Unit, an Israeli banking-as-a-service (BaaS) startup, has raised $100 million in a Series C round, valuing it at $1.2 billion.
Existing investors Accel, Better Tomorrow Ventures, and Flourish, as well as new investors Stepstone, Moving Capital, and a slew of fintech angels, joined the round led by Jeff Horing of Insight Partners.
Unit is a software-as-a-service platform that enables businesses to integrate financial services into their products. The funds will be used to develop and market new products, as well as to make it even easier for businesses to launch and succeed with banking products.
Additional Software Developer Kits (SDKs) and banking front-ends, as well as additional integrations and functionalities, are included in these products, which build on Unit’s recent Amazon Web Services integration. Unit also plans to add more partner banks and expand its compliance and legal teams.
“We are committed to maintaining the highest standards for security and reliability and making ongoing investments in tools and processes that serve our partner banks and compliance teams,” the company says.
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