate enterprise adoption.
4. Series C
- Amount Raised: $100M
- Lead Investors: Jeff Horing, Accel, Better Tomorrow Ventures, Flourish, StepStone, Karman
- Motivation: To expand embedded-finance product offerings and support international growth.
Total Funding Raised: $169.6 Million
Current Valuation: $1.2 Billion (as of May 2022)
Latest Funding Date: May, 2022
Key Investors
1. Accel
- Details: A global venture capital firm backing technology companies across consumer, fintech, and enterprise sectors.
- Investment Focus Areas: Fintech, SaaS, developer platforms.
- Notable Investments: Facebook, Slack, Wise.
2. TLV Partners
- Details: Tel Aviv–based early-stage venture firm investing in category-defining technology startups.
- Investment Focus Areas: Fintech, cloud infrastructure, cybersecurity.
- Notable Investments: Rapyd, Granulate, Next Silicon.
3. Aleph Capital Partners
- Details: Venture capital firm supporting high-growth technology and fintech companies across global markets.
- Investment Focus Areas: Financial infrastructure, SaaS, digital platforms.
- Notable Investments: Lemonade, HoneyBook, Melio.
4. Flourish Ventures
- Details: Global fintech investor focused on financial inclusion and next-generation financial services.
- Investment Focus Areas: Banking technology, insurtech, digital finance.
- Notable Investments: Chime, Aspiration, Branch.
5. Better Tomorrow Ventures
- Details: Fintech-focused venture capital fund investing in infrastructure and financial-technology founders.
- Investment Focus Areas: Fintech infrastructure, payments, embedded finance.
- Notable Investments: Unit, Mercury, Kin Insurance.
Where Is Unit’s Headquarters?
Unit is headquartered in Tel Aviv, Israel, a leading global hub for fintech innovation, cybersecurity engineering, and developer-first technology talent, offering strategic proximity to both European and US financial-technology ecosystems.
What’s Next for Unit?
Unit is focused on scaling its embedded-finance infrastructure, expanding partnerships with sponsor banks, and launching new services in lending, credit issuance, cross-border payments, and treasury tools. The company is also strengthening compliance automation and global expansion, positioning itself as a key infrastructure provider in the growing banking-as-a-service and fintech-platform economy.
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